Published Date: 31-Aug-2022
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According to a new report, published by KBV research, The Global Mobile Biometrics Market size is expected to reach $91.9 billion by 2028, rising at a market growth of 21.8% CAGR during the forecast period.
The Public Sector segment acquired maximum revenue share in the Global Mobile Biometrics Market by Industry in 2021 thereby, achieving a market value of $32.9 billion by 2028. Governments all over the world use facial biometric technologies to safely confirm residents' online identities. By doing this, public sector organizations speed up the digital transformation process and offer citizens online services in a way that respects their privacy and is secure, accessible, and inclusive.
The Face Recognition segment is showcasing a CAGR of 22.1% during (2022 - 2028). A facial recognition system, which is often used to verify users through ID verification services, works by identifying and measuring facial features from a given image. It may match a human face from a digital image or a video frame against a database of faces. Governments and commercial businesses around the world use facial recognition technologies today.
The Single Factor segment is generating highest revenue share in the Global Mobile Biometrics Market by Authentication Mode in 2021 thereby, achieving a market value of $62.7 billion by 2028. This is attributable to single-factor authentication solutions' easily deployable timekeeping and personnel monitoring applications. SFA is a procedure for securing access to a particular system, such as a network or website that identifies the party making the access request with just one category of credentials.
The Software segment has shown the growth rate of 22.1% during (2022 - 2028). The utilization of recognition features in most offices and banks is providing the segment its growth. The increasing trend of online payments has also facilitated the use of biometrics on most payment portals. Furthermore, the places that accept some sort of security also use biometrics as an added layer of authentication.
The North America market dominated the Global Mobile Biometrics Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $33.7 billion by 2028. The Europe market is exhibiting a CAGR of 21.3% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 22.3% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 3M Company, Apple Inc., NEC Corporation, BIO-key International, Inc., Fujitsu Limited, HID Global Corporation, Precise Biometrics AB, M2SYS Technology, Inc., and Aware, Inc.
By Authentication Mode
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