According to a new report published by Allied Market Research, titled, “Mobile Biometrics Market," The mobile biometrics market was valued at $24.6 billion in 2021, and is estimated to reach $184.8 billion by 2031, growing at a CAGR of 22.5% from 2022 to 2031.
Mobile biometric solutions can help in multi-factor authentication (MFA) by leveraging a mobile device as a first factor and that device to authenticate a unique biometric identifier as a second factor. The biometric authentication mechanism can rely on fingerprint recognition, face recognition, voice recognition, or a combination of these. Furthermore, biometrics can be used as a substitute for (or in addition to), a regular text-based password. Furthermore, key factors that drive growth of the mobile biometric market include growing number of cyber threats and attacks on business enterprises. In addition, various government regulations and industry standards for safeguarding user data are promoting the use of mobile biometric devices. However, high implementation cost of mobile biometric solutions can hamper the growth of the mobile biometric market. On the contrary, increasing penetration of IoT solutions are expected to offer remunerative opportunities for expansion of the mobile biometric market during the forecast period.
On the basis of authentication mode, the single factor authentication segment dominated the overall mobile biometric industry in 2021, and is expected to continue this trend during the forecast period. This is attributed to easily deployable timekeeping and employee monitoring applications of single factor authentication solutions. However, the multi factor authentication segment is expected to witness highest growth, owing to rise in number of cyber-attacks and privacy concerns, which is expected to fuel growth of the multi factor authentication segment of the global mobile biometric market.
Region wise, the mobile biometric market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to high concentration of mobile biometric solution vendors in the region, which is expected to drive the market for mobile biometric technology during the forecast period. However, LAMEA is expected to witness significant growth during the forecast period, owing to its growing digital and economic transformation and the developing communication network infrastructure in the region, which is expected to fuel growth of mobile biometric solutions in the region in the coming few years.
Biometric systems have been brought into the spotlight during the period of the pandemic as a key technology for early detection, patient screening and public safety monitoring, in an effort to contain the spread of COVID-19, surveillance, border control, law enforcement, healthcare and biotechnologies sectors were few of the key markets that were rapidly introducing the use of biometrics devices to properly and hygienically secure healthcare and patient care facilities. In addition, new advancements in the field of artificial intelligence were being developed to try to counter-balance any identification problems due to partial face concealment (with face masks), which remains a prevalent challenge for face recognition, thus aiding the growth of mobile biometric market forecast during the period.
KEY FINDINGS OF THE STUDY
- By component, the hardware segment accounted for the largest mobile biometric market share in 2021.
- By region, North America generated highest revenue in 2021.
- By industry vertical, the public sector segment generated the highest revenue in 2021.
The key players profiled in the mobile biometric market analysis are 3M, Apple, Inc., Aware, Inc., BIO-Key International, HID Global Corporation, M2SYS Technology, NEC Corporation, Nuance Communication, Precise Biometrics AB, and Safran, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.