Market Size of Mobile Biometrics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 26.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mobile Biometric Market Analysis
The Mobile Biometrics Market was valued at USD 18.63 billion in 2020 and is expected to reach USD 74.58 billion by 2026, at a CAGR of 26% over the forecast period 2021 - 2026. Over the years, the requirement to control access to data, premises, and systems has grown. Presently, many organizations rely on passwords, PIN numbers, or cards to confirm people's identity for access. However, this traditional approach poses severe challenges. Biometric on mobile devices has become popular in recent years. The technology moved toward user-friendliness and also became much more affordable for consumers. This technology has been leveraged to facilitate online transactions, authentication, and many other services.
- Some major banks leverage biometric technologies in a variety of scenarios, such as cash withdrawals at the ATM, authenticating mobile banking apps using fingerprint signing, or a combination of face and voice verification. For instance, the Bank of America rolled out fingerprint authentication and Touch ID in 2015 and more than half of the bank's customer 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 Apple's Face ID system. Tesco Bank is one of the banks that 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 using automatic facial recognition boarding system which saves time and keeps the customers happy. UK police officers are exploring the potential of automated facial recognition technology (AFR) and how this technology can be adopted on their smartphones in the future.
