Biometrics-as-a-Service Market - Global Forecast to 2025
The global post-COVID-19 biometric-as-a-service market size to grow at a Compound Annual Growth Rate (CAGR) of 19.7% during the forecast period
MarketsandMarkets forecasts the global pre-COVID-19 biometric-as-a-service market size to grow from USD 1.5 billion in 2020 to USD 3.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.7% and post-COVID-19 market size is expected to grow from USD 1.4 billion to USD 3.6 billion at a CAGR of 19.7%during 2020–2025.The major growth drivers for the market include increasing users and data-security initiatives by government, growing usage of mobile devices, and rising demand for robust fraud detection and prevention systems. However, low cybersecurity budget of organizations and high installation costs mayrestrain the market growth.
Healthcare application area to grow at the highest rate during the forecast period
Increasing digital health records and stringent regulatory mandates to manage these records has increased the use of biometrics in the healthcare sector. Additionally, biometrics being increasingly used to monitor the use of prescribed drugs.
The unimodal segment to hold a larger market size during the forecast period
Unimodal solutions are easy to deploy and less complex than multimodal technologies. However, unimodal technologies are more vulnerable to threats, such as spoofing, and are not as reliable as multimodal systems. These systems are therefore deployed in industries where high levels of security and reliability are not required.
Asia Pacific (APAC)to grow at the highest CAGR during the forecast period
Increasing security concerns in India, China, Japan, and Korea have further contributed to the adoption of biometric solutions in these countries. The Indian government launched an initiative toward the unique identification of citizens using biometrics and toward the issuance of Aadhaar numbers and cards.
By Company: Tier I:21%, Tier II:44%, and Tier III:33%
By Designation: C-Level:52%, Director Level:34%, and Others:14%
By Region: North America: 40%, Europe: 20%, APAC: 30%,MEA: 5%, and Latin America: 5%
The report includes the study of the key players offering biometric-as-a-service solutions. It profiles major vendors in the global biometric-as-a-service market, including NEC (Japan), Aware (US), Fujitsu (Japan), Nuance (US), Leidos (US), Idemia (France), M2SYS (US), Smilepass (UK), Certibio (Brazil), HYPR (US), BioID (Germany), Accenture (Ireland), Fulcrum Biometrics (US), and Phonexia (US).
The report segments the global biometric-as-a-servicemarketbyapplication area, modality, offering, and region. The application area segment comprises government and defense, financial services, healthcare, law enforcement, human resources, and others (travel and hospitality, academia and research, andsecured enterprises/institutions).The modality segment comprises unimodal and multimodal.The iometric-as-a-servicemarket by offering has solutions and services. The report covers the biometric-as-a-service market with respect to 5 major regions, namely, North America, Europe, APAC, Latin America, and the Middle East and Africa (MEA).
The report would help the market leaders and new entrants in the global biometric-as-a-service market in the following ways:
1. The report segments the market into various subsegments. Henceit covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are splitfurther across applications and regions.
2. It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
3. It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.
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