The growing popularity of e-commerce, cloud based services, and digitalization are propelling the growth of the Biometrics-as-a-Service market.
Biometrics-as-a-Service Market Size – USD 1,588.3 Million in 2020, Market Growth – CAGR of 18.70%, Market Trends – Extensive adoption of smartphones.
The global biometrics-as-a-service market is forecast to reach USD 6,291.7 Million by 2028, according to a new report by Reports and Data. Biometric security services are an increasingly popular commercial security option. They provide advantages such as strong security through accurate validation of an organization. This authentication is based on a range of biometric qualities such as facial recognition, fingerprint scans, iris recognition, and vein pattern recognition. Biometric systems are an effective system to secure the public and private offices to keep track of attendance, authentication, access control time, and others. Biometric systems provide more accurate identification, lowering the risks of security breaches. Using such a security system, access is granted only by biological characteristics like iris scans or fingerprints, which are difficult to duplicate. Thus, the system provides more accurate information, which helps with security as well as accountability. Logging activity through a biometric system helps connect employees with specific actions or events that can be referred to in any future case of a security breach.
Key participants include Leidos Holdings, Inc., Gemalto N.V. (3M Cogent), NEC Corporation, Fujitsu Ltd., ImageWare Systems, Inc., BioEngagable Technologies Pvt. Ltd, Mobbeel Solutions, S.L.L., M2SYS Technology – KernellÓ Inc., SIC Biometrics, Precise Biometrics, BioID AG, IriTech, Inc., IDEMIA France SAS, Aware, Inc., and Fulcrum Biometrics, LLC., among others.
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Further key findings from the report suggest
- Among the technologies, the fingerprint recognition accounted for the largest market share of ~31% in the year 2018. Fingerprint identification is based on different patterns of human fingers, which are unique among all individuals. It is the easiest and most convenient way of identifying a person. The primary advantage of the fingerprint identification method is that the fingerprints pattern remains the same for a person throughout the life of an individual, making it a reliable means of human identification.
- The iris recognition technology is forecasted to witness a higher growth rate of 23.7% during the forecast period. The characteristics of an iris are significantly unique for each and can be recognized from a distance. That’s why it is difficult to be forged. As compared to the false acceptance rate and the false rejection rate of other biometric modalities, this method is remarkably lower. In such a way, it becomes the most secure authentication technology and has been used in financial institutes, borders, hospitals, and several sensitive projects.
- The mobile applications accounted for the largest market share of ~27% in the year 2018. In smartphones today, fingerprint recognition has become accessible for users. Various banks have integrated this feature into their mobile banking application. The fingerprint sensor, also called touchID in iPhones, can be combined to unlock the banking app and authorize payments. This added layer of security reduces the risks of the password getting hacked. As the user does not have to remember the password, it is more convenient and user-friendly.
- North America held the largest market share of ~29% in the year 2018. With the growing proliferation of mobile devices in the region, the demand for biometrics technology is expected to boom in the coming years. The broader acceptance of mobile transactions will provide the manufacturers with opportunities to make design changes to incorporate biometric features.
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For the purpose of this report, Reports and Data have segmented into the global Biometrics-as-a-Service market on the basis of technology, component, applications, system type, industry vertical, and region:
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Facial Recognition
- Fingerprint Recognition
- Voice Recognition
- Palm Recognition
- Iris Recognition
Component Outlook (Revenue, USD Billion; 2018-2028)
System Type Outlook (Revenue, USD Billion; 2018-2028)
- Unimodal Biometric Systems
- Multimodal Biometric Systems
Applications Outlook (Revenue, USD Billion; 2018-2028)
- Site Access Control
- Time Recording
- Mobile Application
- Web and Workplace
Industry Vertical Outlook (Revenue, USD Billion; 2018-2028)
- Government and Defense
- Healthcare and Life Sciences
- Law Enforcement
- Human Resources
- Retail and E-commerce
- IT and Telecommunication
- Banking, Financial services, and Insurance (BFSI)
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
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