Frost & Sullivan predict mobile biometrics growth in APAC region driven by smart devices
The proliferation of smart devices is one of the key factors driving the growth of biometrics adoption in the Asia-Pacific region, according to new research from Frost & Sullivan.
The “APAC Mobile Biometric Identification and Authentication Market, Forecast to 2021” report suggests that increased mobile banking penetration, security concerns among customers, and innovative industry collaboration are also driving expected market growth.
“The mobile biometrics market in Asia-Pacific is experiencing strong growth, accounting for 10% of the total global market in 2016,” comments Frost & Sullivan Industry Principal Analyst, Information & Communication Technologies Practice, Mei Lee Quah. “The increasing use of smartphones and wearable technologies in the region, especially in highly populous countries such as India and China, are also strong drivers of the mobile biometrics market.”
Frost & Sullivan also identify four main growth opportunities for the mobile biometric market in the region. Cloud-based biometrics provide an opportunity to grant users access to remote infrastructure with a flexible cost structure, while industry collaboration is improving technologies like fingerprint authentication and facial biometrics for mobile identification. Citibank, DBS Singapore, and Maybank have already implemented biometric authentication for mobile banking transactions, which is seen as a major growth area, and mobile wallets could enable consumers to make convenient and secure retail payments.
Mobile biometrics will eventually gain predominance in the market, making customer onboarding fully digital, and digital identification the new norm, Frost & Sullivan predicts.
Goode Intelligence recently predicted that the APAC region is expected to adopt biometric payments faster than other regions through 2023.
Frost & Sullivan awarded Gemalto two 2018 Global Company of the Year Awards in November for its biometric digital identification products.