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Global Mobile Biometrics Market Projected to Surpass $164.75 Billion by 2029 with 24.2% Annual Growth
Mobile Biometrics Market
The mobile biometrics market is expected to grow from $55.67 billion in 2024 to $69.28 billion in 2025, at a CAGR of 24.4%. This is due to increased security concerns, higher consumer demand for privacy, increased industry standards, identity theft prevention, rising smartphone penetration, and growing cybersecurity threats.
Mobile Biometrics Market: Expected to grow to $164.75 billion by 2029 at a CAGR of 24.2%. Growth is due to regulatory compliance, contactless solutions, adoption by financial institutions, and mobile payments. Trends include advancements in facial recognition, voice biometrics, multimodal biometrics, AI/ML in biometrics, and wearable technology integration.
What Is Contributing to the Growth of the Mobile Biometrics Market?
The growth in internet penetration is expected to drive the mobile biometrics market forward. Internet penetration refers to the percentage of the population with internet access, and it has been growing due to factors like economic development, education, and social connectivity. With more internet access, users can take advantage of mobile payment apps and other everyday applications. Mobile biometrics offer secure authentication for mobile payments, identity verification, and fraud prevention. For example, the International Telecommunication Union reported in October 2023 that 67% of the global population, or 5.4 billion people, are now online, a 4.7% increase from 2022. This growth in internet access is driving the mobile biometrics market.
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Which Key Market Leaders Are Driving Mobile Biometrics Industry Growth?
Major companies operating in the mobile biometrics market are 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
What Are the Latest Innovations in the Mobile Biometrics Market?
In the mobile biometrics market, leading companies are developing cutting-edge technologies like fingerprint capture software to facilitate biometric enrollment and identification. Fingerprint capture software allows users to take and process fingerprint images with devices such as smartphones or tablets for biometric identification and authentication. For instance, in November 2023, Mobile-Technologies, a Thailand-based company specializing in digital identity management and workflow automation, launched Fingerprint Xpress. This software allows users to capture fingerprints using only a smartphone camera, eliminating the need for specialized hardware. By utilizing smartphones, the technology enhances security and convenience in biometric authentication, making it more accessible and efficient for applications like identity verification and transaction authorization.
What Are the Main Segments in the Mobile Biometrics Market?
The mobile biometrics market covered in this report is segmented -
1) By Component: Hardware, Software, Service
2) By Authentication Mode: Single Factor Authentication, Multi Factor Authentication
3) By Technology: Fingerprint Recognition, Voice Recognition, Face Recognition, Other Technologies
4) By End Users: Public Sector, Banking, Financial Services, And Insurance, Healthcare, IT And Telecommunication, Other Industrial Verticals
Subsegments:
1) By Hardware: Sensors, Camera Modules, Microcontrollers, Fingerprint Scanners
2) By Software: Authentication Software, Image Processing Software, Cloud-Based Software Solutions, Biometric Data Management Software
3) By Service: Integration Services, Consulting Services, Support And Maintenance Services, Managed Services
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Which Geographic Area Leads the Mobile Biometrics Market?
North America was the largest region in the mobile biometrics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mobile biometrics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Is Covered In The Mobile Biometrics Global Market Report?
- Market Size Analysis: Analyze the Mobile Biometrics Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Mobile Biometrics Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Mobile Biometrics Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Mobile Biometrics Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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