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The Global Mobile Biometrics Market 2016-2020’ – released by Technavio predicts that the global mobile biometrics market will grow at a CAGR of more than 103%
The report provides an analysis of the market in terms of revenue and emerging market trends – including up
Mobile biometrics market set to rise
to date analysis and forecasts for various market segments and all geographical regions.
The report categorizes the global mobile biometrics market into four major segments based on technology: fingerprint recognition, voice recognition, facial recognition and others.
The global mobile biometrics market by fingerprint recognition is likely to reach $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 global mobile biometrics market by voice recognition is expected to exceed $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.
The global mobile biometrics market by facial recognition is likely to exceed $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.
Amrita Choudhury, a lead research analyst at Technavio for IT security, said that 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.
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