According to the new market research report "Mobile Biometrics Market by Component (Fingerprint Readers, Scanners, Cameras, Software), Authentication Mode (Single factor (Fingerprint, Voice, Face, Iris, Vein, & Retina Scan) and Multifactor), Industry, and Geography - Global Forecast to 2022", the market is expected to grow at a CAGR of 29.3% to reach USD 49.33 Billion by 2022. The growing penetration of mobile devices and increasing number of mobile transactions are driving the growth of the mobile biometrics market. Over the last few years, the number of online transactions and e-commerce has gradually gone up and has created a huge opportunity for the companies to invest in the biometric industry to secure these transactions. A shift from traditional commerce to smart commerce using biometric-enabled mobile devices would save time and provide high security for transactions.
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Market in healthcare industry is expected to grow at a high rate during the forecast period
The market in the healthcare industry is expected to grow at the highest rate between 2016 and 2022. The proliferation of electronic health records (EHRs) and the transition of data across health information exchanges (HIEs) created a huge demand for mobile biometrics as it is essential to secure and protect these digital records. Healthcare providers are using biometric patient identification systems to ensure patient safety by ensuring that patients are accurately identified prior to treatment.
Fingerprint recognition is expected to dominate the single-factor authentication mode during the forecast period
The fingerprint recognition technology is the most prominent biometrics technology that is being used at present. Most of the smartphone manufacturers such as Apple and Samsung use fingerprint recognition technology in their offerings. This strategy is being followed by emerging companies across the world. As fingerprint recognition is the most convenient technology in terms of investment and market acceptance, it is expected to lead the market during the forecast period.
North America holds the largest share of the mobile biometrics market; APAC is expected to grow at the highest rate during the forecast period
The adoption of mobile biometric technologies in passports & visas, banking & finance, large-scale funded programs, and employee access monitoring in buildings is driving the growth of the mobile biometrics market in North America.
The market in APAC is expected to grow at the highest CAGR between 2016 and 2022. Many countries in the Asia-Pacific region have started adopting mobile biometric technologies in national IDs and e-passports. Moreover, the government in Asian countries is actively promoting and adopting biometric technologies. India has introduced biometric-based unique identification (UID) which is likely to cover 1.25 billion Indians. In 2012, China introduced the new China Resident Identity Card Law which requires Chinese citizens to have their fingerprints scanned and recorded. Large-scale township projects in Japan have also started adopting biometrics as a standard security device.
The major companies in the mobile biometrics market that are profiled in this report include:
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