According to the new market research report "Mobile Biometrics Market
by Component (Fingerprint Readers, Scanners, Cameras, Software),
Authentication Mode (Single factor (Fingerprint, Voice, Face, Iris,
Vein, & Retina Scan) and Multifactor), Industry, and Geography -
Global Forecast to 2022", the market is expected to grow at a
CAGR of 29.3% to reach USD 49.33 Billion by 2022. The growing
penetration of mobile devices and increasing number of mobile
transactions are driving the growth of the mobile biometrics market.
Over the last few years, the number of online transactions and
e-commerce has gradually gone up and has created a huge opportunity for
the companies to invest in the biometric industry to secure these
transactions. A shift from traditional commerce to smart commerce using
biometric-enabled mobile devices would save time and provide high
security for transactions.
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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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