Opportunities for Mobile Biometrics Market : An investor perspective

 Puuja Patange
  14th-Mar-2017
 231

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 industrial consensus on developing intelligence in mobile devices drives the use of biometric technology. In the last few years, most of the smart phone companies have launched biometrics-enabled phones. While the focus is currently on fingerprint recognition technology, the market is trending toward advanced biometric technologies such as face, voice, iris, and others.

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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.

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 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.

The mobile biometrics ecosystem comprises hardware suppliers, manufacturers, software companies, system integrators, and technology providers. The key players in the 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 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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Domain: Electronics
Category: Mobile
Posted By: Puuja Patange and Contact Puuja Patange

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