Digital payments will boost demand for mobile biometric security
Transparency Market Research has published a new research report that shows that the global mobile biometric security and services market has made consistent progress in the last few years due to the increasing demand for smartphones and the rising acknowledgment of the benefits presented by biometric technology.
“Mobile Biometric Security and Services Market: Professional Market Research Report and Forecasts, 2017 – 2025” finds that the main driver for the demand from the mobile biometric security and services market is the safe and secure nature of biometric details.
The importance of ecommerce has grown significantly in the past few years due to its higher convenience compared to more traditional methods of payment.
The report predicts that digital payments are likely to be the future of monetary transactions in the coming years, which will result in increased demand for mobile biometrics-based security and services.
Emerging regions such as Asia-Pacific will likely play a strong role in the development of the global mobile biometric security and services market in the future, according to the report.
The rising disposable income of consumers in countries such as India and China has led to the smartphones industry in the region posting solid growth figures in the last decade.
The growing local smartphone industries in these Asian countries will also benefit the global mobile biometric security and software market since many emerging smartphones are incorporating biometric technology to improve security.
The consistent government support provided to widespread use of digital payment in many Southeast Asian nations will likely remain a key driver for the global mobile biometric security and services market.
The report finds that the use of mobile across the globe is one of the important factors estimated to promote the growth of the global mobile biometric security and services market in the coming years.
The increasing number of initiatives for making use of mobile biometrics is forcasted to accelerate the growth of the overall market in the near future.
With mobile phone and devices being a critical method for performing several digital commerce, identity verification and payment authorization are expected to be updated to meet the prescribed standards.
TMR expects this will drive the growth of the global mobile biometric security and services market in the next few years, however, the lack of consumer acceptance to make use of security and services will likely hinder the growth of the overall market in the coming years.
The research report finds that the use of different types of technology — facial recognition, voice recognition, Iris scans, embedded fingerprint sensors, and fingerprint recognition — across diverse applications is expected to encourage the growth of the overall market in the coming few years.
In regards to geography, the global market for mobile biometric security and services has been segmented into Asia Pacific, North America, Europe, and the Rest of the World.
The report highlights several prominent players in the global mobile biometric security and services market, including Phone Factor, VoiceVault, AuthenTec, Voice Commerce Group, Authentify, Anakam, Transaction Security, Animetrics, Blue Planet Apps, and M2SYS.
Last month Transparency Market Research published research that found that biometrics-based door lock systems dominated the overall digital door lock system market, accounting for 67 percent of the US$1.16 billion global market in 2016.