The Global Mobile Biometrics Market was valued at USD 18.5 Bn in 2020 and is expected to reach USD 89.2 Bn by 2027, with a growing CAGR of 25.2% during the forecast period.
Biometrics devices for mobile phones or externally incorporated into hardware can be used for biometric formalities through portable biometrics devices. Enterprises and government bodies use these for authentication and identity verification purposes. Furthermore, smartphones feature technologies that facilitate secure mobile transactions as well as access control.
The demand for mobile biometrics market is anticipated to grow in the forecast period due to factors such as the increasing popularity of Bringing Your Device (BYOD) systems and the growing mobile-based commerce market. Although data breach concerns may curtail market growth, privacy concerns may make it difficult. Nevertheless, growing adoption among enterprises and government bodies will introduce tremendous growth opportunities for the mobile biometrics market in the near future.
In addition to this, the increasing adoption of biometrics in smartphones, mobile biometrics is projected to be the major factor helping to drive the growth of the global mobile biometric market during the forecast period. The increasing penetration of mobile devices and the increasing number of mobile transactions are other factors expected to drive growth in the target market. Additionally, increasing government initiatives to promote the use of biometrics, coupled with the large-scale adoption of electronic verification systems are some of the other factors expected to drive revenue growth of the global mobile biometrics market. The privacy & data breach concerns and the high cost of the devices are several factors that is expected to hamper the growth of the mobile biometrics Industry.
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Based on the technology, the fingerprint scan segment in the mobile biometrics market has a significant market share during the forecast period owing to the wide use of security and reliable authentication
Based on the technology, the mobile biometrics industry has been segmented into fingerprint scan, voice recognition, facial recognition, and others. The fingerprint scan of the mobile biometrics market has a significant market share during the forecast period owing to the wide use of security and reliability authentication. Moreover, it is a standard security feature on most smartphone models, helps in user identification and authentication and prevents unauthorized access to various smartphone apps and confidential data and information.
Based on region, the Asia Pacific region is growing at the highest CAGR during the forecast period
The Asia Pacific region is growing at the highest CAGR during the forecast period owing to the increasing online payments in the countries such as India and China. These countries are expected to be one of the significant drivers for the growth of the mobile biometrics market. For instance, according to secondary sources, in 2020, the total transaction value of mobile payments increased to USD 67.6 trillion, around 21% growth from the previous year. Moreover, the increasing government initiatives, as well as high penetration of smartphones, contribute to the growth of the market in the region.
The report also provides an in-depth analysis of mobile biometrics market dynamics such as drivers, restraints, opportunities, and challenges:
Drivers
Restraints
Opportunities
Challenges
COVID-19 Impact on the Mobile Biometrics Market Analysis:
The COVID-19 pandemic impacted various industries such as oil & gas, retail, manufacturing and others due to the strict lockdown imposed by the government across the globe. The supply chain of products and services was disrupted in the pandemic. Despite the ease of lockdowns across the globe and the implementation of lockdown 2.0 in some countries, the market conditions will remain different for businesses of all sizes and types. As a result, organizations will strive to adopt security technologies to detect, reduce, and prevent viruses. In the global biometrics market, many new use-case applications are being created rapidly, as are multiple biometric modalities across physiological and behavioural factors. Furthermore, the COVID-19 pandemic and changing user preferences for multiple types of biometric identity authentication will continue to drive the market growth.
*Note: A detailed analysis is specific to the mobile biometrics market will be provided in the report
The report also provides an in-depth analysis of key trends in the mobile biometrics market:
The report also provides an in-depth analysis of recent news developments and investments:
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Market Introduction
Research Methodology
Executive Summary
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Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
Market Dynamics
COVID – 19 Opportunity Mapping
Regional Market Analysis
Company Profiles
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