Mobile biometrics market to grow 79% CAGR to 2021
Technavio has published a new market research report that forecasts that the global mobile biometrics market will grow at a CAGR of more than 79 percent from 2017 to 2021.
The report, ‘Global Mobile Biometrics Market 2017-2021’, provides an in-depth analysis of the market in terms of revenue and emerging market trends, including up to date analysis and forecasts for various market segments and all geographical regions.
“Various sectors, such as healthcare and defense, and enterprises are increasingly using the mobile fingerprint recognition technology for user verification,” Amrita Choudhury, a lead analyst at Technavio for enterprise application research, says. “Also, with an increase in the adoption of residential security equipment, there is a proportional increase in the adoption of mobile fingerprint recognition technology to authenticate homeowners and to reduce the chances of violent attacks and thefts.”
According to Technavio analysts, fingerprint recognition is very popular on mobile devices to authenticate transactions, and protect customer information.
The voice recognition technology has a low total cost of ownership (TCO) and is a user-friendly technology as it eliminates the hassle of remembering several complicated passwords to gain access to secure transactions and systems.
In addition, the technology provides an additional layer of security (in addition to PINs and passwords), which increases its adoption in the government; automotive; healthcare; and banking, financial services, and insurance (BFSI) sectors.
Many devices, including smartphones and mobile devices, are embedded with voice biometrics to improve the customer experience.
The report notes that voice biometrics are also seeing increasing integration with the existing systems in the healthcare sector to maintain the privacy of electronic health records (EHRs) and to authenticate both patients and healthcare providers.
“There is an increase in the use of mobile devices with apps for electronic prescribing, diagnosis and treatment, coding, and billing in the healthcare sector,” Choudhury says. “These mobile apps are integrated with voice biometrics to avoid unauthorized access to patient records. Voice biometrics enhance customer service with the implementation of voice e-signatures for confidential data.”
The report states that 3D facial recognition technology is an advanced method of using face grid technology, which provides more accuracy than 2D facial recognition.
As a result, it is highly adopted in mobile devices for identifying individuals in a faster manner compared with the other biometric technologies, Technavio says. Considering mobile devices have inbuilt cameras, the overall cost of deployment is less.
The adoption of the 3D facial recognition technology is expected to increase in the consumer electronics industry during the forecast period, according to Technavio.
For instance, LG Innotek has partnered with Apple to manufacture 3D facial recognition cameras for iPhone 8. The technology’s ability to provide a quick and effective response for verifying the users has led to its wide implementation in laptops and smartphones for user authentication.
The report highlighted several top players in the market including BioID, Crossmatch, HID Global, NEC, and Nuance Communications.
Previously reported, Technavio released a new report that forecasts that the global biometrics market in the education sector to grow at a CAGR of more than 26 percent during the forecast 2017-2021.