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Global mobile biometrics market to grow at an impressive CAGR of more than 103% by 2020

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Mobile biometrics: Key market research findings

  • The market is projected to grow exponentially during the forecast period
  • Majority of the market share is contributed by the fingerprint recognition segment
  • Key vendors—3M Cogent, Apple, Google, NEC, and Nuance Communications

The market research analysts at Technavio estimate the global mobile biometrics market to grow at a CAGR of over 103% between 2016 and 2020. The increase in the adoption of mobile devices for financial transactions is the primary driver for the market. Factors such as rise in the instances of identity and data theft and the implementation of bring your own device (BYOD) policy are expected to propel growth of the market during the forecast period. At present, APAC dominates the market by accounting for almost 34% of the overall market share, with majority of the revenue coming from countries such as Japan, India, and China. The shift from from smart cards to mobile biometrics for authorized access amongst enterprises in the region and the decline in the price of facial recognition solutions are expected boost the market growth even further in the APAC region by 2020.

The new market research report from Technavio presents a breakdown and analysis of the mobile biometrics segment by technology.

“The integration of voice biometrics and facial recognition in the banking, financial services, and insurance (BFSI) sector in the latest trend in the mobile biometrics market. The increase in the number of services provided by banks via telephone, mobile apps, and web, end-users is encouraging the implementation of voice biometrics technology in mobile devices to provide secure access to bank accounts. For instance, FreeSpeech from Nuance Communications verifies the customer’s voice against the voiceprint in the database, which provides secure access to end-users to complete transactions. Besides, numerous organizations are supporting the use of facial recognition in consumer electronics for identity verification on apps due to a rise in instances of identity theft and financial fraud,” says Amrita Choudhury, Lead Analyst, ICT, Technavio Research.

In 2015, the fingerprint recognition segment dominated the mobile biometrics market across the world by occupying almost 83% of the market share. This segment of the market is flourishing as finger print readers are one of the oldest and most reliable biometrics technologies across the globe. The relatively lower price of fingerprint readers as compared to other biometrics readers is also a contributing factor in the growth of this segment. The decline in the price of fingerprint sensors due to an upsurge in the number of vendors is expected to fuel growth in the fingerprint recognition market globally.

The key vendors in the global mobile biometrics market include 3M Cogent, Apple, Google, NEC, and Nuance Communications. The global mobile biometrics market is highly fragmented because of the presence of numerous small and large vendors. The providers in the market compete on the basis of price, quality, innovation, service, reputation, distribution, and promotion. The high level of vendor competition in this market has led to an increase in the number of mergers and acquisitions (M&As), wherein smaller players are being acquired by, or are being merged with, major players.

A more detailed analysis is available in the Technavio report, Global Mobile Biometrics Market 2016-2020.

We can customize reports by other regions and specific segments upon request.

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