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Single-Factor Authentication Mode is Expected to Lead Mobile Biometrics Market During Forecast 2022


mobile biometrics market

The Mobile Biometrics Market is expected to grow from USD 4.03 Billion in 2015 to USD 49.33 Billion by 2022, at a CAGR of 29.3% between 2016 and 2022. The increased security breaches and the rising threats to the public and private properties have led to the need for mobile biometrics. One of the areas where mobile biometrics can provide substantial support is eliminating fraudulent multiple identities or preventing identity frauds.
This report aims at estimating the current market size and future growth prospects of the mobile biometrics market on the basis of component, authentication mode, industry, and geography. The base year considered for this study is 2015 and the market forecast is given for the period between 2016 and 2022. The key drivers for the growth of this market are government initiatives for the adoption of biometrics, increase in mobile transactions, introduction of e-passports, and increasing number of smartphone vendors opting for biometric features. In mature markets such as North America and Europe, the adoption rate of mobile biometric is steady compared to that in emerging markets such as APAC and RoW. The large-scale adoption of mobile biometrics in these regions is attributed to the growing influx of mobile devices and the increasing number of mobile transactions.
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The market in the healthcare industry is expected to grow at the highest rate between 2016 and 2022. The proliferation of electronic health records (EHRs) and the transition of data across health information exchanges (HIEs) created a huge demand for mobile biometrics as it is essential to secure and protect these digital records. Healthcare providers are using biometric patient identification systems to ensure patient safety by ensuring that patients are accurately identified prior to treatment.
Fingerprint recognition is the leading single-factor authentication method and is expected to lead the market during the forecast period as it is the cheapest and most widely used method across all industries.
The fear of privacy & data breach and high initial setup cost are the major restraints for this market. There are also possibilities of biometric databases being tampered with. Furthermore, the high initial setup costs further restrain the growth of the market.
The report profiles the major players in the mobile market, along with their SWOT analysis. The market has witnessed a series of new product launches, along with investments and collaborations among the industry players across the value chain. The major players operating in the mobile biometrics market are Apple Inc. (U.S.) Nuance Communications, Inc. (U.S.), Safran SA (France), NEC Corporation (Japan), 3M Cogent, Inc. (U.S.), and Precise Biometrics (Sweden),  and M2SYS Technology (U.S.). Some of the other emerging players that have shown prominent growth are Crossmatch (U.S.) BIO-key (U.S.), Aware Inc. (U.S.), Applied Recognition, Inc. (Canada), EyeVerify, Inc. (U.S.), and others.
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