Rise in demand for proper authentication methods and surge in number of cyber-attacks have boosted the growth of the global Mobile Biometric Market. However, complicated installation and infrastructural requirements hinder the market growth. On the contrary, advancements in the field of IoT and cloud technology would open new opportunities in the future.
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The report divides the global mobile biometric market on the basis of component, authentication mode, technology, industry vertical, and region.
On the basis of technology, the fingerprint recognition segment held the lion’s share in 2021, contributing to nearly two-fifths of the market. However, the face recognition segment is estimated to portray the highest CAGR of 24.3% from 2022 to 2031.
Based on component, the hardware segment held the largest share in 2021, accounting for more than half of the market. However, the service segment is projected to manifest the highest CAGR of 25.4% during the forecast period.
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The report offers an analysis of the global mobile biometric market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2021, accounting for more than one-third of the market. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 26.0% during the forecast period.
The report includes an in-depth analysis of the prime market players such as 3M, Aware, Inc., Apple, Inc., HID Global Corporation, BIO-Key International, NEC Corporation, M2SYS Technology, Precise Biometrics AB, Nuance Communication, and Safran, Inc.
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Covid-19 scenario:
- The pandemic drastically impacted the market due to increase in digital retail and e-commerce platforms and rise in cyber-attacks in the form of identity theft and frauds.
- Due to adoption of work from home, the companies invested more in data privacy and safety among employees.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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