Mobile Biometric Security and Service Market to Grow Approximately at 35% CAGR for Forecast Period (2016-2022)

Pune, India, June, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Mobile Biometric Security and Service Market Research Report

Market Synopsis:

According to the latest reports published by Market Research Future (MRFR), the global mobile biometric security and service market will grow at around 35% CAGR with a market valuation of USD 45 Bn. The thorough penetration of the smartphones, tablets, PCs, etc. has propelled the growth of biometric security and the same is expected to grow further during the forecast period (2016-2022).

Some of the factors that can push the market for mobile biometrics are cyber safety, economical in terms of time, convenience, reliability, etc. Private enterprises and government organizations are adopting mobile biometrics to increase productivity in sectors such as financial service, healthcare, etc. which is helping the manufacturers to tap growth opportunities.

Other factors which may adversely affect the market growth are lack of awareness, high cost associated with some features such as retinal scanning and iris recognition, etc.

Global Mobile Biometric Security and Service Market Segmentation:

By type, the market has been segmented into fingerprint recognition, face recognition, voice recognition, and, iris recognition. Iris recognition is the next big thing in the market which is more secure than fingerprint recognition.

By component, the market is segmented into hardware (fingerprint reader, Scanners, camera), and, software (computer software).

By platform, the market has been segmented into android, and, iOS (formerly iPhone OS). Both the segments possesses the potential for growth owing to exemplary market penetration. If shareholding in the market is to be considered, the demand and supply of android OS are more because of factors like user-friendly interface, low cost, etc.

By industry, the market is segmented into banking and finance, law enforcement, military and border control, healthcare, and, government organization.

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Regional Analysis

By region, the market has been segmented into North America, Asia Pacific, Europe, and, Rest-of-the-World (RoW). The Asia Pacific segment will be one of the dominators of the market due to rise in security concerns coupled with exponentially increased penetration of mobile phone and electronic gadgets market. This region includes the countries with the highest demand for mobile phones as well as the prominent manufacturers of mobile phones. Therefore, the demand for mobile biometrics security and service will be fueled by a boom in the mobile phone market. Other factors responsible for the bullish trend in mobile biometrics security and service market are innovation in biometrics, introduction of next-gen technology, etc.

North America and Europe segments will exhibit an upward trend in terms of market growth owing to governments’ initiatives to support cybersecurity. The government in these regions are keen on strengthening the security infrastructure for digital platforms which has fuelled the market growth for mobile biometrics. The growing number of portable devices such as e-passport, cashless payments, etc. are being connected to the internet and services which in turn is propelling the expansion of the market.

Competitive Dashboard:

The top-notch market players profiled in the report are Apple Inc. (U.S.), Safran SA (France), EyeVerify, Inc. (U.S.), Applied Recognition, Inc. (Canada), and, NEC Corporation (Japan). The players persistently endeavor to gain an edge over other competitors by availing of opportunities such as joint ventures, strategic alliances, mergers and acquisitions, innovations, expansion of product portfolios, and, research and developments in the Global Mobile Biometric Security and Service Market.

The in-display fingerprint scanner is the new innovation, and, it is believed that Apple is working on the ultrasonic in-display fingerprint scanner. This technology is more accurate than the optical technology used by Chinese manufacturers for similar products. The feature detects small patterns in the skin and is an expensive feature. KTB Investment & Securities is expecting 100 Million shipments of in-display scanners which might further reach 210 Million mark in the next year.