Mobile Biometric Market to Surpass US$ 208 Billion by 2032 with a CAGR of 21.2%, Persistence Market Research Predicts
Explore the comprehensive segmentation of the Global Mobile Biometrics Market by component, authentication mode, technology, industry vertical, and region. Understand the growth opportunities and trends shaping this dynamic market landscape
New York, Jan. 11, 2024 (GLOBE NEWSWIRE) — The Mobile Biometric Market refers to the sector focused on developing and implementing biometric technologies—such as fingerprint, facial, and voice recognition—specifically designed for mobile devices like smartphones and tablets. This market aims to enhance security and user authentication in mobile applications, including banking, payments, and device access.
In 2021, the worldwide sales revenue for mobile biometrics reached US$ 24.6 billion. The total market value is anticipated to witness substantial growth, increasing from US$ 30.5 billion in 2022 to a projected US$ 208 billion by 2032. Over the period from 2022 to 2032, there is a projected surge in global mobile biometrics demand at a notable Compound Annual Growth Rate (CAGR) of 21.2%. Fingerprint recognition is poised to maintain its position as the most widely utilized technology on a global scale. The fingerprint recognition segment is expected to showcase a robust CAGR of approximately 21.1% from 2022 to 2032, establishing itself as a pivotal revenue-generating segment for mobile biometrics companies throughout this period.
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|Market Revenue 2022
|US$ 30.5 billion
|Estimated Revenue 2032
|US$ 208 billion
|Growth Rate – CAGR
|2022 to 2032
|No. of Pages
|Key Companies Profiled
Major Trends Influencing the Mobile Biometrics Market, as Analysed by Our Research Experts:
Significant Role of Mobile Banking in Market Growth The rapid adoption of online banking and financial services is driving the need for advanced authentication methods to safeguard consumers’ sensitive data. As online transactions and banking activities increase, so do the risks associated with fraud and potential exposure of personal information. The growing reliance on mobile and e banking for daily transactions exposes users to cyber threats, compelling banking service providers to enhance the security of their mobile applications. Consequently, this heightened focus on security is expected to boost the demand for mobile biometrics solutions.
Rise of Facial Recognition Technology the introduction of smartphones equipped with facial recognition technology, such as the iPhone X, is paving the way for the adoption of facial recognition in mobile banking applications. In regions like the United Kingdom, users are upgrading their banking apps to leverage this advanced authentication method. Leading banks, including HSBC, have expanded their biometric authentication features to include voice recognition, selfie authentication, and photo-based login, further driving the adoption of facial recognition technology in mobile banking.
Asia-Pacific Region Poised for Rapid Market Growth The increasing volume of mobile transactions in countries like India and China is expected to fuel the growth of the mobile biometrics market in the Asia-Pacific region. China, in particular, has witnessed a surge in mobile transactions, reaching CNY 81 Trillion in October 2017, up from CNY 58.8 trillion in 2016. In response to this trend, the State Bank of India is set to introduce multi-modal biometric authentication methods, including fingerprint, facial, and voice recognition, for its mobile banking applications. As other banks in the region adopt similar strategies, the demand for mobile biometrics solutions is anticipated to escalate significantly.
Key Influencing Factors in the Mobile Biometrics Market:
Rising Adoption of Biometric Devices
The escalating demand for biometric solutions is driven by the expansion of digital media and online content delivery, making traditional authentication methods like signatures and text-based credentials susceptible to contemporary cyber threats. This trend has propelled the growth of the mobile biometric market, as users seek faster and more secure authentication methods amid the proliferation of digital services. Additionally, heightened hygiene concerns and the risk of COVID-19 transmission have accelerated the shift towards contactless biometric technologies, such as facial and voice recognition, thereby creating new growth opportunities in the mobile biometrics market.
Enhanced Security and Assurance
Biometric solutions offer a heightened level of security by verifying unique physical attributes like fingerprints, facial features, and voice patterns, providing greater assurance of an individual’s identity compared to traditional password-based authentication methods. While conventional credentials can be compromised through data breaches, biometric authentication introduces an additional layer of security, making it more challenging for fraudsters to access unauthorized accounts. This increased security and assurance are driving the adoption of biometric devices in critical and real-world applications, mitigating the risks associated with traditional authentication methods.
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Challenges Mobile Biometric Market:
The mobile biometric market faces several challenges that hinder its widespread adoption. Key concerns include security and privacy issues related to data breaches and user trust. Additionally, interoperability issues between different biometric systems, compliance with evolving regulatory frameworks like GDPR, technological limitations in accuracy and performance, cost constraints for implementation and maintenance, and integration challenges with existing IT infrastructure pose significant hurdles. Addressing these challenges is crucial to realizing the full potential of mobile biometric solutions and fostering trust among users and organizations.
