Passwords are so passé. Hackers are crafty, and circumventing one measly password isn’t much of a challenge. Couple this with the increased rate of identity and data theft, growing employee mobility and heightened use of personal devices for financial transactions and it doesn’t take a genius to see why alternative security systems are gaining popularity.
Enter, biometrics. According to TechNavio analysts, the Global Mobile Biometrics Market is expected to grow at a CAGR of 128.4 percent from 2015-2019.
Biometrics have already been pegged as “the hottest security area of interest at the CES 2015 in Las Vegas,” which shouldn’t really come as a shock. The ability to secure mobile devices using physiological patterns like fingerprints, facial recognition, DNA, hand geometry, and iris recognition, and behavioral patterns like signature, keystroke dynamics, and voice recognition is not overrated. Biometrics systems help reduce forgeries and data theft, and the data derived is unique, reliable and can be used for security and authentication processes.
Top Trends in Mobile Biometrics
Integration of Biometrics in Two-factor Authentication Devices
The integration of biometrics in two-factor authentication devices is a major trend emerging in the Global Mobile Biometrics Market. Incorporating biometrics in two-factor authentication devices is a cost-effective approach that provides stronger security for the devices. Additionally, mobile phone-based authentication providers are partnering with biometrics authentication vendors, and the incorporation of biometrics is becoming a key competitive advantage.
Advances in Technology
Another major trend in the Global Mobile Biometrics Market is rapid advances in technology. Continuous improvements in technology have led increased applications for biometrics readers in various segments. This has resulted in the development of advanced and highly accurate biometrics readers.
Increase in R&D Expenditure
In order to achieve the aforementioned advances in technology, the leading vendors in the Global Mobile Biometrics market such as 3M Cogent, Fujitsu, NEC and Apple have increased their spending on the R&D of biometrics readers, which has resulted in the introduction of products with better accuracy and high integration ability. An increase in partnerships with suppliers and value-added resellers is also expected to lead to improvements in existing biometrics systems.
Increase in M&A
Both existing vendors and new entrants are trying to either enter the market or broaden their offerings through mergers and acquisitions. For instance, 3M acquired Cogent in December 2010 for US$943 million. Cogent develops biometrics recognition systems that allow government and businesses to identify individuals by their fingers, palms, faces, and irises.
Further, Apple completed the acquisition of AuthenTec for US$356 million in 2012. This acquisition helped Apple attain all its patents for biometrics security in mobile devices.
