Mobile Biometrics Market - Influential Factors Determining the Trajectory of the Market

Identification of individuals is of great importance for a number of daily life transactions performed by a number of vendors and organizations. Frequently, these identification procedures need to be performed at different locations and that has given birth of the market for mobile biometrics, which are essentially devices and systems that are embedded with sensors and fingerprint readers. These mobile biometric devices are now even integrated on a smartphone or tablet and the market for the same is flourishing, paving a strong way for private industries and government agencies to process people information. Mobile biometrics are particularly useful for the vendors operating in the financial services such as banking, military, law enforcement, public transportation, healthcare, border control, and commercial shipping. The prosperity of each of these individual industries is expected to reflect on the global mobile biometrics market during the forecast period of 2016 to 2024, expanding at a notable CAGR.

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Radically increasing number of mobile transactions as a result of ubiquity of smartphones, prosperity of the ecommerce sector in a number of emerging and developed economies, government initiatives to promote the adoption of biometrics, and large scale adoption of electronic verification systems are some of the factors augmenting the demand in the global mobile biometrics market. On the other hand, concerns regarding the privacy and data breach, need to protect biometric data, and considerable cost of these devices are obstructing the market from attaining its true potential. Nevertheless, the stockholders connected to the value chain of the global mobile biometrics market stand to gain new opportunities from the growing application of these devices for ecommerce transactions and online gaming. This report provides in-depth analysis of all important market dynamics and anticipates their impact over the overall demand.

During recent years, there has been significant growth in mobile biometrics market. Biometric is likely to analyze people’s physical characteristics as well as behavioral approach. The technology is mainly launched to support the argument that every individual is unique from both physical as well as behavioral mannerisms. Biometrics identifiers recognize both physiological characteristics and behavioral characteristics. Physiological characteristics identify the composition and shape of the body, such as fingerprints, face, hand, DNA, retina, ear features, and odor, whereas a person’s behavior is recognized by behavioral characteristics such as voice, gestures, gait, and typing rhythm.

Mobile biometrics portray some of the special characteristics such as face identification, retina, voice, iris, vein, scanner, software, and fingerprints. All these functions are put into action by launching superior quality camera, enhancement in the quality of microphones, and present mobile devices introduce some common method for verification such as fingerprint reader.

IT consumerization (information technology consumerization) acts as the main driver generating demand in the mobile biometric market. It refers to the use of personal devices such as tablet PCs, iphones and connects these devices to the corporate network for safe transactions even without prior permission of organizations. All these iphones and TabletPCs possess biometrics. At present, demand for iphones and TabletPCs is rising, which in turn raises the demand for mobile biometrics.

Hence, transformation of market to smart commerce from traditional commerce enable the mobile biometrics market to grow at an increasing rate that save time and deliver efficient security relations without any execution of passwords. Similarly, increasing demands for personal devices for financial transactions safely as well as BYOD (bring your own device) act as other driver which contributes growth to mobile biometric industry. Moreover, with the rise in demand for mobile security the voice biometrics are gaining more popularity.

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Fear of data breach, privacy breakup, and high TCO (Total cost of ownership mainly depicts the indirect and direct cost of mobile biometrics) act as key restraints for this mobile biometrics market. There are high possibilities of unauthorized alteration of biometric databases which will further increase the cyber threats.

Thus, increase in e-commerce and online future transactions will create an opportunity for the investors to invest in mobile biometrics industry.

Mobile biometrics markets are segmented by end users and application. Enterprises and individual consumers act as end users. Individual consumers can make online payment through mobile biometrics without using any debit card or credit card whereas enhancement in POS process will expand the market during the forecast period.

Access control and authentication are segmented by application in mobile biometrics market. The process of authentication is further segmented into single-factor authentication and multi-factor authentication. Multi-factor authentication possess three credentials and those are knowledge factor such as passwords, possession factor such as Paytm and inherence factor such as retina scan, fingerprint scan, and others. While single-factor authentication is a process that identifies the user requesting access through only one category of credentials. In 2015, access control held the major market share in mobile biometrics.

By geography mobile biometrics market is segmented by North America, Europe, Asia Pacific and Rest of the World. North America and Europe shows a steady growth due to increase in adoption of smart phone devices and e-passport, compared to APAC and ROW.

Due to presence of abundant large and small vendors, mobile biometrics market is extremely fragmented. Research and development play a key role in mobile biometrics market which generate competition in terms of innovation, price, quality, distribution, reputation, service, and promotion. Increase in establishment of high level vendors raises M&As, wherein small vendors merged with large one.

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