LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global mobile biometrics market is expected to grow at a CAGR of more than 103% during the forecast period.
This research report titled ‘Global Mobile Biometrics Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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The report categorizes the global mobile biometrics market into four major segments based on technology. They are:
- Fingerprint recognition
- Voice recognition
- Facial recognition
- Others
The three most important segments in the global mobile biometrics market are discussed below.
Global mobile biometrics market by fingerprint recognition
The global mobile biometrics market by fingerprint recognition is likely to reach USD 12 billion by 2020, growing at a CAGR of almost 103%.
In contactless mobile payments, credit or debit card details are stored in a chip in the mobile device, and at the time of payment, the customer has to authenticate himself for transactions with fingerprint recognition. The transactions are carried out once the customer is authenticated. With the introduction of Apple Pay, contactless mobile payments have become possible. Other vendors such as Samsung are also implementing contactless mobile payments.
“Apart from the usage of mobile fingerprint technology in the retail and commercial sectors, sectors such as healthcare, defense, and enterprises will also experience revenue growth during the forecast period,” says Amrita Choudhury, a lead research analyst at Technavio for IT security.
Global mobile biometrics market by voice recognition
The global mobile biometrics market by voice recognition is expected to exceed USD 11 billion by 2020, growing at a CAGR of over 97%.
Voice biometrics has a low total cost of ownership (TCO) and is more user-friendly compared to other biometrics technologies as it eliminates the need to have a multitude of complicated passwords to get access to secured transactions and systems. It provides an extra layer of security besides PINs and smart cards, increasing its adoption in the BFSI sector. However, with the emergence of other biometrics technologies such as facial recognition, which is more accurate compared to voice biometrics, its growth rate is likely to decline.
Global mobile biometrics market by facial recognition
The global mobile biometrics market by facial recognition is likely to exceed USD 1 billion by 2020, growing at a CAGR of over 128%.
Due to growing instances of theft of mobile devices, a number of OEMs are integrating facial recognition biometrics in these devices as they provide access to the end-user only after authentication, thus preventing fraudulent activity. Facial recognition technology is high reliable, accurate, and cost-effective. It is difficult to deceive the facial recognition technology, and this is increasing its acceptance among enterprises and individual consumers.
“Increasing adoption of m-commerce is also likely to increase the adoption of facial recognition in mobile devices. In addition, there is an increasing need to secure personal information among users, which is fostering the growth of the market,” says Amrita.
The top vendors highlighted by Technavio’s research analysts in this report are:
- 3M Cogent
- Apple
- NEC
- Nuance Communications
Browse Related Reports:
- Global Mobile Biometrics Market 2015-2019
- Global Law Enforcement Biometrics Market 2015-2019
- Global Biometrics Market in BFSI Sector 2015-2019
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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