Global Mobile Biometrics Market 2017-2021
About Mobile Biometrics
Biometrics refers to the verification and recognition of an individual based on one or more unique biological traits such as fingerprint, facial, iris, voice, and vein recognition. Mobile biometrics is a technology that measures and analyzes physiological patterns for the authentication or identification of a user to provide access to a mobile device. Biometric solutions are widely adopted for the safety of data in mobile devices such as smartphones, tablets, and phablets. With the use of biometrics for mobile devices, it is possible to reduce forgeries and data thefts.
Technavio’s analysts forecast the global mobile biometrics market will post a CAGR of 79.17% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global mobile biometrics market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Mobile Biometrics Market 2017-2021
Technavio recognizes the following companies as the key players in the global mobile biometrics market: BioID, Crossmatch, HID Global, NEC, and Nuance Communications.
Other Prominent Vendors in the market are: 3M Cogent, Animetrics, Apple Pay, AuthenticID, Aware, BioEnable, BIO-key International, BioRugged, Cognitec Systems, Daon, Egis Technology, EyeLock (VOXX International), EyeVerify, FacePhi, Fingerprint Cards, Fujitsu, Fulcrum Biometrics, Google Wallet, IDair, IDEX, ImageWare Systems, LG Innotek, M2SYS Technology, OT-Morpho, Paypal, Precise Biometrics, Samsung Pay, Signicat, and WoVo Identity Solutions.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is NFC-based payments. Near-field communication (NFC) works if two devices are placed within a few centimeters to exchange data. It requires both devices to be equipped with an NFC chip. Apple is partnering with various financial institutions to introduce NFC-powered mobile payments. Before Apple launched NFC mobile payments, this technology had been adopted by many Android- and Microsoft Windows-based smartphones.”
According to the report, one driver in the market is increase in the digitization of banking services. The increased use of smartphones and tablets has led to a digital reformation in the banking sector. The BFSI sector is one of the prominent users of portable devices (for digital payments and cashless financial transactions). With the growing transaction volumes and the introduction of new digital payment solutions, the banking sector is challenged with the need to keep the magnitude of fraudulent activities low, without compromising on the convenience of the customers.
Further, the report states that one challenge in the market is high cost of the mobile biometric technology. The high cost of mobile biometric solutions is the major challenge faced by the global mobile biometrics market. Though the biometric readers and scanners in mobile devices offer numerous advantages over their counterparts, their TCO, which includes the implementation and maintenance costs of biometrics systems, is high. The adoption of biometric technologies in mobile devices is often accompanied by the costs associated with the implementation of application software, system integration, and middleware.
BioID, Crossmatch, HID Global, NEC, Nuance Communications, 3M Cogent, Animetrics, Apple Pay, AuthenticID, Aware, BioEnable, BIO-key International, BioRugged, Cognitec Systems, Daon, Egis Technology, EyeLock (VOXX International), EyeVerify, FacePhi, Fingerprint Cards, Fujitsu, Fulcrum Biometrics, Google Wallet, IDair, IDEX, ImageWare Systems, LG Innotek, M2SYS Technology, OT-Morpho, Paypal, Precise Biometrics, Samsung Pay, Signicat, WoVo Identity Solutions
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