Global Mobile Biometrics Market Posting Astronomical Growth
March 20, 2014
TechNavio, the independent tech-focused global research firm, has found that the Global Mobile Biometrics Market is exploding, with a CAGR of 156.9 percent from 2014-2018. 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.
According to senior TechNavio analysts, "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. 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.
To determine the scenario for these vendors in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
TechNavio is a leading technology research and advisory company with a global coverage. We focus on emerging technology trends that can shape the market. We identify and explain these trends to our customers to help them take better decisions.
TechNavio models the trends using a mix of quantitative and qualitative tools in its proprietary research methodologies. We build forecasts across market segments and geographies based on the trends identified. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a changing market scenario.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape of the Global Mobile Biometrics Market. Our analysts obtain the information using a combination of the bottom-up and top-down approaches, besides using in-house market modeling tools. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
Decision makers and influencers in sales & marketing, strategy, product and R&D teams rely on research from TechNavio. We have a large and growing base of happy customers worldwide. Our customers include technology suppliers, end users, consulting companies, investment firms and research institutes.
Founded in 2003, TechNavio has about 200 analysts globally. We cover more than 500 technologies across 80 countries. Our analysts are closely monitoring the market every day by talking to all the industry participants. We have proprietary databases that provide us with a complete perspective of the market. TechNavio develops over 2000 pieces of research deliverables every year.
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