Burgeoning Online Payments Bolster Demand for Mobile Biometric Authentication Methods

Published Date : Dec 27, 2017

ALBANY, New York, December 27, 2017 – MarketResearchReports.biz has announced the addition of a new report, titled “Global Mobile Biometric Authentication Market: Size, Trends & Forecasts (2017-2021).” The comprehensive report on the global biometric authentication market offers in-depth insights into notable market dynamics, major technological innovations, share and size of various segments, and competitive landscape. The study offers an elaborate assessment of key trends and developments and recent product developments influencing the growth of the market in various regions.

The global biometric authentication market is projected to rise at a healthy clip during the forecast period of 2017 and 2021. The growth of the market is fueled by a variety of factors and favorable trends in end-use industries.  The growing demand for better authentication methods in mobile devices is a key factor stoking the demand for mobile biometric authentication. The burgeoning demand for biometric-enabled smartphones in various developing and developed countries is a crucial factor boosting the market. The rising demand for smart devices with better biometrics authentication technologies through apps is also catalyzing the growth of the market.

The vastly growing number of online transactions among affluent consumers in emerging economies, coupled with the need for securing these transactions, is a notable factor accentuating the growth of the market over the forecast period. The rising prominence of transactions mobile devices in enterprise setting is also contributing to the growth of the market. The growing popularity of voice biometrics is a prominent trend boosting the mobile biometric authentication market.

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The advent of 3D face ID on premium mobile devices is a notably emerging trend unlocking lucrative avenues in various end-use segments. Recent technological advances has led to notable product innovations. For instance, the launch of sensory facial recognition technology in recent times is anticipated to catalyze the growth of the market. The vastly rising popularity of voice recognition technology in smartphones is a significant trend and fast gathering steam among mobile users. They are increasingly preferring voice biometrics over passwords and PIN numbers.

The advent of electronic wallets (eWallets) supported by some prominent merchants, including banks, and their growing acceptability across retail stores are welcome developments in the market. The growing number of mobile payments is providing a robust fillip to the market.

Looming fears about data security among mobile device users, especially with regard to financial data, may hinder the adoption of mobile biometric authentication methods. The lack of standardization of these methods among merchants may also adversely affect the growth of the market to some extent. Nevertheless, constant technological advances and growing number of research and development activities in digital identification programs are notable factors expected to boost the growth of the mobile biometric authentication market. In addition, the use of mathematical models measuring a variety of physical traits for making mobile biometric authentication more secure also augurs well for the overall market. Furthermore, the advent of point-of-sale and payments system for small and medium-scale businesses is expected to open lucrative opportunities for market players.

The burgeoning population with more disposable incomes are going for higher-priced smartphones, which is boosting the market. The ease of use of several biometric authentication methods bodes well for the market. The growing acceptance of e-passports is a significant factor contributing to the demand in major regions. In the coming years, a large number of smartphones is expected to reap the benefits of biometric authentication technologies.

Some of the prominent players operating in the mobile biometric authentication market are Synaptics Inc., 3M (Cogent), NEC Corporation, and Apple Inc.

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