World News: 14:45 GMT Thursday 30th May 2019. [Technavio Research via Businesswire via SPi World News]
The global mobile biometrics market is expected to post a CAGR of more than 22% during the period 2019-2023, according to the latest market research report by Technavio. However, the market’s momentum will decelerate in the coming years because of the decrease in year-over-year growth.
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Technavio has published a new market research report on the global mobile biometrics market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global mobile biometrics market is the growing demand for m-commerce. The rise in the digitization of banks over the past few years has led to a significant increase in the number of mobile payment transactions. Moreover, the presence of mobile wallet enterprises such as Google and e-commerce companies such as eBay, Amazon, and Alibaba have also increased significantly. Therefore, with the increasing demand for m-commerce, ensuring secure transactions has become one of the prime areas of importance for enterprises and consumers. This will lead to the growth of the global mobile biometric market during the forecast period.
As per Technavio, the rise of 3D and in-display fingerprint sensors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global mobile biometrics market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global mobile biometrics market: Rise of 3D and in-display fingerprint sensors
The mobile biometrics market is set to witness significant growth of 3D sensors and in-display fingerprint sensors. Smartphone manufacturers are increasingly integrating in-display fingerprint sensors with their smartphones as it offers flexibility to place the fingerprint sensor anywhere on the device. Enhanced security for identity authentication and improved convenience will be some of the key factors driving the in-display fingerprint sensors market.
“Apart from the rise of 3D and in-display fingerprint sensors, other factors such as the high demand for multimodal biometric solutions, and the emergence of behavioral biometrics will have a significant impact on the growth of the mobile biometrics market size during the forecast period,” says a senior analyst at Technavio.
Global mobile biometrics market: Segmentation analysis
This market research report segments the global mobile biometrics market by application (access control, mobile payment, and authentication), technology (fingerprint recognition, face recognition, voice recognition, and others) and geographic regions (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. The market growth in APAC can be attributed to a rise in the introduction and sale of biometrics-enabled smartphones. This is further supported by the rising adoption of digital payments and increasing government initiatives to adopt biometric technology for the collection of confidential information of citizens.
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Five Forces Analysis
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Business Wire: 14:45 GMT Thursday 30th May 2019
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