MARKET OVERVIEW- GLOBAL MOBILE BIOMETRICS MARKET
A mobile biometric solution is an approach designed to verify the identity of an individual possessing a mobile device, using a unique biometric identifier. The mobile biometric system works with two different authentication modes: single-factor authentication (SFA) mode and multi-factor authentication (MFA) mode. With the advancement of technology, mobile biometrics are now used as one of the leading biometric trends in global internet banking. Major banks in the mobile biome are using biometric technology in different scenarios. Such as, withdrawing cash from an ATM, authenticating a mobile banking app with a fingerprint signature, or a combination of face and voice recognition. These processes work together in a mobile biometrics system to provide well-organized security for mobile devices. This efficient security system tends to generate a significant increase in demand, which is likely to drive market’s growth.
MARKET DRIVERS
Rising demand for proper authentication methods is propelling the market growth of the global mobile biometric market. Also, the mobile biometrics market is expected to grow significantly during the forecast period, owing to an increasing number of mobile subscribers and growing security demands on mobile devices. For instance, according to the Global System for Mobile Communications Association (GSMA) mobile economy report, 2021, there will be around 5.2 billion unique mobile subscribers in 2020 and is expected to reach 5.7 billion by the end of 2025, of which smartphones are expected to account for 60%. This number is expected to reach about 6 billion by 2026. Also, a rising number of cyber-attacks is also expected to aid in the growth of the mobile biometric market. Further, the rapid growth in the use of banking and financial services through online portals has created a demand for advanced authentication to protect sensitive consumer data associated with banking organizations. Besides the growth of online trading and banking, the risk of fraud and exposure of personal information has increased. All these factors are expected to drive the mobile biometric market.
MARKET OPPORTUNITY
The advancements in the fields of IoT and cloud technology is expected to provide ample opportunity for the mobile biometric market. Also, the implantation of mobile biometrics in e-commerce and online gaming will further provide a potential opportunity for the growth of the mobile biometric market.
MARKET RESTRAINT
The market has a major restraint factor, as the issue of privacy and data breach is expected to restrain the mobile biometric market growth.
MARKET GROWTH CHALLENGES
The COVID-19 pandemic hampered the growth of the market to a major extent, which has created a major challenge for market’s growth. Also, the protection of the biometric data and the expenses involved in the placement of mobile biometric systems might further challenge the growth of the mobile biometric market in the upcoming years.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the mobile biometric market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. The increasing number of mobile subscribers and rising security demand across the globe is fueling the growth of the market and are expected to witness growth at a CAGR at a specific CAGR from 2023-2029.
GLOBAL MOBILE BIOMETRICS MARKET SEGMENTAL OVERVIEW
The mobile biometric market comprises of different market segment like component, authentication mode, technology and geography.
GLOBAL MOBILE BIOMETRICS MARKET BY TYPE
By component, the mobile biometric include key segment of
The hardware type is expected to dominate the market over the forecast period. The hardware segment is growing in the market due to the availability of facial recognition, or fingerprint recognition or voice recognition technology on the majority of mobile devices. Hardware components held the highest share in the year 2020, which was around 52.18% owing to the increasing adoption of these technologies in various smartphones. This is likely to have a significant impact on the growth of the mobile biometric market during the forecast period.
The software segment is expected to register the fastest CAGR during the forecast period. Various manufacturers all over the globe are launching innovative products of high quality. For instance, Aware, Inc., a leading global provider of biometrics software products, solutions and services launched its new mobile biometric software named Knomi for the authentication of offenders in Arkansas. Thus, the growing product development is expected to fuel the software segment in the upcoming years.
GLOBAL MOBILE BIOMETRICS MARKET BY AUTHENTICATION MODE
By Authentication Mode, the mobile biometric include key segment of
- Single Factor Authentication
- Multi Factor Authentication
The single factor authentication is expected to dominate the market over the forecast period. The government initiative, increasing use of biometrics in smartphones, e-passports, and the use of biometric technology in crime identification and banking is expected to drive segment growth. On the other hand, the multi-factor authentication segment is expected to drive the mobile biometric market. Multi-factor authentication requires the user to provide more than two verification factors. It allows them access to resources including applications, online accounts, and VPNs. MFA is a key component of a solid identity and access management policy.
