Mobile Biometric Security and Service Market is expected to grow at ~32% CAGR (2016-2022)

Mobile Biometric Security and Service Market Anticipated to Grow at a Massive Pace

MRFR Predicts Mobile Biometric Security and Service Market to Garner a CAGR of 32%

Increasing Need for Security Expected to Drive the Global Mobile Biometric Security and Service Market

Mobile biometric refers to the integration and implementation of a biometric functionality on a mobile device like tablets or smartphones. Advancing technologies have led to these development, wherein mobile devices can attain biometric functionality by integrating sensors or biometric hardware. Mobile biometric ensures individual identification based upon the physiological properties of a person like their voice, iris, fingerprint, and face.

Mobile biometrics is a user-friendly system that offers strong security and is preferred due to benefits like versatility, scalability, convenience, and time saving. Various private as well as government entities are adopting these mobile biometrics to advance the productivity and security level in various sectors, especially in healthcare, finance, and border control. The increasing penetration of mobile devices like laptops, smartphones, and tablets has boosted the growth of the global mobile biometric security and service market. Additionally, the market is driven by the increasing need for cyber safety and the advantages it offers in terms of saving time for identification processes.

Market Research Future (MRFR) mentions in its recently released report that the global mobile biometric security and service market will grow and expand during the forecast period of 2016 to 2022 at a massive annual rate of 32%.

However, it is worth noticing that misinterpretation of the technology and lack of awareness can be the major hindrances of the global market. Also, the expensive nature of the system in some cases like iris recognition and retinal scanning can restrain the growth of the global market in the coming years.

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Market Segmentation

The global mobile biometric security and service market is segmented in terms of the following dynamics: component, type, industry, and platform.

By type, the market includes face recognition, voice recognition, fingerprint recognition, and iris recognition.

By component, the market segments into software and hardware. The software segment includes computer software and others. While the hardware segment narrows down into scanners, fingerprint reader, and cameras.

By platform, the market includes iOS and android.

By industry, the market comprises military and border control, banking and finance, government organizations, healthcare, and law enforcements.

Regional Analysis

The global mobile biometric security and service market covers the following regions: Europe, Asia Pacific, North America, and the Rest of the World (RoW).

Among these, Asia Pacific holds the highest share in the mobile biometric security and service market. The region is also expected to stand atop of the market standings in the coming years. The growth of the market can be attributed to the rising security concerns and the increasing penetration of mobile devices in this region. Both India and China host one of the highest population base in terms of demand for mobile phones. The region also hosts some of the most prominent and key mobile manufacturers in the world. The booming popularity of the mobile phone arena is bound to push the market demand for mobile biometric security and service in Asia Pacific. Some of the other key factors responsible behind the growth of the market are the introduction of next-generation technologies, innovation in biometrics, and others.

Elsewhere, both North America and European regions, standing second and third respectively, are slated to register notable growth in the forthcoming years. The growth of these regions is primarily due to the favorable initiatives undertaken by the government to support cybersecurity. The government in these regions are especially interest on strengthening and improving the security infrastructure for digital platforms. This, in turn, is driving the growth of the market herein. Also, the increasing number of portable devices like cashless payments, e-passports, etc. are being linked with the internet and services to fuel the market expansion of mobile biometrics in these regions.

Competitive Landscape

The players identified in the global mobile biometric security and service market are Apple Inc. (U.S.), EyeVerify, Inc. (U.S.), Safran SA (France), NEC Corporation (Japan), Applied Recognition, Inc. (Canada), and others.

On June 13th, 2019, Element made the announcement of providing biometric authentication services for the Indonesian bank – BCA. Through this partnership, BCA will be seen deploying the facial recognition technology of Element for customer onboarding and authentication.

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