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The mobile biometrics market share is expected to increase by USD 12.56 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 11.59%.
This mobile biometrics market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers mobile biometrics market segmentation by technology (fingerprint recognition, face recognition, voice recognition, and others), application (access control, mobile payment, and authentication), and geography (APAC, North America, Europe, South America, and MEA). The mobile biometrics market report also offers information on several market vendors, including Egis Technology Inc., Fingerprint Cards AB, Fujitsu Ltd., M2SYS Technology, NEC Corp., Precise Biometrics AB, Shenzhen Goodix Technology Co. Ltd., Synaptics Inc., Thales Group, and Verint Systems Inc. among others.
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The demand for m-commerce is notably driving the mobile biometrics market growth, although factors such as the need to comply with stringent regulations and standards may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the mobile biometrics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Mobile Biometrics Market Driver
Demand for m-commerce is one of the key drivers of the market in focus. The thriving demand for m-commerce will remain one of the prime factors driving the global mobile biometrics market. Over the last few years, there has been an increase in the number of mobile payment transactions globally, fueled by the digitization of banks. Furthermore, mobile wallet enterprises such as Google and e-commerce companies such as Amazon, eBay Inc., and Alibaba have started spreading their presence globally by offering various discounts to their customers. Telecommunication service providers have also started offering mobile wallet services for various payments such as utility bill payments and mobile phone recharge. For instance, in May 2019, Mobitel, a Sri Lankan telecommunication service provider, announced a partnership with MasterCard International Inc. to enhance its mobile money platform called mCash. Similarly, in May 2019, Fitbit Inc., a health and fitness technology solutions provider, announced that users of Fitbit Ionic, Fitbit Versa, and Fitbit Charge 3 in Singapore could use Fitbit Pay on their devices to pay for public transport. Furthermore, in March 2019, Apple announced the launch of the Apple Card, a credit card designed for iPhone users.
Key Mobile Biometrics Market Trend
Behavioral biometrics is one of the key trends in the market in focus. Unusual patterns of users' behavior can be detected using behavioral biometrics, and the transaction in progress can be blocked. Behavioral biometrics offers an advanced risk management process by ensuring multiple layers of security, i.e., device, user behavior, and location specifics. This enables enterprises, especially financial institutions, to quickly detect any fraudulent activity. Behavioral biometrics plays a key role in identifying automated bots in mobile apps. Also, vendors in the global mobile biometrics market are building authentic behavioral models based on the data from biometric sensors and human-device interaction with the help of ML. In March 2019, BioCatch Ltd., a behavioral biometric solution provider, announced that it had collaborated with a mobile identity service provider known as Entersekt Proprietary Ltd. The collaboration would enable Entersekt to integrate BioCatch s behavioral biometric technology into its mobile identity services platform. Therefore, in the near future, behavioral biometrics is set a play a prominent role in the global mobile biometrics market, adding a new layer of security.
Key Mobile Biometrics Market Challenge
The need to comply with stringent regulations and standards is a major hindrance to the market focus. The cost of biometric sensors remains one of the key challenges for vendors in the global mobile biometrics market. As the price of mobile devices is gradually decreasing over the last few years, mobile device manufacturers are reducing their manufacturing costs to attain profits and remain competitive in the market. This is a challenge in emerging countries such as India, where the low-income group contributes a majority share of the purchases. In 2018, the price of capacitive sensors declined rapidly compared with the previous year by nearly 30%. The price is falling at a faster pace compared with the rise in shipments due to the high demand. However, manufacturers are in dire need of additional biometric solutions such as face recognition and iris recognition to provide multi-modal authentication in their offerings. The average price of optical and ultrasound sensors is currently higher than capacitive sensors, resulting in lower penetration.
This mobile biometrics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the mobile biometrics market as a part of the global information technology spending market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the mobile biometrics market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
The vendor landscape of the mobile biometrics market entails successful business strategies deployed by the vendors. The mobile biometrics market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The mobile biometrics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the mobile biometrics market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the information technology spending market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Market Segmentation by Technology
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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