The Asia Pacific Mobile Biometrics Market would witness market growth of 22.3% CAGR during the forecast period (2022-2028).
Banks have the chance to increase the accessibility of their services owing to significant advancements in mobile phone networks and technology. Customers may instantly apply for new accounts and credit lines, see their account information, and make purchases and other transactions using their mobile devices all without ever having to go to a bank or ATM.
Retailers have the option of issuing credit at the point of sale for expensive items like furniture, electronics, and appliances for the home. Additionally, the use of biometrics has drastically altered how security is conducted at locations like airports and international boundaries. At their borders, a lot of nations have implemented biometric identification.
Also, many airports have automated facial recognition boarding systems, which save time and satisfy passengers. Some large banks use security mechanisms in a range of applications, including cash withdrawals from ATMs, fingerprint signatures for mobile banking app authentication, and voice and face verification combined. In an effort to stop the spread of COVID-19, biometric systems have come into the spotlight as a crucial technology for early diagnosis, patient screening, and public safety monitoring.
Government backing and efforts to modernize economies in developing nations are the main drivers of this region's expansion. The governments of a number of Asian nations also actively support and embrace biometric technologies. The new China Resident Identity Card Law was enacted in China. Due to the enormous volume of mobile transactions taking place in China, there will likely be a demand for authentication solutions like biometrics.
The China market dominated the Asia Pacific Mobile Biometrics Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $7,415.4 million by 2028.The Japan market is estimated to grow a CAGR of 21.6% during (2022 - 2028). Additionally, The India market would experience a CAGR of 23.1% during (2022 - 2028).
Based on Industry, the market is segmented into Public Sector, BFSI, Healthcare, IT & Telecommunication and Others. Based on Technology, the market is segmented into Fingerprint Recognition, Face Recognition, Voice Recognition and Others. Based on Authentication Mode, the market is segmented into Single Factor and Multi Factor. Based on Component, the market is segmented into Hardware, Software and Service. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Mobile Biometrics Market is Projected to reach USD 91.9 Billion by 2028, at a CAGR of 21.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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 Industry
By Technology
By Authentication Mode
By Component
By Country
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