Biometrics as a Service Market by Modality Type (Unimodal (Fingerprint, Facial, Iris, Voice, Palm and Vein Recognition) and Multimodal), Application, Deployment Model, Organization Size, Industry, and Region - Global Forecast to 2022
The growing demand for biometric authentication under various government initiatives and regulations has fueled the adoption of biometrics-as-a-service solutions
The global biometrics-as-a-service market is expected to grow from USD 838.0 million in 2017 to USD 2972.8 million by 2022, at a Compound Annual Growth Rate (CAGR) of 28.82%. There is an increasing need for biometrics solutions for identifying and enrolling citizens for elections and voting purpose. Biometrics-as-a-service offerings provide more accurate identification and are more cost effective compared to traditional identification services. This is one of the major growth drivers for the biometrics-as-a-service market. However, concerns related to storage of biometric data on the cloud may prevent the end-users from adopting these solutions.
The multimodal type of offerings is expected to account for the largest market share by 2022
Multi-modal biometric authentication incorporates two or more modalities for authentication. Moreover, as they require multiple biometric credentials for positive identification, they are more secure as compared to unimodal solutions. Due to these benefits, multimodal offerings are expected to be deployed widely across various industry verticals.
The mobile banking, payments, and authentication segment is expected to have the largest market size during the forecast period
Financial institutions face an increasing need for reliable authentication techniques to protect against the increasing attacks. Moreover, biometric authentication provides additional security owing to the fact that biometric identifiers are virtually impossible to replicate and cannot be shared. Thus, the biometric-as-a-service offerings are gaining momentum for mobile banking, payments, and authentication applications, due to their exclusive ability to provide greater security in comparison to other traditional authentication methods.
The public cloud segment is expected to have the larger market share during the forecast period
The biometrics-as-a-service market has been segmented on the basis of deployment models into public cloud, private cloud, and hybrid cloud. The biometrics-as-a-service offerings are being adopted for public cloud as they provide ease of access and faster deployment. Moreover, public cloud is more preferred by the enterprises that have less regulatory hurdles and are willing to outsource their storage facilities either fully or partially. These benefits of public cloud deployments have helped in driving the growth of the biometrics-as-a-service market.
North America is estimated to have the largest market in 2017, whereas Asia Pacific (APAC) is projected to grow at the highest rate during the forecast period
North America is estimated to capture the largest market share in 2017, and the trend is likely to continue during the forecast period. Large-scale funded programs and employee access monitoring in buildings are some of the factors driving the revenue growth in this region. Moreover, the increasing concerns toward national security have significantly driven the US biometrics-as-a-service market. On the other hand, the biometrics-as-a-service market in APAC is expected to witness an exponential growth and is projected to be one of the fastest-growing regions in the global biometrics-as-a-service market. This is mainly due to the various government undertakings for unique identification in countries such as India and China.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profiles of the primary participants is given below:
• By Company Type: Tier I: 17%, Tier II: 50%, and Tier III: 33%
• By Designation: C Level: 33%, D Level: 50%, and Others: 17%
• By Region: North America: 33%, Europe: 33%, APAC: 17%, and RoW: 17%
The key vendors profiled in the report are as follows:
1. Fujitsu (Japan)
2. BioID (Switzerland)
3. HYPR (US)
4. Aware, Inc. (US)
5. M2SYS (US)
6. OT-Morpho (France)
7. Leidos (US),
8. IriTech (US)
9. SmilePass (UK)
10. Accenture (Ireland)
11. Fulcrum Biometrics (US)
12. Certibio (Brazil)
The market is segmented on the basis of modality types into unimodal and multimodal. The applications segment, which include mobile banking, payments, and authentication; identity proofing and credentialing; law enforcement and border control; civil identity and elections; workforce management; and others (account recovery, de-duplication, and access control). The deployment type segment includes public cloud, private cloud, and hybrid cloud. The organization sizes include SMEs and large enterprises. The market is also segmented on the basis of industries into BFSI, telecommunication and ITES, government and defense, healthcare, travel and hospitality, retail, media and entertainment, education, and others (energy and manufacturing). The market has been segmented on the basis of regions into North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
The report will help the market leaders/new entrants in the following ways:
1. The report segments the biometrics-as-a-service market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments across different industries and regions.
2. The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
3. The report will help stakeholders better understand their competitors and gain more insights to enhance their position in the market. The competitive landscape section includes new product launches, partnerships, agreements and collaborations, mergers and acquisitions, and expansions related to the biometrics-as-a-service market
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