Impact of COVID-19 on the Global Mobile Biometric Security and Service Market
Mobile biometrics is defined as the implementation and integration of biometric functionality in mobile devices such as smartphones and tablets. Biometric systems help in determining unique personal characteristics such as the iris or retina, voice, or fingerprint patterns through the use of mobile devices. The rising demand for integrated security solutions in mobile devices during the COVID-19 pandemic has supported the market. Rising consumer preference for security platforms that reduce cost and complications in mobile services is also a driver for the growth of the mobile biometric security and service market. Additionally, increased mobile data usage and growing digitization due to work from home opted by several companies are also some of the factors boosting the demand for mobile biometric security and services. Increasing instances of cyberattacks during the pandemic has propelled the need for security solutions & services to protect confidential data in mobile devices. New opportunities are emerging in the smart electronic devices market due to the rising internal and external threats and the increasing adoption of online banking solutions that are likely to boost the market growth.
Mobile biometric security and services have witnessed steady demand during the COVID-19 pandemic. Moreover, this demand is expected to grow with the increasing focus of the industry players on security solutions owing to full/partial lockdowns imposed worldwide, which have also resulted in severe losses to businesses across the globe. The implementation of the lockdown in numerous countries of the world to suppress the spread of the pandemic has placed restrictions on public gatherings at international events, concerts, and music festivals, which is hampering the market growth. However, the governments’ policies supportive for the industries are projected to stimulate the growth of the mobile biometric security and service market over the forecast period. Moreover, the market is showing a substantial recovery rate, which can be attributed mainly to the remote working policies adopted by several companies to prevent the spread of COVID-19 at workplaces. However, the industry is certainly expected to face challenges over the projected timeframe owing to the rapid spread of the pandemic. The market is expected to stabilize by Q1 of 2021.