SINGAPORE, Jan. 17, 2019 /CNW/ -- The increasing adoption of biometrics in smartphones, tablets, and wearable technology is propelling the mobile biometric market in Asia-Pacific. Moreover, growing security concerns among mobile banking consumers coupled with the rising number of cyber threats and fraudulent activities further drive the growth of the biometrics market.
The mobile biometric identification and authentication market in Asia-Pacific is projected to grow between 2016 and 2021, mainly driven by four key factors: security concerns, innovative industry collaboration, increasing update of biometrics in smart devices, and increasing mobile banking penetration.
"The mobile biometrics market in Asia-Pacific is experiencing strong growth, accounting for 10% of the total global market in 2016," commented Ms. Mei Lee Quah, Industry Principal Analyst, Information & Communication Technologies Practice, at Frost & Sullivan.
"The increasing use of smartphones and wearable technologies in the region, especially in highly populous countries such as India and China, are also strong drivers of the mobile biometrics market," she added.
Frost & Sullivan's recent report, APAC Mobile Biometric Identification and Authentication Market, Forecast to 2021, provides detailed analysis on key market drivers and growth opportunities for market participants in Asia-Pacific mobile biometric identification and authentication market. The report also discusses key market participants and their service offerings in the mobile biometrics market.
Frost & Sullivan highlights growth opportunities in the mobile biometric market in Asia-Pacific, mainly:
- Cloud-based Biometrics: Grants users access to infrastructure in remote locations and has flexible cost structure.
- Mobile Identification: Collaboration among different industry participants to provide mobile identification technologies such as fingerprint authentication or facial scans.
- Mobile Banking: Biometric authentication for mobile banking transactions. Citibank, DBS Singapore, Maybank are among the few major banks that have implemented it.
- Mobile Wallet: Eliminates the need for Personal Identification Numbers (PINs) and passwords. Enables convenient and secure cashless payment in retail and consumer market.
To learn more about Frost & Sullivan APAC Mobile Biometric Identification and Authentication Market, Forecast to 2021, visit https://go.frost.com/AZ_PR_ICT_ZZukarnain_9ABE_38_Biometric_Jan18
Frost & Sullivan predicts mobile biometrics to gain predominance in the market and customer onboarding will soon be fully digital – with digital identification likely to become a norm form of identification.
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SOURCE Frost & Sullivan