Radiant Insights, Inc has announced the addition of the “Global Mobile Biometrics Market 2014-2018” report to their offering.
Biometrics includes technology to identify fingerprint, retina, face, ear, and DNA. Images of these biometric prints are scanned and stored in a database. This image is then matched and verified when the user tries to enter company premises. This technology has made its way to mobile devices. This move is primarily influenced by iPhone and iPad which allowed the use of fingerprint authentication as a security measure.
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The mobile biometrics market is predicted to grow at a 156.9% CAGR over the forecast period (2013-2018). Use of personal devices to conduct financial transactions is a major factor driving the market growth. But the economically-priced non-biometric technologies could pose a challenge to the market. The market is projected to attain almost USD 35 billion by 2020.
People are increasingly using the Internet for conducting financial transactions such as online travel booking, money transfers, mobile recharges, etc. Government and other enterprises will adopt biometric technology to prevent theft of sensitive data as well as to protect it from cyber attacks.
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Personal banking is another trend driving the mobile biometrics market. Almost 49% European consumers have agreed to biometrics payments as an alternative to online banking. This is evident with many banks allowing biometric identification. For example, Investec Bank in South Africa has implemented this technology in their mobile application.
The adoption of hygienic biometric identification in the healthcare sector is expected to gain major returns for the market. Mobile payment, authentication, and access control constitute as major market applications. Mobile payment has garnered major shares for the market and expected to continue over the forecast period.
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Technologies of the market include voice recognition, facial recognition, and fingerprint recognition. Fingerprint technology currently dominates, with facial and voice recognition predicted to gain shares in the coming years. End-users of the market include individuals and enterprises.
Prominent vendors operating in the mobile biometrics market are AuthenTec Inc., NEC (Nippon Electric Company) Corporation, Fujitsu Ltd., 3M Cogent, Inc., and Fulcrum Biometrics, LLC.
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