The Global Mobile Biometric Security and Service Market Is Estimated To Record a CAGR of Around 21.33% During The Forecast Period
Evolve Business Intelligence has published a research report on the Global Mobile Biometric Security and Service Market, 2023–2033. The globalMobile Biometric Security and Service market is projected to exhibit a CAGR of around 21.33%during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Mobile Biometric Security and Service Market: 3M Cogent, Inc, Apple Inc., Precise Biometrics, Nuance Communications, Inc., M2SYS Technology, NEC Corporation, Safran SA, Crossmatch, Aware Inc., and BIO-key.
Market Highlights
The global Mobile Biometric Security and Service market is projected to be valued at USD 355.34 Billion by 2033, recording a CAGR of around 21.33% during the forecast period. Mobile biometric security and service refers to the application of biometric technologies, such as fingerprint recognition, facial recognition, iris scanning, and voice recognition, in mobile devices and services to enhance security and authentication processes. It involves capturing and analyzing unique biological characteristics of individuals to verify their identity and provide secure access to devices, applications, and online services.
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The COVID-19 pandemic has had a significant impact on the mobile biometric security and service market. The fear of virus transmission through physical contact has led to a decline in the use of touch-based biometric technologies, such as fingerprint scanners. This shift in consumer behavior has prompted a rapid increase in the adoption of touchless biometric solutions, including facial recognition and iris scanning. These touchless modalities offer a hygienic and secure method of identity verification, aligning with the need for contactless interactions during the pandemic.
Furthermore, the COVID-19 pandemic has accelerated the digital transformation across various industries, including finance, healthcare, and public services. As remote work, online transactions, and virtual interactions became the norm, the demand for secure authentication methods in mobile devices surged. Mobile biometric security and service emerged as a reliable solution to ensure secure access and protect sensitive information in this digital landscape.
Segmental Analysis
The global Mobile Biometric Security and Servicemarket has been segmented based on Component, Authentication Mode, and Industry Vertical.
Based on the Component, the Mobile Biometric Security and Service market is segmented into Hardware, Software,and Service. The Software segmentis expected to have the larger market share throughout the forecast period.
Based on Authentication Mode, the global Mobile Biometric Security and Service market has been divided into Single Factor Authentication, and Multi Factor Authentication. The multi-factor authentication (MFA) segment is anticipated to dominate the market.
Based on Industry Vertical, the global Mobile Biometric Security and Service market has been divided into Public Sector, BFSI, Healthcare, and Others. the Public sector segment holds the largest share of the market during the forecast period.
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Regional Analysis
The Mobile Biometric Security and Service market is divided into five regions: North America, Europe, Asia-Pacific, South America, and Middle East, &Africa. Among these regions, North America, particularly the United States, is a significant market for Mobile Biometric Security and Service. The region is characterized by advanced technological infrastructure, high smartphone penetration, and a strong focus on data security and privacy. The presence of key market players and innovative technology companies further contributes to the growth of the market in this region. North America, particularly the United States, is a significant market for Mobile Biometric Security and Service. The region is characterized by advanced technological infrastructure, high smartphone penetration, and a strong focus on data security and privacy. The presence of key market players and innovative technology companies further contributes to the growth of the market in this region.
