The Global Mobile Biometrics market is predicted to expand at a compound annual growth rate of 156.9% between 2013-2018
Several factors are driving the growth, including the use of personal devices for financial transactions. Financial institutions are encouraging the use of mobile banking and online financial transactions, thereby increasing the need for high-level security. Since the use of biometrics in mobile devices helps provide high-level security, there has been an increase in the adoption of biometrics in mobile devices.
One of the key challenges in the market is the availability of inexpensive non-biometric technologies. Besides mobile biometrics, there is a high availability of solutions such as token-based two-factor authentication, password authentication, and software authentication in the market. As these solutions are relatively inexpensive and easy to operate, they are finding greater acceptance among individual consumers.
The Global Mobile Biometrics market is also witnessing increasing consolidation, which is expected to continue. Both existing vendors and new entrants are taking the acquisitive route to either enter the market or broaden their portfolio of offerings.
For instance, Apple acquired AuthenTec for $356 million in 2012. The acquisition helped Apple attain all its patents for biometric security in mobile devices. 3M completed the acquisition of Cogent Inc. in December 2010 for $943 million. Cogent develops biometric recognition systems that allow government and businesses to identify individuals by their fingers, palms, faces, and irises.
Key questions answered in this report:
- What will the market size be in 2018 and what will be the growth rate?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of each of these key vendors?