Press release
Biometrics-As-A-Service Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Fujitsu Ltd., NEC Corporation, Thales Group, Leidos Holdings Inc.
Biometrics-As-A-Service Market Size
The Business Research Company offers in-depth market insights through Biometrics-As-A-Service Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The biometrics-as-a-service market size has grown exponentially in recent years. It will grow from $2.99 billion in 2023 to $3.75 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The growth in the historic period can be attributed to increasing digital transformation, rise of cloud services, rise of remote work and access, improved accuracy and reliability.
The biometrics-as-a-service market size is expected to see exponential growth in the next few years. It will grow to $10.48 billion in 2028 at a compound annual growth rate (CAGR) of 29.3%. The growth in the forecast period can be attributed to increased security demands, increasing mobile and iot integration, growth in healthcare and telemedicine, infrastructure growth. Major trends in the forecast period include growing use of mobile biometrics, cloud-based baas solutions, enhanced security for online transactions, technological advancements.
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Market Segmentation:
The main types of biometrics-as-a-service scanners are fingerprint recognition, iris recognition, palm recognition, facial recognition, voice recognition and others. Fingerprint recognition refers to the automated process of identifying or verifying a person's identity based on the comparison of two fingerprints. The modalities are unimodal and multimodal deployed through public cloud, private cloud and hybrid cloud. The various applications are site access control, time recording, mobile application and web and workplace used in government, retail, IT (information technology) and telecom, banking, financial services and insurance (BFSI), healthcare and others.
Major Driver - Surging Adoption Of Biometrics Fueling Growth In The Biometrics As A Service Market
Increasing adoption of biometrics is expected to propel the growth of biometrics as a service market going forward. Biometrics refers to measurement and statistical analysis of individuals that are used to recognize the identity, or verify the claimed identity. Biometrics are used as a service to verify a user's identity to grant access to secure physical or digital sites or to protect transactions and for workforce management related functions. For instance, in April 2021, according to Biometric Survey 2021 with 220 respondents by Goode Intelligence, a UK-based identity and biometrics consulting and research company, 73% are using biometrics the ensure good customer and user experience, 64% are prioritizing biometric technology that supports remote onboarding and mobile apps. Further, in May 2022, according to a survey of 1,000 Americans by Visa Inc., a US-based financial services corporation, 70% of consumers think biometrics are simpler and 86% are interested in adopting them to authenticate identity or make payments. Therefore, the increasing adoption of biometrics is driving the growth of biometrics as a service market.
Competitive Landscape:
Major players in the biometrics-as-a-service market are Fujitsu Ltd., NEC Corporation, Thales Group, Leidos Holdings Inc., IDEMIA SA, Nuance Communications Inc., HID Global Corporation, Bytes Technology Group PLC, VoiceIt Technologies LLC, Imprivata Inc., Uniphore Software Systems Private Limited., Suprema Inc., BioEngagable Technologies Pvt Ltd., Aware Inc., Cognitec Systems GmbH, Integrated Biometrics LLC, IRITECH Inc., CERTIFY Global Inc., M2SYS Technology Inc., SecuGen Corporation, Athena Sciences Corporation, ImageWare Systems Inc., Mogimo Inc., Accu -Time Systems Inc., Clearview AI Inc., Biometrics Research Group Inc. , Union Community Co Ltd., Skybiometry, Speech Technology Center Limited.
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Top Trend - Multimodal Biometric Authentication Revolutionizing Biometrics-As-A-Service Offerings
Major companies operating in the biometrics-as-a-service market are adopting new technologies such as multimodal biometric authentication to provide reliable services to their customers and to strengthen their market position. Multimodal biometric authentication is a solution that uses two or more different biometric identifiers as a form of multi-factor authentication. For instance, in November 2022, NEC Corporation, a Japan-based information technology and electronics corporation, launched Bio-IDiom a multimodal biometric authentication solution. It is uniquely designed with a combination of face recognition and iris recognition that enables high-precision, high-speed authentication with a false acceptance rate of less than one in 10 billion. The biometric authentication provided by this technology enables a shared ID to hasten seamless collaboration between numerous services and helps to develop innovative client experiences and services. The solution captures accurate information by automatically changing the positions of the camera according to the height of the user.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Biometrics-As-A-Service Market Characteristics
3. Biometrics-As-A-Service Market Trends And Strategies
4. Biometrics-As-A-Service Market - Macro Economic Scenario
5. Biometrics-As-A-Service Market Size And Growth
…..
27. Biometrics-As-A-Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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