Growing concerns about security in smart devices and the rising number of cyber threats are driving the growth of the biometrics market in Asia-Pacific.
In a report, market research firm Frost & Sullivan has noted the increasing adoption of biometrics in smartphones, tablets, and wearable technology in the region.
“The mobile biometrics market in Asia-Pacific is experiencing strong growth, accounting for 10 percent of the total global market in 2016,” said 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.
The market 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.
Among the growth opportunities that Frost & Sullivan sees in the Asia-Pacific market includes: cloud-based biometrics, which grants users access to infrastructure in remote locations and has flexible cost structure; and mobile identification technologies, including fingerprint authentication or facial scans.
It also sees strong growth in biometric authentication for mobile banking transactions, and the increasing use of mobile wallets, which eliminates the need for Personal Identification Numbers (PINs) and passwords. Enables convenient and secure cashless payment in retail and consumer market.