Biometrics-As-A-Service Market 2024 - Size, Trends, Growth Analysis, Outlook, Overview By 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Biometrics-As-A-Service Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $10.48 billion In 2028 At A CAGR Of 29.3% :

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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Biometrics-As-A-Service Market Major Segments
The biometrics-as-a-service market covered in this report is segmented -

1) By Scanner Type: Fingerprint Recognition; Iris Recognition; Palm Recognition; Facial Recognition; Voice Recognition; Other Scanner Types
2) By Modality: Unimodal; Multimodal
3) By Deployment Model: Public Cloud; Private Cloud; Hybrid Cloud
4) By Application: Site Access Control; Time Recording; Mobile Application; Web And Workplace
5) By End-User: Government; Retail; IT (Information Technology) And Telecom; Banking, Financial Services And Insurance (BFSI); Healthcare; Other End-Users

Key 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.

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Prominent 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.

Biometrics-As-A-Service Market Players
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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Largest And Fastest Growing Region In The Market
North America was the largest region in the biometrics-as-a-service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in biometrics-as-a-service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Biometrics-As-A-Service Market Report Structure
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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