Mobile Biometric Security and Services by Type (Fingerprint, Face, Voice, Iris), Component (Hardware, Software), Platform (Android, iOS), Industry (Banking and Finance, Law Enforcement, Military and Border control, Healthcare) - and Forecast 2016-2022
According to the latest reports published by Market Research Future (MRFR), the global mobile biometric security and service market will grow at around 35% CAGR with a market valuation of USD 45 Bn. The thorough penetration of the smartphones, tablets, PCs, etc. has propelled the growth of biometric security and the same is expected to grow further during the forecast period (2016-2022).
Some of the factors that can push the market for mobile biometrics are cyber safety, economical in terms of time, convenience, reliability, etc. Private enterprises and government organizations are adopting mobile biometrics to increase productivity in sectors such as financial service, healthcare, etc. which is helping the manufacturers to tap growth opportunities.
Other factors which may adversely affect the market growth are lack of awareness, high cost associated with some features such as retinal scanning and iris recognition, etc.
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Global Mobile Biometric Security and Service Market Segmentation:
By type, the market has been segmented into fingerprint recognition, face recognition, voice recognition, and, iris recognition. Iris recognition is the next big thing in the market which is more secure than fingerprint recognition.
By component, the market is segmented into hardware (fingerprint reader, Scanners, camera), and, software (computer software).
By platform, the market has been segmented into android, and, iOS (formerly iPhone OS). Both the segments possesses the potential for growth owing to exemplary market penetration. If shareholding in the market is to be considered, the demand and supply of android OS are more because of factors like user-friendly interface, low cost, etc.
By industry, the market is segmented into banking and finance, law enforcement, military and border control, healthcare, and, government organization.
By region, the market has been segmented into North America, Asia Pacific, Europe, and, Rest-of-the-World (RoW). The Asia Pacific segment will be one of the dominators of the market due to rise in security concerns coupled with exponentially increased penetration of mobile phone and electronic gadgets market. This region includes the countries with the highest demand for mobile phones as well as the prominent manufacturers of mobile phones. Therefore, the demand for mobile biometrics security and service will be fueled by a boom in the mobile phone market. Other factors responsible for the bullish trend in mobile biometrics security and service market are innovation in biometrics, introduction of next-gen technology, etc.
North America and Europe segments will exhibit an upward trend in terms of market growth owing to governments’ initiatives to support cybersecurity. The government in these regions are keen on strengthening the security infrastructure for digital platforms which has fuelled the market growth for mobile biometrics. The growing number of portable devices such as e-passport, cashless payments, etc. are being connected to the internet and services which in turn is propelling the expansion of the market.
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