Insights & Forecast with Potential Impact of COVID-19 - Global Mobile Biometrics Market 2020-2024 | Increasing Demand for M-commerce to Boost Market Growth | Technavio
The global mobile biometrics market is expected to grow by USD 15.63 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters - with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Mobile Biometrics Market 2020-2024 (Graphic: Business Wire)
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The increasing demand for m-commerce will be one of the major drivers in the global mobile biometrics market. In recent years, mobile payment transactions have witnessed a significant increase due to the rise in digitalization of banks. Moreover, the presence of mobile wallet for enterprises such as Google and e-commerce companies such as eBay (News - Alert), Amazon, and Alibaba have also increased significantly. Therefore, with the increasing demand for m-commerce, ensuring secure transactions has become one of the prime areas of importance for enterprises and consumers. This will lead to the growth of the global mobile biometric market during the forecast period.
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As per Technavio, the rise of 3D sensors and in-display fingerprint sensors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Mobile Biometrics Market: Rise of 3D Sensors and In-display Fingerprint Sensors
The rise of 3D sensors and in-display fingerprint sensors will be one of the critical trends in the global mobile biometrics market. Smartphone manufacturers are increasingly integrating in-display fingerprint sensors with their smartphones, as it offers flexibility to place the fingerprint sensor anywhere on the device. Moreover, enhanced security for identity authentication and improved convenience will increase the need for in-display fingerprint sensors. These factors will further propel the mobile biometrics market growth during the forecast period.
"Other factors such as the high demand for multimodal biometric solutions, and the emergence of behavioral biometrics will have a significant impact on the growth of the mobile biometrics market value during the forecast period," says a senior analyst at Technavio.
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Mobile Biometrics Market: Segmentation Analysis
This market research report segments the mobile biometrics market by technology (fingerprint recognition, face recognition, voice recognition, and others), application (access control, mobile payment, and authentication), and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the mobile biometrics market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rising adoption of digital payments and increasing government initiatives to adopt biometric technology for the collection of confidential information of citizens..
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Some of the key topics covered in the report include:
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