The mobile biometric security and services market is prognosticated to gain a valuation of US$ 74.58 Bn by 2026. Hence, the market for mobile biometric security and services is estimated to expand at a CAGR of 26% during the forecast period, 2021-2026. The total valuation of the mobile biometric security and services market was US$ 18.63 Bn in 2020.
Increased trend of performing different banking and financial activities using online portals has resulted into surge in the need for advanced authentication systems in order to protect sensitive data of users. This factor is creating lucrative prospects in the mobile biometric security and services market.
Rising need for management of premises, systems, and data access is expected to drive the sales growth in the global mobile biometric security and services market in the upcoming years. Enterprises from a wide range of industry verticals are inclining toward using advanced options instead of traditional techniques such as PIN numbers, cards, or passwords in order to confirm identity of people before offering them access to work places. As a result, the demand opportunities in the mobile biometric security and services market are projected to rise in the forecast period.
The popularity of mobile biometric security and services technologies is being increasing owing to their user-friendliness and affordability. This factor is resulting into increased adoption of these technologies for different purposes such as authentication and online transactions, which in turn, is bolstering the mobile biometric security and services market.
Players operating in the mobile biometric security and services market are increasing efforts to develop technologically advanced products. As a result, several mobile biometric security and services providers are increasing cash in-flow toward R&Ds. Moreover, companies in the market for mobile biometric security and services are entering into mergers and acquisitions agreements in order to strengthen their market positions.
The global mobile biometric security and services market has made steady progress in the last few years due to the rising demand for smartphones and the rising acknowledgment of the benefits presented by biometric technology. The key factor propelling the demand from the mobile biometric security and services market is the safety of biometric details, as their use is based on the individuality of every user’s features.
In recent years, the importance of ecommerce has grown significantly due to its higher convenience compared to conventional modes of payment. Digital payments are likely to be the future of monetary transactions in the coming years, leading to mobile biometric security and services gaining rising demand. The ease of conducting transactions online is likely to lead to smartphones becoming a avenue of access for a wide variety of services, driving the demand for mobile biometric security and services to ensure the safety of the transactions.
Emerging regions such as Asia Pacific are likely to play a key role in the development of the global mobile biometric security and services market in the coming years. The rising disposable income of consumers in countries such as India and China has led to the smartphones industry in the region posting solid growth figures in the last decade. The growing local smartphone industries in these countries are also likely to benefit the global mobile biometric security and software market, as many emerging smartphone are incorporating biometric technology in their smartphones in order to enhance their security. The steady government support given to widespread use of cashless payment in many Southeast Asian nations is likely to remain a key driver for the global mobile biometric security and services market.
Biometrics are quantifiable data that are associated with human characteristics and traits. In the last few years, biometrics has been used extensively as an identification tool across the globe. As a result, the global market for mobile biometrics security and services is likely to grow at a significant pace throughout the forecast period.
The research report throws light on the key factors that are estimated to encourage the growth of the global mobile biometric security and services market. The historical data and forecast statistics have been included in the study to offer a strong understanding of the market. In addition, the product segmentation, applications, current trends, technological developments, key geographical segments, and the competitive scenario of the global market have been included in the research report.
The rising use of mobile across the globe is one of the important factors estimated to encourage the growth of the global mobile biometric security and services market in the coming years. In addition, the rising number of initiatives for making use of mobile biometrics is projected to accelerate the growth of the overall market in the near future.
As mobile phone and devices are considered as an important method for carrying out several digital commerce. As a result, identity verification and payment authorization are expected to be updated in order to match with the prescribed standards. This is expected to fuel the growth of the global mobile biometric security and services market in the next few years. However, the lack of consumer acceptance to make use of security and services is predicted to hamper the growth of the overall market in the coming years.
The research study has provided a detailed analysis of the global mobile biometric security and services market, focusing on the key segmentation. On the basis of technology, the market has been categorized into facial recognition, voice recognition, Iris scans, embedded fingerprint sensors, fingerprint recognition, and other possible biometric modalities. The use of different types of technology across diverse applications is expected to encourage the growth of the overall market in the coming few years.
Furthermore, in terms of geography, the global market for mobile biometric security and services has been bifurcated into Asia Pacific, North America, Europe, and the Rest of the World. The key factors projected to fuel the growth of the leading regional segments have been discussed in the research report in order to provide a clear picture of the market. In addition, the growth rate and market share of each segment have been included in the report.
Some of the prominent players operating in the mobile biometric security and services market across the globe are Phone Factor, VoiceVault, AuthenTec, Voice Commerce Group, Authentify, Anakam, Transaction Security, Animetrics, Blue Planet Apps, and M2SYS. The mounting number of players participating in the global market in order to build a brand name and attain a leading position for themselves is likely to toughen the competitive scenario throughout the forecast period.
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