growing adoption of smartphones is driving the Consumer Biometrics Market
Technavio analyzes that the Consumer Biometrics Market is expected to grow at a CAGR of 32.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 10529.7 million.There are various factors that contribute to the growth of the market. The Consumer Biometrics Market is experiencing significant growth, driven primarily by the increasing adoption of smartphones. Biometric technologies, such as fingerprint, facial recognition, and iris scanning, are becoming increasingly integrated into mobile devices. This trend is expected to continue, as consumers seek more secure and convenient methods for accessing their devices and making transactions. Additionally, advancements in biometric technology and its integration into various consumer applications are further fueling market growth.
In the contemporary business landscape, biometric technology has emerged as a game-changer in mobile security, surpassing the traditional methods of passwords and PINs. Biometric identification through fingerprint sensing modules, facial recognition, iris or retina scanning, and voice recognition, deployed on smartphones, offers enhanced convenience and security for consumer authentication. This technology addresses growing concerns over mobile phone security, such as theft and data loss, by providing a more reliable and less time-consuming method for identity verification and mobile payments. Biometric security solutions streamline online transactions and safeguard sensitive information, making them an indispensable tool for businesses catering to the expanding base of smartphone subscribers.
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Consumer Biometrics Market Segmentation
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The Consumer Biometrics Market encompasses the use of biometric systems, such as fingerprint sensors and facial recognition, in consumer electronics for enhanced security. Biometric-as-a-Service (BaaS) providers offer identity verification and authentication for SMEs, addressing data security and privacy concerns. AI technologies like deep learning drive advancements, with applications in identity authentication, mobile payments, and secure identity management. Biometrics replace passwords for authentication functionality, impacting customer interactions, connectivity, and digitization across various sectors, including human resource management. Shipments of Biometrics, Fingerprint Sensing Modules, and smartphone subscribers continue to rise, fueling growth in this market.
The Consumer Biometrics Market is a segment of Technavio's global Technology Hardware, Storage, and Peripherals Market, encompassing manufacturers of biometric systems, consumer electronics, and related components. This market includes fingerprint sensors, facial recognition technology, Biometric-as-a-Service (BaaS), and other advanced security solutions. SMEs are increasingly adopting these technologies for data security, addressing privacy concerns through AI impact, deep learning, and neural networks. The global Technology Hardware, Storage, and Peripherals Market's growth is driven by the escalating demand for data centers due to the work-from-home trend, fueled by the COVID-19 pandemic. This market covers manufacturers of cellular phones, personal computers, servers, and peripherals, as well as data storage components and other hardware devices. Technavio calculates the market size based on revenue generated from sales of these hardware devices, equipment, and components.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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