Based on the findings of a new report from a leading global research firm, the global mobile biometrics market is exploding, with a CAGR of 156% from 2014-2018.
Curiously, TechNavio reports that there are a few significant factors behind this projected growth, but use of mobile devices for financial transactions and the related demand for increased security is one of the most significant market trends.
In particular, TechNavio’s analysts uncovered, financial institutions are “encouraging the use of mobile banking and online financial transactions, thereby increasing the need for high-level security, which, in turn is causing demand for biometrics in consumer electronics.”
Biometrics such as voice or fingerprint recognition are increasingly being integrated into two-factor authentication devices for mobile phones. The market has seen an increase in partnerships between mobile phone-based authentication providers and biometrics authentication vendors, as biometric incorporation becomes a key competitive advantage for vendors.
“Rapid technological advancement is another factor contributing to massive growth in this market,” the report summary reads. “Biometric readers are being made available on a wider scale, and biometric smartphones are poised to become a mainstream technology in the coming years. Advanced and highly accurate mobile biometric readers are being developed by vendors in order to meet market demand.”