Press release
Global Biometrics-As-A-Service Market Expected to Achieve 30.2% CAGR by 2029: Growth Forecast Insights
Biometrics-As-A-Service
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What Is the Expected CAGR for the Biometrics-As-A-Service Market Through 2025?_x000D_
The market size of biometrics-as-a-service has seen a significant expansion in the last few years. The market is projected to increase from $3.75 billion in 2024 to $4.7 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 25.3%. This growth during the historical period is primarily the result of increased digital transformation, a surge in cloud services, substantial rise in remote work and access, along with enhanced accuracy and reliability._x000D_
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What's the Projected Size of the Global Biometrics-As-A-Service Market by 2029?_x000D_
The market size of biometrics-as-a-service is predicted to undergo significant expansion in the coming few years, with a projected worth of $13.5 billion in 2029 and a compound annual growth rate (CAGR) of 30.2%. The anticipated rise over the forecast period can be traced back to heightened security needs, expanded mobile and IoT integration, developments in healthcare and telemedicine, and infrastructure growth. Notable trends over the forecast duration include increased utilization of mobile biometrics, cloud-based BaaS solutions, enhanced security measures for online transactions, and technological advancement._x000D_
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Top Growth Drivers in the Biometrics-As-A-Service Industry: What's Accelerating the Market? _x000D_
The growth of the biometrics as a service market is predicted to be spurred by the increasing utilization of biometrics. Biometrics pertains to the measurement and statistical evaluation of individuals for identity recognition or confirmation. The surge in demand for superior security, user-friendliness, and identity verification in industries like banking, healthcare, and government services is causing an uptick in the adoption of biometrics. The service of biometrics is employed for identity verification in order to allow access to secure physical or digital spaces, safeguard transactions, and facilitate tasks related to workforce management. For example, the Information Commissioner's Office, a government office based in the UK, reported in February 2024 that the demand for biometric identification is estimated to see considerable growth in the near future. Global market revenues are projected to almost two-fold, climbing from $43 billion in 2022 to an anticipated $83 billion by 2027. Consequently, the growth of the biometrics as a service market is being fuelled by this rising adoption of biometrics._x000D_
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What Trends Will Shape the Biometrics-As-A-Service Market Through 2029 and Beyond?_x000D_
Leading firms in the biometrics-as-a-service market are embracing innovative technologies like multimodal biometric authentication to provide trustworthy services to their clients and fortify their presence in the market. Multimodal biometric authentication utilizes at least two different biometric markers for multi-factor authentication. For example, NEC Corporation, an IT and electronics enterprise based in Japan, introduced Bio-IDiom, a multimodal biometric authentication solution, in November 2022. The unique design of this solution combines facial and iris recognition, facilitating high-speed, high-accuracy authentication with a false acceptance rate less than one in 10 billion. The biometric authentication performed by this technology enables a shared ID to expedite seamless collaboration across various services and contributes to creating innovative customer experiences and services. It garners accurate information by changing the camera positions automatically in line with the user's height._x000D_
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What Are the Main Segments in the Biometrics-As-A-Service Market?_x000D_
The biometrics-as-a-servicemarket covered in this report is segmented - _x000D_
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1) By Scanner Type: Fingerprint Recognition, Iris Recognition, Palm Recognition, Facial Recognition, Voice Recognition, Other Scanner Types_x000D_
2) By Modality: Unimodal, Multimodal_x000D_
3) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud_x000D_
4) By Application: Site Access Control, Time Recording, Mobile Application, Web And Workplace_x000D_
5) By End-User: Government, Retail, IT (Information Technology) And Telecom, Banking, Financial Services And Insurance (BFSI), Healthcare, Other End-Users_x000D_
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Subsegments:_x000D_
1) By Fingerprint Recognition: Optical Fingerprint Scanners, Capacitive Fingerprint Scanners, Ultrasonic Fingerprint Scanners_x000D_
2) By Iris Recognition: Camera-based Iris Scanners, Smartphone Iris Recognition Systems_x000D_
3) By Palm Recognition: Palm Print Scanners, Palm Vein Recognition Systems_x000D_
4) By Facial Recognition: 2D Facial Recognition Systems, 3D Facial Recognition Systems_x000D_
5) By Voice Recognition: Speaker Verification Systems, Voiceprint Recognition Systems_x000D_
6) By Other Scanner Types: Behavioral Biometrics, Multimodal Biometric Systems_x000D_
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Which Top Companies are Driving Growth in the Biometrics-As-A-Service Market?_x000D_
Major companies operating in the biometrics-as-a-service market are accenture* PLC, 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._x000D_
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Which Regions Will Dominate the Biometrics-As-A-Service Market Through 2029?_x000D_
North America was the largest region in the biometrics-as-a-service market in 2024. 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._x000D_
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