Research and Markets: Global Mobile Biometrics Market 2014-2018: Increasing Use of Personal Devices for Financial Transactions a Major Driver
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DUBLIN - March 21, 2014 (www.investorideas.com newswire) Research and Markets has announced the addition of the "Global Mobile Biometrics Market 2014-2018" report to their offering.
The analysts forecast the Global Mobile Biometrics market will grow at a CAGR of 156.9 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing use of personal devices for financial transactions. The Global Mobile Biometrics market has also been witnessing 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.
The key vendors dominating this space are 3M Cogent Inc., AuthenTec Inc., Fujitsu Ltd., and NEC Corp.
The other vendor mentioned in the report is BioEnable Technologies Pvt. Ltd.
Commenting on the report, an analyst from the team said: The increase in mergers and acquisitions is one of the most prominent trends witnessed in the market. The Global Mobile Biometrics market is currently witnessing increasing consolidation, which is expected to continue in the future. Both existing vendors and new entrants are taking the acquisitive route to either enter the market or broaden their portfolio of offerings. For instance, Apple acquired AuthenTec for US$356 million in 2012. The acquisition helped Apple attain all its patents for biometric security in mobile devices. 3M completed the acquisition of Cogent Inc. in December 2010 for US$943 million. Cogent develops biometric recognition systems that allow government and businesses to identify individuals by their fingers, palms, faces, and irises.
According to the report, the growth of the Global Mobile Biometrics market is driven by several drivers. One such driver is the increasing use of personal devices for financial transactions. Financial institutions, these days, are encouraging the use of mobile banking and online financial transactions, thereby increasing the need for high-level security. Since the use of biometrics in mobile devices helps provide high-level security, there has been an increase in the adoption of biometrics in mobile devices.
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