Press release
Mobile Biometrics Market Demand, Growth Prediction, Segments And Outlook By 2033
Mobile Biometrics Market
According to The Business Research Company's, The mobile biometrics market size has grown exponentially in recent years. It will grow from $45.89 billion in 2023 to $56.67 billion in 2024 at a compound annual growth rate (CAGR) of 24.0%. The growth in the historic period can be attributed to increased security concerns, increased consumer demand for privacy, increased industry standards, increased identity theft prevention, increasing smartphone penetration, rising cybersecurity threats.
The mobile biometrics market size is expected to see exponential growth in the next few years. It will grow to $132.77 billion in 2028 at a compound annual growth rate (CAGR) of 24.3%. The growth in the forecast period can be attributed to rising regulatory compliance requirements, shift towards contactless solutions, adoption by financial institutions, expansion of mobile payments, focus on user experience. Major trends in the forecast period include advancements in facial recognition, biometric wearables integration, voice biometrics adoption, multimodal biometrics, continuous authentication and ai and machine learning in biometrics, growth of wearable technology.
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Market Drivers and Trends:
The growth in internet penetration is expected to propel the growth of the mobile biometrics market going forward. Internet penetration refers to the percentage of a population or a geographic area that has access to the internet. The growth of internet penetration is increasing due to economic development, education and information access, and social connectivity. The internet penetration allows users to access mobile payment applications and other daily-use applications. Mobile biometrics provide a convenient and secure authentication method for authorizing mobile payments, verifying user identities, and protecting against fraud. For instance, in December 2023, according to reports published by the U.S. Bureau of Economic Analysis, a US-based government agency, the digital economy value added by internet activity in the US increased from $130 billion in 2020 to $155 billion in 2021. Therefore, the growth in digital and internet penetration is driving the growth of the mobile biometrics market.
Major companies operating in the mobile biometrics market are focused on developing innovative technologies, such as mobile POS featuring biometric capabilities, to enable biometric enrollment and identification procedures. The mobile POS featuring biometric capabilities is a mobile point-of-sale system incorporating biometric technology for secure and convenient transactions. For instance, in August 2021, BIO-Key International Inc., a US-based identity-bound biometric solution, launched an innovative Android-based point-of-sale (POS) solution equipped with FBI-certified capacitive fingerprint biometrics. This provides secure and efficient mobile point-of-sale transactions for various industries such as banking, commercial, healthcare, microfinance, SIM registration, and inventory management.
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Major Key Players of the Market:
Apple Inc, Qualcomm Technologies Inc, 3M Company, NEC Corporation, Safran Group, Thales Company, IDEMIA Group, Synaptics Incorporated, HID Global Corporation, Goodix Technology Inc, Nuance Communications Inc, ZKTeco Inc, Fingerprint Cards AB, M2SYS Technology, Egis Technology Inc, Suprema Inc, Crossmatch Technologies Inc, Aware Inc, Sonavation Inc, Veridium Ltd, Precise Biometrics AB, BIO-key International Inc, KeyLemon SA, Next Biometrics Group ASA, IDEX Biometrics ASA
Mobile Biometrics Market 2024 Key Insights:
• The mobile biometrics market size is expected to see exponential growth in the next few years. It will grow to $132.77 billion in 2028 at a compound annual growth rate (CAGR) of 24.3%.
• Increasing Demand For Digital And Internet Penetration Boosting Mobile Biometrics Market
• Leading Companies Innovating In Mobile Biometrics For Secure Transactions
• North America was the largest region in the mobile biometrics market in 2023
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