Opportunities in the Mobile Biometric Market:
The mobile biometric market presents promising opportunities for growth and innovation, driven by increasing cybersecurity threats and the need for advanced authentication solutions. Integrating biometric technologies with emerging technologies like artificial intelligence (AI), machine learning (ML), and Internet of Things (IoT) enhances accuracy and functionality, enabling more advanced applications across industries such as healthcare, finance, retail, and government sectors. Specifically, the rise of mobile payments, digital banking, and financial services creates avenues for biometric authentication solutions to improve security and user experience. Additionally, in healthcare, biometric technologies facilitate secure access to electronic health records (EHRs) and telemedicine services, enhancing patient care and operational efficiency. Furthermore, smart city initiatives and regulatory support from governments and standardization efforts offer collaboration opportunities for solution providers to drive market growth, address specific market needs, and navigate regulatory landscapes effectively, fostering trust and adoption across various applications and sectors.
In terms of application, the Non-AFIS segment captured the largest revenue share of 36.1% in 2022, primarily due to its widespread adoption in various common applications and regulatory compliance requirements. Non-AFIS technologies are extensively utilized in mobile phones and PCs due to their user-friendly nature and conservative approach compared to AFIS systems. Meanwhile, AFIS is expected to maintain a significant market share throughout the forecast period, driven by its increasing deployment in law enforcement and civil applications, including taxpayer-funded projects, ATM locations, exchange security, financial institutions, and military intelligence.
Iris technology is poised to become a key growth segment within the industry, with applications spanning ATM facilities, financial institutions, transaction security, military intelligence, and government programs. The primary advantages of Iris technology are enhanced safety and convenience, as users are not required to be in a specific reading position to utilize this technology. Additionally, face scanning remains a prevalent biometric authentication method, while contactless techniques like hand geometry recognition are projected to experience substantial growth in the coming years.
Competitive Intelligence and Business Strategy:
Competitive intelligence (CI) involves gathering and analysing information about competitors, customers, and market trends to inform strategic decisions. It helps organizations identify opportunities, threats, and customer preferences, enabling them to tailor products, services, and marketing strategies effectively. Concurrently, business strategy focuses on setting long-term goals, defining organizational priorities, and allocating resources to achieve sustainable growth and competitive advantage. By integrating CI into strategic planning, organizations can make informed decisions, align strategies with market realities, and proactively mitigate risks, enabling them to navigate complex market landscapes and capitalize on opportunities for success.
Top 10 Key Players in the Mobile Biometrics Market:
- NEC Corporation
- 3M Cogent
- HID Global
- Thales Group
- Aware Inc.
- Crossmatch (now part of HID Global)
- Suprema Inc.
- BIO-key International
Global Mobile Biometrics Market Segmentation:
By Authentication Mode:
- Single Factor Authentication
- Multi-Factor Authentication
- Fingerprint Recognition
- Voice Recognition
- Face Recognition
By Industry Vertical:
- Public Sector
- IT and Telecommunications
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
In a regional overview, North America displays innovation-driven sectors like technology and biotechnology. Europe boasts a diverse economic landscape with strengths in advanced manufacturing and financial services. Asia-Pacific experiences rapid growth, led by emerging markets like China and India, focusing on infrastructure and technology innovation. The Middle East & Africa see economies diversifying beyond oil, emphasizing tourism and renewable energy. Lastly, Latin America balances natural resources and manufacturing, emphasizing sustainable development and regional integration.
The analyst’s perspective provides a comprehensive view of market trends, challenges, and opportunities based on thorough research and data analysis. Assessing various factors such as economic indicators, industry dynamics, consumer behaviour, and technological advancements, analysts offer insights to guide strategic decision-making. By evaluating market drivers, competitive landscapes, regulatory environments, and emerging trends, analysts help organizations navigate complexities, identify growth opportunities, mitigate risks, and capitalize on market trends. Utilizing qualitative and quantitative research methodologies, analysts provide actionable recommendations, forecast market developments, and assess the impact of macroeconomic factors, industry shifts, and disruptive innovations on businesses and industries. Overall, the analyst’s perspective is instrumental in understanding market dynamics, evaluating competitive strategies, and driving organizational success in an increasingly complex and interconnected global marketplace.
The future outlook for the mobile biometric market is optimistic, fuelled by ongoing technological advancements and growing demand for secure authentication solutions in an increasingly digital world. As biometric technologies continue to evolve, integration with emerging technologies such as artificial intelligence (AI), machine learning (ML), blockchain, and the Internet of Things (IoT) will unlock new capabilities and applications, driving innovation and market growth. Additionally, the expansion of biometric solutions across diverse industries, including healthcare, finance, retail, government, and smart cities, will address unique market needs, enhance security, and improve operational efficiency. However, navigating the evolving regulatory landscape, ensuring compliance with stringent data privacy and security regulations, and addressing consumer preferences for convenient and seamless authentication experiences will be crucial. Moreover, opportunities in emerging markets, driven by increasing smartphone penetration, digital transformation initiatives, and government-led smart city projects, present avenues for solution providers to expand their presence, capitalize on global market growth, and realize the full potential of biometric technologies in shaping the future of secure and personalized digital experiences.
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