|By Business Wire||
|May 23, 2014 06:25 AM EDT||
Research and Markets (http://www.researchandmarkets.com/research/t536r6/global_mobile) has announced the addition of the "Global Mobile Biometrics Market 2014-2018 with 3M Cogent Inc., AuthenTec Inc., Fujitsu Ltd., and NEC Corp Dominating" report to their offering.
The Global Mobile Biometrics market will grow at a CAGR of 156% to 2018
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.
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.
Further, the report states that one of the key challenges in the market is the availability of inexpensive non-biometric technologies. Besides mobile biometrics, there is a high availability of solutions such as token-based two-factor authentication, password authentication, and software authentication in the market. As these solutions are relatively inexpensive and easy to operate, they are finding greater acceptance among individual consumers.
The key vendors dominating this space are:
- 3M Cogent Inc.
- AuthenTec Inc.
- Fujitsu Ltd
- NEC Corp.
The other vendor mentioned in the report is:
BioEnable Technologies Pvt. Ltd.
For more information visit http://www.researchandmarkets.com/research/t536r6/global_mobile