Biometric technology | Mobile Biometrics Market | 49.33 Billion USD by 2022
The mobile biometrics market is expected to grow from USD 4.03 Billion in 2015 to USD 49.33 Billion by 2022, at a CAGR of 29.3% between 2016 and 2022. The industrial consensus on developing intelligence in mobile devices drives the use of biometric technology. In the last few years, most of the smart phone companies have launched biometrics-enabled phones. While the focus is currently on fingerprint recognition technology, the market is trending toward advanced biometric technologies such as face, voice, iris, and others.
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This report aims at estimating the current market size and future growth prospects of the mobile biometrics market on the basis of component, authentication mode, industry, and geography. The base year considered for this study is 2015 and the market forecast is given for the period between 2016 and 2022. The key drivers for the growth of this market are government initiatives for the adoption of biometrics, increase in mobile transactions, introduction of e-passports, and increasing number of smartphone vendors opting for biometric features.
In mature markets such as North America and Europe, the adoption rate of mobile biometric is steady compared to that in emerging markets such as APAC and RoW. The large-scale adoption of mobile biometrics in these regions is attributed to the growing influx of mobile devices and the increasing number of mobile transactions.
North America holds the largest share of the mobile biometrics market; APAC is expected to grow at the highest rate during the forecast period
The adoption of mobile biometric technologies in passports & visas, banking & finance, large-scale funded programs, and employee access monitoring in buildings is driving the growth of the mobile biometrics market in North America.
The market in APAC is expected to grow at the highest CAGR between 2016 and 2022. Many countries in the Asia-Pacific region have started adopting mobile biometric technologi