Fingerprint Mobile Biometrics set to grow at a CAGR of over 129%
NFC-enabled add-on device such as a microSD cards are helping users perform identity verification and payment at retail stores.
"The integration of smartphones with the NFC technology enables the storage of individuals’ credentials on the smartphone that can be presented to the reader. NFC-enabled add-on device such as a microSD card enables smartphone users in identity verification and payment at retail stores. NFC-enabled smartphones contain a secure element called SIM, which ensures the validity of all transactions inside the access control managed network. Walgreen is using NFC-based payment to enhance the usage of contactless payments,” says Navin Rajendra, Lead Analyst, IT Services, Technavio Research.
The global fingerprint recognition and mobile biometrics market is expected to generate revenues worth US $7425 million between 2015 and 2019. Currently, North America dominates the global market, occupying around 34% of the total market share. However, APAC is expected to witness considerable growth during the forecast period owing to the shift of the organizations from smart card- based systems to mobile biometric systems.
Residential security predominantly drives the individual consumer segment of the global fingerprint recognition and mobile biometrics market. It requires an individual's authentication before the grant of access to various systems such as smart locks and lighting in residences. Moreover, fingerprint recognition in mobile biometrics helps customers to make online payments while shopping without a credit or debit card. Its increased application in online shopping space is expected to streamline point of sale (POS) processes and benefit shoppers profoundly.
The leading vendors in the global fingerprint recognition and mobile biometrics market are 3M, Apple, Bio-key, M2SYS Technology, and NEC. With the growing acceptance among end-users to use biometrics technologies, market vendors are likely to get into strategic partnerships with telecom operators over the next four years.
Technavio invites journalists and investors to discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
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