Global Mobile Biometrics Market 2019-2023
About this market
The rapid popularity of monetary transactions done via a mobile device will act as one of the prominent growth drivers of the global mobile biometrics market. The emergence of different mobile wallet enterprises that are expanding their global reach by offering discounts to their customers will encourage usage of mobile-based monetary transactions. The availability of affordable smartphones has further fueled the demand for m-commerce. To ensure convenience and security, smartphone manufacturers are increasingly integrating biometric solutions in their product offerings. Governments in the emerging economies are encouraging the use of mobile banking solutions to offer financial services to the unbanked population. However, the market’s growth momentum will decelerate because of the decline in year-over-year growth.
Demand for mobile biometrics to tackle fraud
The growing focus on ensuring security during data transfers have increased the demand for mobile authentication services. Mobile phone manufacturers are increasingly implementing biometric solutions in their products to ensure security in their offerings. For instance, mobile payment solutions providers such as Apple Pay request their customers to authenticate via biometrics.
Privacy concerns related to storing biometric data
The probabilities of a data breach in biometrics are high when compared with other digital authentication options such as passwords or tokens. There is a high chance of enterprises storing critical biometric information of users, which increases privacy concerns associated with the storage of biometric data. This is expected to pose a challenge to the growth of the global mobile biometrics market size.
For the detailed list of factors that will drive and challenge the growth of the mobile biometrics market size during 2019-2023, view our report.
The market appears to be fragmented with several players occupying the market share. Companies such as Egis Technology Inc. and Fingerprint Cards AB have intensified competition. Factors such as the growing demand for m-commerce and the demand for mobile biometrics to tackle fraud will provide significant growth opportunities for mobile biometrics companies. Egis Technology Inc., Fingerprint Cards AB, Precise Biometrics AB, Shenzhen Goodix Technology Co. Ltd., and Synaptics Inc. are some of the major companies covered in this report.
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