Press release
Mobile Biometrics Market Set to Reach $164.75 Billion by 2029 with 24.2% Yearly Growth
Mobile Biometrics Market
The rise in internet access is predicted to fuel the expansion of the mobile biometrics market in the future. Internet penetration denotes the proportion of individuals or regions having access to internet services. It is expanding due to factors like economic growth, access to information and education, and enhanced social connectivity. Internet penetration facilitates the use of mobile payment applications and other regular applications. Mobile biometrics offer a safe and easy authentication process for mobile payments, user identity verification, and fraud protection. For instance, a report from the International Telecommunication Union, a specialized agency based in Switzerland, stated that in October 2023, around 67 percent or 5.4 billion members of the global population are now connected online, indicating an increase in digital connectivity and internet penetration. This shows a 4.7 percent growth from 2022, which is a higher rate compared to the 3.5 percent growth seen from 2021 to 2022. Consequently, the increasing digital and internet penetration is spurring the expansion of the mobile biometrics market.
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What Is the projected market size and growth rate for the mobile biometrics market?
The expansion of the mobile biometrics market has been substantial in the past few years. The market value, projected to be $55.67 billion in 2024, is expected to rise to $69.28 billion in 2025, displaying a compound annual growth rate (CAGR) of 24.4%. Factors contributing to this growth during the earlier periods include enhanced security needs, a rise in consumer demand for personal privacy, improvements in industrial standards, stronger measures to prevent identity theft, a surge in the use of smartphones, and increasing threats related to cybersecurity.
Expectations predict that the market size for mobile biometrics is set for significant expansion in the coming years. Estimates suggest a worth of $164.75 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 24.2%. Factors contributing to this growth over the forecast period include an increase in regulatory compliance demands, a move towards contactless solutions, adoption by financial bodies, the rise of mobile payments and a focus on improved user experience. Future trends within this timeframe encompass improvements in facial recognition, the incorporation of biometric wearables, the adoption of voice biometrics, multi-modal biometrics, continuous authentication and the application of artificial intelligence, and machine learning in biometrics as well as the proliferation of wearable technology.
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What new trends are reshaping the mobile biometrics market and its opportunities?
Leading firms in the mobile biometrics sector are making strides towards creating innovative technology, including fingerprint capture software, to simplify biometric enrollment and identification processes. This technology involves using mobile devices like smartphones or tablets to capture and process fingerprint images, which are crucial for biometric identification and authentication. Mobile-Technologies, a Thai company known for its comprehensive solutions in digital identity management and workflow automation, unveiled the Fingerprint Xpress in November 2023. This unique software allows for fingerprint capture using a standard smartphone camera, eliminating the need for any specific hardware. With a mission to heighten security and ease of authentication, it overcomes the drawbacks of conventional methods like passwords and tangible fingerprint scanners. The wide prevalence of smartphones encourages the use of this technology, making biometric authentication faster and simpler for a multitude of uses, including identity proofing and transaction approvals.
What major market segments define the scope and growth of 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 region dominates 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.
Which key market leaders are driving the 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
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What Is Covered In The Mobile Biometrics Global Market Report?
•Market Size Forecast: Examine the mobile biometrics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the mobile biometrics market for a structured understanding.
•Key Players Overview: Analyze major players in the mobile biometrics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the mobile biometrics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the mobile biometrics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the mobile biometrics market.
•Industry Challenges: Identify potential risks and obstacles affecting the mobile biometrics market.
•Competitive Landscape: Review strategic developments in the mobile biometrics market, including expansions, agreements, and new product launches.
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