Mobile Biometrics Market worth 49.33 Billion USD by 2022

The mobile biometrics market is expected to grow from USD 4.03 Billion in 2015 to USD 49.33 Billion by 2022, at a CAGR of 29.3% between 2016 and 2022. The increased security breaches and the rising threats to the public and private properties have led to the need for mobile biometrics. One of the areas where mobile biometrics can provide substantial support is eliminating fraudulent multiple identities or preventing identity frauds.

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The mobile biometrics market has been segmented on the basis of components, authentication modes, industries, and geography. The single-factor authentication mode is expected to lead the market during the forecast period, while multi-factor authentication in biometrics is an emerging trend in this market. The growth of the market is primarily driven by factors such as government initiatives, increasing use of biometrics in smartphones, e-passports, and use of biometrics technology in crime identification & banking.

Fingerprint recognition is the leading single-factor authentication method and is expected to lead the market during the forecast period as it is the cheapest and most widely used method across all industries.

The consumer electronics industry led the mobile biometrics market in 2015. The finance and banking industry is expected to grow at a prominent growth rate during the forecast period. The increasing size of mobile transactions and the growing e-commerce supports the growth of mobile biometrics in these industries.

Economy modernization initiatives in emerging countries and government support are the major factors contributing to the growth in APAC. In addition to this, the governments of several Asian countries actively promote and adopt biometric technologies. India has introduced projects such as smart cities, e-governance, and digital India, where mobile biometrics technology is expected to play a big role. China introduced the new China Resident Identity Card Law. Considering these developments, the mobile biometrics market is expected to flourish in APAC in the coming years

The fear of privacy & data breach and high initial setup cost are the major restraints for this market. There are also possibilities of biometric databases being tampered with. Furthermore, the high initial setup costs further restrain the growth of the market.

The report profiles the major players in the mobile market, along with their SWOT analysis. The market has witnessed a series of new product launches, along with investments and collaborations among the industry players across the value chain. The major players operating in the mobile biometrics market are Apple Inc. (U.S.) Nuance Communications, Inc. (U.S.), Safran SA (France), NEC Corporation (Japan), 3M Cogent, Inc. (U.S.), and Precise Biometrics (Sweden),  and M2SYS Technology (U.S.). Some of the other emerging players that have shown prominent growth are Crossmatch (U.S.) BIO-key (U.S.), Aware Inc. (U.S.), Applied Recognition, Inc. (Canada), EyeVerify, Inc. (U.S.), and others.

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