|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Global Mobile Identification Market is expected to register a CAGR of 8.9% during the forecast period (2022-2027). During the pandemic, there has been a sudden push towards digital transformation, with online marketplaces adopting digital transformation programs to serve customers and maintain operations. The transition towards digital has led to the significant need for mobile identification.
- Mobile ID largely relies on biometric technology to function. Any smartphone or tablet can be used as a multi-factor authentication device with the help of biometric software that converts cameras and microphones into biometric sensors. Mobile identity is increasingly supported by strong authentication factors, with fingerprint sensors and facial recognition becoming almost common components of modern smartphones.
- Consumer and vertical markets both employ mobile identification technologies. It can be used to replace a user's personal passwords or to protect a patient's medical records in a hospital; it can make financial transactions more convenient and secure, or allow law enforcement agents to identify wanted persons in the field; it can open a door, or notify a doctor if a patient requires medical attention.
- The On-Demand Economy (ODE) companies are shifting towards mobile ID scanning and verification to solve problems related to financing, licensing, compliance, and the personal safety security of both employees and customers. This instant identity verification has triggered the market vendors to offer a mobile, fast, and easy-to-use platform. They also feature smart/connected databases for quicker identity verification results.
- For large enterprises, it is easier to purchase mobile identity verification solutions. However, for SMEs, it becomes an issue due to insufficient resources in terms of budget. The high initial costs and maintenance of identity verification make it difficult for companies bootstrapped with limited capital. Due to budget restraints, SMBs typically have limited access to bank-grade technology and security solutions, making them an easy target for cybercriminals.
Scope of the Report
Mobile Identification (Mobile-ID) is a service that enables clients to utilize their mobile phones as electronic identification devices. The study covers single-factor authentication, multi-factor authentication, components, and deployment types. Also, it tracks the usage of mobile identification across major end-users such as IT & telecom, retail, healthcare, government and defense, banking, travel, and hospitality. The study also covers demand across various regions and considers the impact of COVID-19 on the market.
|IT & Telecom|
|Government and Defense|
|Travel and Hospitality|
|Middle East and Africa|
Key Market Trends
Multi-Factor Authentication Expected to Witness Significant Market Share
- The expansion of remote and hybrid work has increased the usage of multifactor authentication in the workplace and consumer contexts, prompting organizations to make it mandatory for certain users and accounts.
- MFA is an authentication mechanism that requires a user to give two or more verification factors to access a resource such as an application, an online account, or a VPN. A strong identity and access management (IAM) policy must include multifactor authentication (MFA). MFA needs one or more extra verification criteria in addition to a username and password, which reduces the chances of a successful cyber attack.
- Further, MFA operates by collecting further information for verification (factors). One-time passwords are one of the most typical MFA factors that consumers encounter (OTP). OTPs are four to eight-digit codes sent via email, SMS, or a mobile app. When using OTPs, a fresh code is created on a regular basis or whenever an authentication request is made. The code is created using a seed value supplied to the user when they first register and another component, such as an incremented counter or a time value.
- Despite the added security, consumers and employees have seen the extra step of obtaining a text message or email with a one-time password (OTP) as a burdensome and redundant step in the login process. However, as employees have embraced remote work, some perspectives have evolved throughout the pandemic.
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Asia Pacific Expected to Witness Significant Market Share
- The Asia-Pacific region is home to densely populated countries, such as China and India. The region is well known for being the fastest adopter of technology with increasing internet penetration. Also, as these emerging economies adopt digitalization, the risk of breach of customer data and data channels is increasing, due to which the demand for mobile identification is increasing in the region.
- According to Cisco estimates, the internet user penetration is expected to reach 72% in 2023 compared with 52% in 2018. Also, broad average speeds can reach 157.1 Mbps, fueling the market's growth. Also, the report states that Asia-Pacific will have 3.1 billion total internet users by 2023, which is an increase from 2.7 billion internet users in 2018.
- Further, Asia-Pacific is one of the fastest-growing regions in terms of GDP, which induced expansion of the existing corporates and the addition of new startups. It created the demand for fast, secure, and paperless digital transactions across these growing corporates, which is expected to increase the need for mobile identity verification solutions to prevent data breaches.
- Moreover, due to the pandemic, people and businesses have increasingly resorted to digitalization as the new normal, which has tremendously increased the number of digital transactions in the region. However, these trends offering greater convenience to the users have opened several gateways for security across these platforms to avoid data breaches.
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The Global Mobile Identification Market is moderately competitive, with a considerable number of regional and global players. Key players include OneLogin, Thales Group, SecureAuth Corporation., Micro Focus, and IBM Corporation.
- June 2022 - SecureAuth, access management, and authentication announced the release of Arculix, a platform that combines orchestration, advanced passwordless technology, and continuous authentication. The next-generation platform can be used as a complete end-to-end solution or to supplement existing IAM investments by providing integration with any industry-standard identity provider.
- February 2022 - HUMBL, Inc. acquired BizSecure, a mobile identification and blockchain tokenization platform provider. The company acquired BizSecure employees and consulting resources. HUMBL, Inc. will utilize these resources to introduce blockchain corporate and governmental solutions by forming a new commercial division called HUMBL Blockchain Services.
- June 2022 - Transportation Security Administration (TSA) collaborated with American Airlines to test mobile identification. Hence, American Airlines customers using TSA PreCheck can quickly check through airport security points with only their phones and face.
- May 2022- Credence ID launched the ECO-Identifier, a new biometric and credential reading identity platform. This identifier includes Elyctis ID Reader 021 – OEM series contact and contactless reader. The company is leader in mobile identification, biometrics, and credential reading technology provider.
Table of Contents
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Porters Five Force Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Assessment of COVID-19 Impact on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Adoption of Solution Through Stringent Regulations and Need For Compliance
5.1.2 Adoption of BYOD Trends in Enterprises
5.2 Market Challenges
5.2.1 Budgetary Constraints During the Adoption of Mobile Identity Verification Solutions
6. MARKET SEGMENTATION
6.1 By Authentication
6.1.1 Single-factor Authentication
6.1.2 Multi-Factor Authentication
6.2 By Component
6.3 By Deployment
6.4 By Application
6.4.1 IT & Telecom
6.4.4 Government and Defense
6.4.6 Travel and Hospitality
6.5 By Geography
6.5.1 North America
6.5.3 Asia Pacific
6.5.4 Middle East and Africa
6.5.5 Latin America
7. COMPETITIVE LANDSCAPE
*List Not Exhaustive
7.1 Company Profiles
7.1.1 OneLogin (One Identity LLC. )
7.1.2 Thales Group
7.1.5 SecureAuth Corporation.
7.1.6 Trend Micro Incorporated
7.1.8 Sophos Ltd.
7.1.11 IBM Corporation
7.1.12 42Gears Mobility Systems Pvt Ltd.
7.1.13 Micro Focus
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Global Mobile Identification Market market is studied from 2020 - 2027.
What is the growth rate of Global Mobile Identification Market?
The Global Mobile Identification Market is growing at a CAGR of 8.9% over the next 5 years.
Which region has highest growth rate in Global Mobile Identification Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Mobile Identification Market?
North America holds highest share in 2021.
Who are the key players in Global Mobile Identification Market?
OneLogin (One Identity LLC. ), Thales Group, SecureAuth Corporation., IBM Corporation, Micro Focus are the major companies operating in Global Mobile Identification Market.