Explosive mobile biometrics growth fueled by mobile transactions
The mobile biometrics market is forecast by TechNavio to surge over the next few years, posting a 156.9 percent compound annual growth rate through 2018.
Factors fueling the growth include the use of mobile devices for financial transactions and other security applications, as well as rapid technological developments.
"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," says TechNavio.
As FierceMobileIT reported earlier this week, biometrics are increasingly being used to secure mobile payments.
Biometrics technology includes voice and fingerprint recognition, which are increasingly being integrated into two-factor authentication for mobile devices.
The mobile biometrics market has seen an increasing number of mergers and acquisitions. However, the availability of inexpensive non-biometrics technologies could pose a challenge to the growth of this market, says TechNavio.
"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," the research firm notes.
Key vendors in the mobile biometrics market include 3M Cogent, AuthenTec, Fujitsu, NEC and BioEnable Technologies.
- see the TechNavio release
Biometrics: Mobile payments' new challenger
Gartner: Nearly one-third of firms will use biometrics for mobile devices by 2016
Smartphone security concerns prompt makers to turn to biometrics