Insights on the Mobile Biometrics Global Market to 2028 - Increase in Platforms Using Biometric Authentication Drives Growth

News provided by

Jan 04, 2023, 08:00 ET

DUBLIN, Jan. 4, 2023 /PRNewswire/ -- The "Global Mobile Biometrics Market Size, Share & Industry Trends Analysis Report By Industry, By Technology, By Authentication Mode (Single Factor and Multi Factor), By Component (Hardware, Software and Service), By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.

The Global Mobile Biometrics Market size is expected to reach $91.9 billion by 2028, rising at a market growth of 21.8% CAGR during the forecast period.

Mobile biometric authentication uses biometrics to recognize and confirm a person's identity when they attempt to access any mobile application. Authentication can be carried out using these mobile biometric devices in a number of different ways, including face recognition, fingerprint readers, voice recognition, and others. Mobile biometrics solutions straddle the line between identity and connectivity.

They make use of smartphones, tablets, other forms of handheld devices, wearable technologies, and Internet of Things devices for their flexible deployment capabilities. Controlling access to information, locations, and systems have become more and more necessary over time. Many businesses currently use cards, PINs, or passwords to verify users' identities before granting access. However, there are significant problems with this conventional method.

In recent years, biometric technology has gained popularity on mobile devices. The technology improved in terms of user-friendliness and consumer affordability. This biometric solution is a method used to authenticate a person who is in possession of a mobile device and uses it as a distinctive biometric identifier. Single-factor authentication (SFA) and multi-factor authentication (MFA) are the two different authentication mechanisms used by mobile biometric systems.

These systems operate using a variety of techniques, including Deep Neural Networks and Keystroke Dynamics. Together, these procedures form a mobile biometrics system that provides coordinated security for mobile devices. The demand for this effective security solution typically increases significantly. In order to determine similarity, biometric authentication compares data for a person's features to that person's biometric "template".

COVID-19 Impact Analysis

The pandemic had a positive impact on the mobile biometrics market. This was due to a significant shift toward the rise of digital stores and e-commerce platforms, which has led to an increase in the use of online payments. The potential for an increase in cyberattacks in the form of fraud and identity theft also guided the market. Secure authentication services for different banking and financial applications, like client KYC and money transfer, are required in such a situation, and the usage of top-notch security tools is crucial.

Market Growth Factors

Increase In Platforms Using Biometric Authentication

The demand for biometric solutions has increased over the past few years as digital media and internet content delivery have grown. Traditional methods of authentication, like signatures and text-based credentials, have been shown to be more difficult for users to use because they are so vulnerable to contemporary cyberattacks. Furthermore, customers really need to develop faster methods of authentication due to the growing quantity of digital services.

Assurance Of Higher Security With Biometrics Usage

One of the key factors propelling the growth of mobile biometrics is the increasing demand for intelligence security devices in mobile devices to secure the data saved in the devices, such as bank account information, photos, recordings, contacts, and other personalized data. By confirming a physical, real-world characteristic that is (typically) specific to that person, such as fingerprints, facial features, voice articulation, and others, biometric solutions can give providers a higher level of assurance that the person is real.

Market Restraining Factors

Wrong And Inaccurate Results Through Biometrics

False positives and inaccuracy are two of the most significant challenges. Biometric authentication procedures rely on insufficient data to confirm a user's identity. For instance, during the enrollment step, a mobile biometric device will scan a whole fingerprint and turn it into data. Future fingerprint biometric authentication, however, will only require a portion of the print to confirm identity, making the process speedier overall.

Scope of the Study

Market Segments Covered in the Report:

By Industry

Public Sector
BFSI
Healthcare
IT & Telecommunication
Others

By Technology

Fingerprint Recognition
Face Recognition
Voice Recognition
Others

By Authentication Mode

Single Factor
Multi Factor

By Component

Hardware
Software
Service

By Geography

North America
US
Canada
Mexico
Rest of North America
Europe
Germany
UK
France
Russia
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Singapore
Malaysia
Rest of Asia Pacific
LAMEA
Brazil
Argentina
UAE
Saudi Arabia
South Africa
Nigeria
Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

3M Company
Apple Inc.
NEC Corporation
BIO-key International, Inc.
Fujitsu Limited
HID Global Corporation
Precise Biometrics AB
M2SYS Technology, Inc.
Aware, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/vwb2z6

Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets