Mobile biometrics market to grow 103 percent by 2020

Monday 30 May 2016 07:43 CET | News

 A market study released by Technavio has revealed that the global mobile biometrics market is expected to grow at a CAGR of more than 103%.

This report - ‘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.

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 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 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.

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.

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.

She added that the increased adoption of mcommerce is also likely to increase the adoption of facial recognition in mobile devices.

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Keywords: biometric authentication, fingerprint, voiceprint, facial recognition, security, online, mobile payments, transactions, study
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

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