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Global Mobile Biometrics Market – by Component, Authentication, Industry, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2018 - 2025)
Mobile Biometrics Market – Segmented by Component, Authentication, Industry, Region | Market Size, Growth, Drivers, Trends, Industry Structure and Forecasts, Competitive Intelligence, Company Profiles | MarkGenes
Measurement and analysis of human body characteristics like facial pattern, fingerprint, voice patterns and eye retinas for the purpose of authentication is known as Mobile Biometrics. The technology pattern is being majorly used in Banking, Financial Sector and Insurance industry for ensuring data safety and device accessibility. The fingerprint technology is the most common technology mainly being used for employee access monitoring, and passport verifications
The global mobile biometrics market was USD 10.87 billion in 2018 and is estimated to reach USD 65.91 billion by 2025 at a CAGR of 29.37% during the forecast period
Growth by Region
North America holds the highest market share mainly due to increasing adoption of smartphones and e-passport. The other market players include Europe, Asia-Pacific. Many companies in Asia- Pacific regions have adopted this mobile linked biometric technology in verification of government identities and e-passports. The government of countries like China and India are actively promoting and adopting the technology.
Drivers vs. Constraints
The major drivers of the growth of the Mobile Biometrics market are: ? Growing concerns for safety of transactions due to increasing cybercrime ? Transition of data for health information exchanges and electronic health records ? Increasing government investments in this sector ? Increasing IT consumerization ? Increasing demands for BYOD (Bring your own device) The major constraints of the Mobile Biometrics market are: ? Issues with privacy and data breach. ? Cost of devices like installation costs of using the biometrics data and technology. Industry Trends and Updates ? The Indian government has launched biometric-based unique identification (UID) which is likely to cover a vast population of 1.25 billion ? The Government of China has introduced the new China Resident Identity Card Law which requires Chinese citizens to have their fingerprints scanned and recorded. ? Many Large-scale township projects in Japan who also have started adopting biometrics as a standard security device. ? CloudWalk is expected to lead the global market for the facial recognition technology by 2025. ? Mobile biometrics will authenticate $2 trillion per year in payments by 2023
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