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Mobile Biometrics Market to Witness Comprehensive Growth with value US$ 267.7 Bn by 2031

By: iCrowdNewswire

Companies in the market are focusing on high-growth industries such as BFSI, transportation, academic institutes, and enterprises in order to grow post the peak of the COVID-19 pandemic. Rise in demand for proper authentication methods and increase in number of cyber-attacks worldwide are fueling market statistics.

The Asia Pacific market is expected to grow significantly in the next few years, owing to the increase in number of vendors and growth in adoption of advanced biometrics systems in various industries, such as BFSI and retail, in the region. Top biometrics companies and manufacturers in the world are focusing on developing innovative biometric devices. End-use industries are opting for biometric fingerprint scanners rather than complex password authentication. The e-commerce sector is witnessing a rapid increase in demand for mobile biometric devices owing to an increase in number of small and medium-sized retail businesses across the world.

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Rise in Number of Cyber-attacks Across Globe

Biometric security is gaining traction among individuals, organizations, and businesses to protect cyberspace from hackers and other malicious individuals. Surge in number of cyber-attacks around the world is one of the major factors driving mobile biometrics business growth.

According to PurpleSec, cybercrimes have increased by 600% due to the COVID-19 pandemic. Additionally, the annual number of enterprise security breaches increased by 27.4%. Businesses are investing heavily in two-factor authentication (2FA) or multi-factor authentication (MFA) to combat these cyber threats. According to Getapp data, in 2022, the majority (92 percent) of businesses in the U.S. used 2FA for at least some of their business applications. Therefore, rise in number of cyber-attacks is anticipated to fuel mobile biometrics market development in the next few years.

Increase in Adoption of Fingerprint Recognition Technology in End-use Industries

In terms of technology, the mobile biometrics market segmentation comprises facial recognition, fingerprint recognition, iris recognition, voice recognition, and others (ear acoustic authentication, vein recognition, etc.). The fingerprint recognition segment held the highest mobile biometrics market share, i.e. nearly 35% of the global market, in 2021.

The identity of an individual can be recognized by automated fingerprint recognition technology, by comparing two fingerprints. It is one of the most common biometric methods that can be used for mobile and computerized system authentication. The popularity of fingerprint recognition technology is increasing rapidly due to the ease of acquisition and benefits associated with it as compared to other biometric solutions. This is likely to propel the mobile biometrics market size during the forecast period.

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This segment of the report focuses on providing data on key companies contributing to the growth of the global Mobile Biometrics market. Hence, it sheds light on the volume, share, revenue, production, and sales of each market player. In addition, it provides this review provides analysis of different strategies such as mergers, acquisitions, collaborations, partnerships, and joint ventures of players in the market for Mobile Biometrics. Moreover, it sheds light on key R&D projects and technological advancements in the market.

Regional Outlook of Global Mobile Biometrics Industry

According to the mobile biometrics market research report, Asia Pacific is expected to be a rapidly expanding market for mobile biometrics during the forecast period. This can be ascribed to the lucrative presence of leading players in major economies such as Japan, South Korea, and China. Furthermore, increase in demand for smartphones, computers, and tablets is creating significant opportunities for manufacturers of mobile biometric solutions in the region. This is projected to augment market progress during the forecast period.

North America dominated the global market and accounted for 34% share in 2021. The North America mobile biometrics market share is expected to increase in the next few years, owing to the high concentration of mobile biometric solution vendors in the region. Furthermore, rise in demand for mobile biometrics in diverse industries, such as BFSI, retail, healthcare, and e-commerce, is projected to fuel market expansion in the region during the forecast period.

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Analysis of Key Players

The global market is consolidated, with a few large-scale players controlling majority of the share. Expansion of product portfolios, partnerships, and acquisitions are some of the major strategies adopted by key players in the market.

3M, Aerendir, Aratek, Aware, Inc., BioEnable, Integrated Biometrics, iProov, NEC Corporation, Phonexia, secunet Security Networks AG, Stytch, Synaptics Incorporated, and Veridium are some of the best biometrics companies operating in the global market.

Related Reports –

Capacitor Market Latest Industry Size, Growth, Share, Demand, Trends, Competitive Landscape and Forecast till 2031

Application Specific Integrated Circuits Market Size, perspectives, geographic segmentation, business challenges and opportunities up to 2031

Wire and Cable Market outlook, geographic segmentation, business challenges and opportunities up to 2031

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