GLOBAL MOBILE BIOMETRICS MARKET BY TECHNOLOGY
By technology, the mobile biometric include key segment of
- Finger Print Recognition
- Face Recognition
- Voice Recognition
- Other Recognition
face recognition is expected to dominate the market over the forecast period. Due to the release of mobile phones with facial recognition software. Some use cases are evident in the UK, such as people updating their mobile banking apps to be compatible with the new iPhone facial recognition software. Large banks like HSBC have expanded Touch ID biometrics to include voice recognition, selfie ID and even phone sign-in. For instance, Tesco Bank is one of the banks that updated its mobile banking app to make it compatible with Apple’s Face ID, letting customers log into accounts and make payments using facial recognition.
GLOBAL MOBILE BIOMETRICS MARKET BY GEOGRAPHY
By geography, the mobile biometric includes key segment of
- North America
- Asia Pacific
- Europe
- RoW
The Asia Pacific region is expected to dominate the mobile biometric market over the projected time period due to the large populations presence of countries such as China, India, and Japan. The rise in mobile transactions is expected to drive the mobile biometric market in China. Mobile transaction volume is high in China, which is expected to create demand for authentication solutions such as biometrics. For instance, in the year 2017, mobile payments were recorded at CNY 81 trillion as compared to CNY 58.8 trillion in 2016. Further, the increasing number of mobile subscribers is a major factor driving the growth of the mobile biometric market in the region. India’s mobile phone exports are expected to reach a record $1.5 billion in 2020, 98% of which is smartphones, according to the India Brand Equity Foundation (IBEF). All these factors are expected to bolster the demand of the market in the region.
COVID-19 IMPACT ANALYSIS ON GLOBAL MOBILE BIOMETRIC MARKET
The COVID-19 pandemic disturbed economies across the globe and adversely affected the development of different enterprises. Attributable to the inconvenience of the lockdown by the government to restrict the spread of the infection. The COVID-19 pandemic has not only caused massive disruption and change to a wide range of businesses, but has also significantly increased demand for contactless biometric solutions, especially healthcare biometrics. Advanced multi-factor and multimodal biometrics technologies are becoming increasingly important due to their accuracy and compatibility with COVID-19 social distancing standards. Recent government regulations require organizations to avoid using palm prints, fingerprints, and handheld key scanners to prevent physical contact and the spread of viruses. These steps pave the way for user-friendly facial recognition technology that can be used in a variety of situations.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the mobile biometric market is primarily focused on expanding the global growth of the mobile biometric market with new product innovation, business expansion, and an increasing presence of a range of manufacturers operating in the market has led to the growing demand for the market. Besides, the market offers a range of products to fulfil the required demand of consumers, which is further contributing to healthy growth in the market.
The key players studied in market are
- Applied Recognition, Inc.
- Fujitsu Ltd.
- Bio Key
- Aware Inc.
- AppGuard
- Eyeverify Inc
- Fulcrum Biometric, LLC
- Bioenable Technologies Pvt. Ltd
- NEC corporation
- Safran inc
- Precise Biomteric
RECENT DEVLOPMENT
MAY 2019: AppGuard launches TRUSTICA Mobile, a consumer-grade mobile communications app with military-grade security. The device contains iris, face, and fingerprint biometrics for user authentication, as well as cryptographic keys that change with each interaction. This tends to drive market growth for mobile biometric systems in military and defense applications.
AUGUST 2019: Ipsidy Inc. announced the Access mobile biometric identity solution for physical access management. Access works with the company's tablet-based concierge application to provide site administrators with real-time subscriber monitoring, enrollment, reporting and analytics tools.
