This report was recently updated on November 19 2024 with the latest and most recent
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Global Mobile Identification Solutions Market Size, Trends & Analysis – Forecasts to 2026 By Authentication (Multi-Factor Authentication and Single-Factor Authentication), By Component (Non-biometric, Biometric, Services, and Solutions), By Deployment (On-premise and Cloud), By Application (Retail, IT & Telecom, Healthcare, Banking, Travel & Hospitality, and Government & Defense), By Region (North America, Europe, Asia Pacific, MEA, and CSA), End-User Landscape, Company Market Share Analysis & Competitor Analysis
The global mobile identification solutions market will experience a peak growth rate between the forecast period. The rising demand for better end-to-end consumer encounters and the growing number of authentication fraud taking place globally are the major driving factors.
Mobile Identification System is a pioneering service that allows users to embark on a simple and secure digital transformation journey. It has grown in popularity in both the government and industry, allowing users to safely recognize themselves on just about any internet-connected device. Because it can generate digital copies of documents such as national IDs, driving licenses, and passports, the mobile identification solution is progressively being seen as an automated verification service.
The technology may assist governments in lowering administrative expenses and timelines due to their capabilities. Also, it encourages banks to promote internet and mobile distribution channels. For even more encryption and fraudulent protection, web retailers are rapidly moving to Digital ID Solutions. The system is also known to bridge the gap between both safety and reliability in businesses, improving user experiences and ensuring the security of their online personas and confidentiality.
The opportunity provided to the market for further growth can be linked to the development of different aspects of it recently. Such as, the inclusion of biometric authentication in devices is a major development in Mobile Identification Solutions. The demand for Mobile Identification Solutions has also grown due to the rising usage of financing and investment services on smartphones. After an increment in the incorporation of Artificial Intelligence and Machine Learning, Mobile Identification System becomes broadly popular among many of the major application sectors such as healthcare, government, banking, e-commerce, and travel and hospitality for its high degree of updated security, precision, and reduced operational costs.
The multi-factor authentication segment is predicted to be the dominating segment in the mobile identification solutions market. The factors responsible for this domination are the rising risk of security frauds, growing awareness about information theft, and increasing incorporation of remote access concepts.
The biometric segment in the market of mobile identification solutions is anticipated to be the fastest-growing segment. The rising need for fast yet secure access to the device, increasing cases of identity theft, and growing dependency on mobiles for daily life work are the factors driving the growth of this segment.
Mobile biometric technology is a type of multi-factor authentication (MFA) that uses a mobile phone as the first factor and uses that gadget to validate biometric traits identification as a second factor to confirm a person's identity. It can open and then use phones by replacing the conventional technique of entering codes or passwords with a swipe of just a fingerprint. Fingerprint sensors, facial detection, sign identification, speech recognition, and IRIS scanning are some of the biometric technologies implemented into smartphones.
The on-premises segment is forecasted to be the dominating segment in the mobile identification solutions market. The driving factors of this domination are a security threat to large organizations is rising, growing technological innovation in the market, and increasing awareness among organizations for higher security.
The need for on-premises is needed by the enterprises as the cybersecurity statistics demonstrate a vast rise in compromised and violated data from various sources that are becoming more prevalent in the workplace, such as smartphones and Artificial intelligence, as well as adverse effects of a disease outbreak. COVID-19 has also increased the number of remote workers, increasing the risk of being hacked. According to current security research, several businesses have vulnerable information and weak security procedures, putting them at risk of damage.
The retail segment in the mobile identification solutions market is projected to be the fastest-growing segment. The growing expansion of e-commerce, rising cases of identity theft in the segment, and the growing complexity of the distribution channel are the driving factors of this segment’s growth.
Leading to significant payments and a huge proportion of financial transactions, retail is among the most cost-conscious market segments as well as the most focused on cyber threats. Credit card companies such as Mastercard and Visa offer this service. Businesses will be forced to implement regulated strong authentication as the distribution network, workers, channel members, and consumers become more complicated. For the smooth running of the business, retailers want better and quicker authentication systems.
The Asia Pacific region is anticipated to be the fastest-growing region in the mobile identification solutions market. The factors responsible for this growth are a rising business base in many developing countries, growing cybercrime cases in the region, and spreading awareness about identity frauds.
The rapid progress of digitalization, along with a rapidly evolving digital ecosystem, is shifting the connection between companies and customers. Business owners face many obstacles as organizations strive to accelerate and uncover the advantages of evolving technological lifestyles. The fast development of hackers, involving internet scams, necessitates a subsequent reaction to ensure personal information security and protect companies' credibility. Economies such as Singapore, Japan, and China have already begun to adopt identity management technologies in a variety of industries, namely government, finance, defense, investment banking, healthcare, and insurance.
Telus, Signicat, Samsung SDS, Smartmatic, Jumio, Syntizen, GBG, Refinitiv, NEC, Imageware Systems, RaulWalter, Thales Group, Verisec, Intesa, IDEMIA, vintegrisTECH, and ForgeRock among others are a few of the major players in the market of mobile identification solutions.
Please note: This is not an exhaustive list of companies profiled in the report.
In March 2021: ZealiD collaborated with DigiPlex for highly secured identification solutions. DigiPlex is the Nordic leader in integrated, flexible, and safe data centers. The company selected DigiPlex because of its data centers' extraordinarily high physical security protocols.
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The Global Mobile Identification Solutions Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Mobile Identification Solutions Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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