Mobile Biometrics Market – Growth, Trends And Forecast (2019 – 2024)

Mobile biometric refers to mobile applications of biometrics, which include embedded sensors and readers, as well as mobile apps which exploit biometrics. This includes handheld systems, as well as systems based on a tablet or smartphone. Mobile biometrics is reliable to secure personal accounts, devices, and identification details of one in the system.

The mobile biometrics market is expected to record a CAGR over 26%, during the forecast period (2019 – 2024).

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Top Companies in the Global Mobile Biometrics Market:

Aware Inc., Mobbeel Solutions SLL, Veridium Ltd., M2SYS Technologies, Fingerprint Cards AB, Nuance Communications Inc., Precise BiometricsÊAB, ValidSoft Limited, VoiceVaultÊInc., IDEMIA (Safran Identity & Security SAS)

Market Overview:

– Major banks leverage biometrics technologies in a variety of scenarios such as cash withdrawals at the ATM, authenticating mobile banking apps using fingerprint signin or a combination of face and voice verification. For instance, Bank of America rolled out fingerprint authentication and Touch ID in 2015, and more than half of the banks customer had used the biometric for mobile access by the middle of 2017.
– Facial recognition, also poised for growth across industries, is witnessing a boost from the launch of Apples Face ID system. Tesco Bank is one of the banks that have updated its mobile banking app to make it compatible with Apple’s Face ID, letting customers log into their accounts and make payments by using facial recognition.
– Biometrics has also brought a radical change in security operations in places such as airports and international borders. Many countries across the world deployed biometric identification at their borders. Also, numerous airports are going automatic facial recognition boarding system saving time and keeping their customers happy. UK police officers are exploring the potential of automated facial recognition technology (AFR) and can adopt this technology on their smartphones in the future.

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Key Market Trends:

Mobile Banking is Expected to Hold a Significant Share

– The utilization of banking and financial services through online portals is increasing at a high pace, which creates a demand for advanced authentication to protect the vital data of consumers associated with the banking organization. Furthermore, with the rise in online transaction and banking, the risk for fraud and potential exposure of personal information are ascending.
– Owing to the adoption of online banking, mobile and e-banking are being increasingly used daily to transfer and perform a transaction, which creates potential avenues for cybercriminals to compromise a user’s account to extract money. With banking service providers investing in mobile app service to operate, the pressure to provide safe banking services through mobile apps persists. This is expected to influence the demand for the mobile biometrics market.
– Facial recognition is expected to emerge owing to the release of mobile phones with facial recognition software (iPhone X). A few used cases are evident across the UK who have upgraded their mobile banking apps compatible with the new iPhone facial recognition software. Banking giants like HSBC (HSBCnet app) have extended their touch ID biometric authentication to voice recognition, Selfie ID, and even log-in with a photo.

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