Mobile Biometrics Market to Experience 35% Growth in Five Years
The global market for mobile biometric security solutions, including voice recognition and other modalities like fingerprint, iris, and face recognition, is expected to grow 35 percent compounded annually through 2022, when it will reach $46 billion, according to a new report from Market Research Future.
The research firm noted that the mobile biometric security and services market is growing quickly due to the increasing need for authentication and security from unwanted cyber threats. The increasing use of mobile device for various services, such as mobile banking, Internet services, e-commerce, and entertainment, has increased the risk for data loss and security breaches.
Also spurring adoption is the "excellent accuracy and multifunctionality" of most products today, according to Market Research Furture. Additionally, many smartphone and tablet manufacturers, such as Google, Xiaomi, Panasonic, and Lenovo, are offering their products with biometric security built in.
The report lists Apple, 3M Cogent, Precise Biometrics, M2SYS Technology, Nuance Communications, Safran, NEC, Crossmatch, BIO-key, Aware, Applied Recognition, and EyeVerify as the key players in the market.