Mobile Biometrics Market size is supported by a CAGR of 22.5% by 2031

As per the report published by Allied Market Research, the global mobile biometric market share was accounted for $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.

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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.

Rise in demand for proper authentication methods and surge in number of cyber-attacks have boosted the growth of the global mobile biometric market. However, complicated installation and infrastructural requirements hinder the market growth. On the contrary, advancements in the field of IoT and cloud technology would open new opportunities in the future.

The market across North America held the lion's share in 2021, accounting for more than one-third of the market. The pandemic drastically impacted the market due to increase in digital retail and e-commerce platforms and rise in cyber-attacks in the form of identity theft and frauds.

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Covid-19 scenario:

The pandemic drastically impacted the market due to increase in digital retail and e-commerce platforms and rise in cyber-attacks in the form of identity theft and frauds.
Due to adoption of work from home, the companies invested more in data privacy and safety among employees.

The global mobile biometric industry report includes an in-depth analysis of the prime market players such as 3M, Aware, Inc., Apple, Inc., HID Global Corporation, BIO-Key International, NEC Corporation, M2SYS Technology, Precise Biometrics AB, Nuance Communication, and Safran, Inc.

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The report offers an analysis of the global mobile biometric market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion's share in 2021, accounting for more than one-third of the market. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 26.0% during the forecast period.

Table of Content:
Chapter 1 : INTRODUCTION
Chapter 2 : EXECUTIVE SUMMARY
Chapter 3 : MARKET OVERVIEW
Chapter 4 : MOBILE BIOMETRICS MARKET, BY COMPONENT
Chapter 5 : MOBILE BIOMETRICS MARKET, BY AUTHENTICATION MODE
Chapter 6 : MOBILE BIOMETRICS MARKET, BY TECHNOLOGY
Chapter 7 : MOBILE BIOMETRICS MARKET, BY INDUSTRY VERTICAL
Chapter 8 : MOBILE BIOMETRICS MARKET, BY REGION
Chapter 9 : COMPANY LANDSCAPE
Chapter 10 : COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.