What Fueled The Previous Growth In The Mobile Biometrics Market?
The mobile biometrics market has seen considerable growth due to a variety of factors.
• The scale of the mobile biometrics market has seen an explosive surge in its recent past. The market size currently resides at $55.67 billion in 2024 and is projected to increase to $69.28 billion in 2025, maintaining a compound annual growth rate (CAGR) of 24.4%.
The impressive surge during the historical period is largely ascribed to the rising concerns about security, escalated customer insistence on privacy, elevated industry norms, enhanced measures against identity theft, expansion of smartphone usage, and increasing threats in cybersecurity.
What Can Be Expected from the Mobile Biometrics Market Size?
The mobile biometrics market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to display considerable growth in the coming years, the mobile biometrics market size is predicted to reach a value of $164.75 billion by 2029, with a compound annual growth rate (CAGR) of 24.2%.
The main influencing factors for this projected growth during the forecast period include expanding regulatory compliance stipulations, a trend towards touch-free solutions, adoption by banking institutions, growth in mobile transactions, and an emphasis on user experience. Key trends expected in the forecast period encompass progress in facial recognition technology, incorporation of biometric wearables, uptake of voice biometrics, multimodal biometrics, continuous authentication, along with the application of artificial intelligence and machine learning in biometrics and expanding wearable technology.
What Are the Critical Driver Fuelling The Mobile Biometrics Market's Growth?
The surge in internet usage is projected to fuel the expansion of the mobile biometrics market in the future. Internet usage refers to the proportion of a population or geographic area with internet access. Factors such as economic growth, access to education and information, and increased social connectivity are driving the growth of internet usage. This increased internet usage enables individuals to utilize mobile payment applications as well as other frequently used applications. Mobile biometrics serve as a hassle-free and secure method of validating mobile payments, confirming user identities, and defending against fraudulent activities. For example, a report released by the Switzerland-based specialized agency, International Telecommunication Union in October 2023, stated that roughly 67 percent of the global population, amounting to 5.4 billion individuals, are now connected online, indicating a rise in digital and internet usage. This represents a 4.7 percent climb since 2022, a sharp contrast to the 3.5 percent advancement between 2021 and 2022. Consequently, the increase in digital and internet usage is contributing to the expansion of the mobile biometrics market.
How Is The Mobile Biometrics Market segmented?
The mobile biometrics market covered in this report is segmented –
1) By Component: Hardware, Software, Service
2) By Authentication Mode: Single Factor Authentication, Multi Factor Authentication
3) By Technology: Fingerprint Recognition, Voice Recognition, Face Recognition, Other Technologies
4) By End Users: Public Sector, Banking, Financial Services, And Insurance, Healthcare, IT And Telecommunication, Other Industrial Verticals
Subsegments:
1) By Hardware: Sensors, Camera Modules, Microcontrollers, Fingerprint Scanners
2) By Software: Authentication Software, Image Processing Software, Cloud-Based Software Solutions, Biometric Data Management Software
3) By Service: Integration Services, Consulting Services, Support And Maintenance Services, Managed Services
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Which Emerging Market Trends Are Altering The Mobile Biometrics Industry?
Leading firms in the mobile biometrics market are concentrating their efforts on creating cutting-edge technologies like fingerprint capture software to facilitate biometric enrollment and identification processes. This technology permits users to capture and analyze fingerprint images via devices such as smartphones or tablets for biometric identification and authentication. For example, in November 2023, Mobile-Technologies, a company based in Thailand that excels in providing multi-vertical solutions with an emphasis on digital identity management and workflow automation, introduced the Fingerprint Xpress. This software solution empowers users to capture fingerprints solely with a smartphone camera, eliminating the requirement for specialized equipment. Developed with the aim of augmenting security and ease in authentication, it tackles the drawbacks of conventional methods such as passwords and physical fingerprint scanners. By exploiting the omnipresence of smartphones, this technology makes biometric authentication more flexible and effective for various uses including identity verification and transaction authorization.
Who Are the Key Players In The Mobile Biometrics Market?
Major companies operating in the mobile biometrics market are:
• Apple Inc.
• Qualcomm Technologies Inc.
• 3M Company
• NEC Corporation
• Safran Group
• Thales Company
• IDEMIA Group
• Synaptics Incorporated
• HID Global Corporation
• Goodix Technology Inc.
• Nuance Communications Inc.
• ZKTeco Inc.
• Fingerprint Cards AB
• M2SYS Technology
• Egis Technology Inc.
• Suprema Inc.
• Crossmatch Technologies Inc.
• Aware Inc.
• Sonavation Inc.
• Veridium Ltd.
• Precise Biometrics AB
• BIO-key International Inc.
• KeyLemon SA
• Next Biometrics Group ASA
• IDEX Biometrics ASA
What Is The Most Dominant Region In The Mobile Biometrics Market?
North America was the largest region in the mobile biometrics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mobile biometrics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
