Press release
Mobile Biometrics Market Size Forecasted To Achieve $164.75 Billion By 2029 With Steady Growth
Mobile Biometrics Market Size
What Is the Mobile Biometrics Market Size and Projected Growth Rate?
In the past few years, there has been a significant expansion in the mobile biometrics market. Its size is anticipated to expand from $55.67 billion in 2024 to $69.28 billion in 2025, recording a compound annual growth rate (CAGR) of 24.4%. This surge during the historical period is attributed to factors such as heightened safety apprehensions, greater consumer need for privacy, enhanced industry norms, a rise in identity theft prevention measures, increased smartphone usage, and escalating cybersecurity threats.
The size of the mobile biometrics industry is set to undergo substantial growth in the coming years. The market is predicted to reach $164.75 billion by 2029, with a 24.2% compound annual growth rate (CAGR). This predicted growth can be linked to factors such as increasing regulatory compliance mandates, a shift towards touch-free solutions, utilization by financial entities, the expansion of mobile transactions, and a focus on the user experience. The forecast period also expects to see emerging trends like facial recognition advancements, integration of biometric wearables, adoption of voice biometrics, multimodal biometrics, on-going authentication, and the application of artificial intelligence and machine learning in biometrics, alongside the rise of wearable technology.
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What Are the Major 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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What Are The Driving Mobile Biometrics Market Evolution?
The mobile biometrics market's growth is anticipated to be driven by the increasing internet penetration. Internet penetration denotes the section of a population or geographical location with internet connectivity. Its expansion can be attributed to economic progress, access to education and information, as well as social connectivity. High internet penetration eases access to applications for mobile payments and other daily necessary apps. Mobile biometrics serves as a reliable and safe way to authorize mobile transactions, verify user identities and provide security against fraudulent activities. As an example, a report by the International Telecommunication Union, a specialized Switzerland-based agency, in October 2023 showed that about 67% of the world's population, equivalent to 5.4 billion individuals, have internet access. This represents a notable increase in digital and internet penetration by 4.7% from 2022, compared to a growth rate of 3.5% observed between 2021 and 2022. Consequently, the escalating digital and internet proliferation is fueling the expansion of the mobile biometrics market.
Which Firms Dominate The Mobile Biometrics Market Segments?
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 Trends Are Expected to Dominate the Mobile Biometrics Market in the Next 5 Years?
Leading businesses in the mobile biometrics market are concentrating on creating groundbreaking technologies, including fingerprint capture software to facilitate biometric registration and identification processes. This type of software captures and processes fingerprint images by utilizing smartphones or tablets for biometric recognition and authorization. For example, Mobile-Technologies, a Thai company known for their digital identity management and workflow automation solutions, introduced Fingerprint Xpress in November 2023. The application allows users to capture fingerprints with just their smartphone camera, bypassing the need for specific equipment. The software aims to enhance security and convenience during authentication and addresses issues of traditional methods like passwords and physical fingerprint screens. By capitalizing on the prevalence of smartphones, this technological solution makes biometric authentication more accessible and effective in various uses, like verifying identities and approving transactions.
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Which Is The Largest Region In 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Mobile Biometrics Market?
2. What is the CAGR expected in the Mobile Biometrics Market?
3. What Are the Key Innovations Transforming the Mobile Biometrics Industry?
4. Which Region Is Leading the Mobile Biometrics Market?
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