Biometric-as-a-Service Market Showing Impressive Growth : FUJITSU, Nuance Communications, Inc., Leidos, IDEMIA, M2SYS Technology, SmilePass, Certibio, HYPR Corp
Few of the major competitors currently working in Biometric-as-a-Service Market are NEC Corporation, Aware, Inc., FUJITSU, Nuance Communications, Inc., Leidos, IDEMIA, M2SYS Technology, SmilePass, Certibio, HYPR Corp, BioID, Accenture, Fulcrum Biometrics, LLC., Phonexia and many others.
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Biometric-as-a-Service Market is expected to rise by registering a healthy CAGR of 17.12% and is expected to reach USD 5.83 billion in the forecasted period of 2020-2029. Major market growth factors include growing consumer and government data protection programs, rising use of mobile devices and increasing demand for comprehensive fraud detection and prevention systems.
Biometrics as a service market is expected to grow significantly as biometrics are much safer than traditional forms of input codes such as pins, passwords, locks, etc. Individuals are not expected to recall biometrics, so details can be easily transmitted everywhere. In addition, biometrics are unique identity prints for each person leveraging computational, visual, analytical and predictive approaches to map an individual's precise identification for high-risk security clearances.
Biometric-as-a-Service Market Scope and Market Size
Biometric-as-a-Service Market has been segmented on the basis of type, offering, modality, deployment type, scanner type, application and end user.
On the basis of type segment, the biometric as a service market can be sub segment into physiological and behavioral, wherein physiological biometrics includes fingerprint, face recognition, palm vein, and retina and iris recognition. Behavioral biometrics assesses uniquely identifying and measurable patterns of human traits, including characteristics such as voice, gait, and typing rhythms.
On the basis of offering segment, the biometric-as-a-service market is sub segmented into solution and services. Services segment is expected to grow at a highest CAGR as services revenues are derived from integration services with complex enterprises applications.
Based on modality segment, the biometric-as-a-service market is sub segmented into unimodal and multimodal. Unimodal segment is expected to hold largest market share as they are less complex and easy to deploy than multimodal technologies.
Based on deployment type, the biometric-as-a-service market is sub segmented into cloud and on-premise.
On the basis of rack unit, the biometric-as-a-service market is sub segmented into above 40 RU, 25-40 RU and up to 25 RU.
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On the basis of application segment, the biometric-as-a-service market is sub segmented into site access control, time recording, mobile application and web and workplace, identity proofing and credentialing, law enforcement and border control, civil identity and elections and workforce management.
On the basis of region, the biometric-as-a-service market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
Threats due to high security is one of the major factor that is going to boost the market growth.
Cost-effective solutions for the ability to access biometrics also drives the market growth in the forecast period
Growing usages of mobile devices is also going to drive the market growth.
Unreliability and high cost presence in biometry research can hinder the growth of the market.
Security involved on the cloud storage of biometric data is also going to restrain the market.
Key Developments in the Market:
In November 2019, Aratek, Laxton, Suprema, Intelling and Idex showcased their products at Trustech event. Aratek will bring its TruFace line of biometric facial recognition terminals to Europe. Laxton is set to launch the Chameleon 8 Slap+ Integrated Multimodal Biometric Tablet. Suprema has a wide range of partner products, including its slim FAP20 and FAP30 fingerprint authentication scanners. In the meantime, Idex Biometrics will demonstrate its biometric fingerprint technologies for dual-interface biometric card payments.
In October 2019, Next Biometrics is releasing two new products for the demand for access control. According to One Touch Access 110 and 115, it has been specifically designed for incorporation with time and attendance monitors, access control scanners, door locks and other tools for controlling physical access as well as enhancing device-level security.
Competitive Analysis and Biometric-as-a-Service Market Share Analysis:
Biometric-as-a-Service Market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Biometric-as-a-Service Market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
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Key Insights in the report:
Complete and distinct analysis of the market drivers and restraints
Key market players involved in this industry
Detailed analysis of the market segmentation
Competitive analysis of the key players involved
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Research for Markets
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