WILMINGTON, DE, UNITED STATES, November 17, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Mobile Biometrics Market, by Component (Hardware, Software, Service), by Authentication Mode (Single Factor Authentication, Multi Factor Authentication), by Technology (Fingerprint Recognition, Voice Recognition, Face Recognition, Others), by Industry Vertical (Public Sector, BFSI, Healthcare, It And Telecommunication, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″.
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.
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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.
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Competitive Analysis:
The competitive environment of Mobile Biometrics Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Mobile Biometrics Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
3M
Apple, Inc.
Aware, Inc.
BIO-Key International
HID Global Corporation
M2SYS Technology
NEC Corporation
Nuance Communication
Precise Biometrics AB
Safran, Inc and Many More
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.
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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.
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