Mobile Biometrics Global Market Report 2024

The mobile biometrics market size has grown exponentially in recent years. It will grow from $45.89 billion in 2023 to $56.67 billion in 2024 at a compound annual growth rate (CAGR) of 24%. The growth observed during the historic period can be attributed to several factors, including heightened security concerns, growing consumer demand for privacy, adherence to increased industry standards, intensified efforts in identity theft prevention, expanding smartphone penetration, and the rise of cybersecurity threats.

The mobile biometrics market size is expected to see exponential growth in the next few years. It will grow to $132.77 billion in 2028 at a compound annual growth rate (CAGR) of 24.3%. The anticipated growth in the forecast period is expected to be driven by factors such as increasing regulatory compliance requirements, a shift towards contactless solutions, widespread adoption by financial institutions, the expansion of mobile payments, and a heightened focus on user experience. Noteworthy trends anticipated during this period include advancements in facial recognition technology, integration of biometric wearables, adoption of voice biometrics, implementation of multimodal biometrics, continuous authentication methods, utilization of AI and machine learning in biometric systems, and the proliferation of wearable technology.

The expansion of internet penetration is poised to drive the growth of the mobile biometrics market. Internet penetration, denoting the proportion of a population or geographic region with internet access, is on the rise owing to factors such as economic advancement, increased access to education and information, and enhanced social connectivity. This heightened internet penetration enables users to leverage mobile payment applications and other everyday-use apps. Mobile biometrics, offering a secure and convenient authentication method, play a pivotal role in authorizing mobile payments, verifying user identities, and fortifying defenses against fraud. For instance, in December 2023, data from the U.S. Bureau of Economic Analysis revealed a surge in the value added by internet activity in the US digital economy, from $130 billion in 2020 to $155 billion in 2021, signifying the impetus behind the mobile biometrics market's growth.

Leading firms in the mobile biometrics sector are directing their efforts towards technological innovation, particularly in the realm of mobile point-of-sale (POS) systems featuring biometric capabilities. These systems integrate biometric technology to facilitate secure and seamless transactions. For example, in August 2021, BIO-Key International Inc. unveiled an Android-based POS solution equipped with FBI-certified capacitive fingerprint biometrics, offering secure and efficient mobile transactions across various industries such as banking, healthcare, and inventory management.

In February 2022, BIO-Key, a prominent player in the identity-bound biometric solutions market, completed the acquisition of Swivel Secure Limited, a UK-based provider of multi-factor authentication solutions. This strategic move bolstered BIO-Key's revenue base, expanded its customer outreach, and enriched its talent pool, thereby enhancing its position in the mobile biometrics landscape.

Major companies operating in the mobile biometrics market are Apple Inc., Qualcomm Technologies Inc., 3M Company, NEC Corporation, Safran Group, Thales Company, IDEMIA Group, Synaptics Incorporated, HID Global Corporation, Goodix Technology Inc., Nuance Communications Inc., ZKTeco Inc., Fingerprint Cards AB, M2SYS Technology, Egis Technology Inc., Suprema Inc., Crossmatch Technologies Inc., Aware Inc., Sonavation Inc., Veridium Ltd., Precise Biometrics AB, BIO-key International Inc., KeyLemon SA, Next Biometrics Group ASA, IDEX Biometrics ASA.

North America was the largest region in the mobile biometrics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mobile biometrics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the mobile biometrics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Mobile biometrics refers to a digital authentication technology leveraging biological characteristics or behavioral traits such as fingerprints, facial features, voice, iris scans, and palm veins for identification and authentication purposes on mobile devices such as smartphones and tablets. This technology enhances security, improves user experience, and facilitates seamless authentication methods for various applications and services on mobile devices.

The primary components of mobile biometrics encompass hardware, software, and services. Hardware components collaborate to deliver secure and convenient biometric authentication on mobile devices, enhancing both user experience and security. It encompasses diverse authentication modes, including single-factor and multi-factor authentication. Various technologies such as fingerprint recognition, voice recognition, and face recognition are utilized across different sectors, including the public sector, banking, financial services, insurance, healthcare, information technology, telecommunications, among others.

The mobile biometrics market research report is one of a series of new reports that provides mobile biometrics market statistics, including mobile biometrics industry global market size, regional shares, competitors with a mobile biometrics market share, detailed mobile biometrics market segments, market trends and opportunities, and any further data you may need to thrive in the mobile biometrics industry. This mobile biometrics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mobile biometrics market consists of revenues earned by entities providing services such device unlocking, app authentication, identity verification, and secure communication. The market value includes the value of related goods sold by the service provider or included within the service offering. The mobile biometrics market also includes sales of palm print readers, iris scanners, device unlocking, and attendance tracking. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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