Global Biometrics as a Service Market Size - Segmented by Application, Scanner Type (Fingerprint recognition, Voice Recognition), End User (Government, Retail, BFSI) and Region - Growth, Trends and Forecast (2018 - 2023)
The Biometrics as a Service Market was valued at USD 2.12 billion and is expected to reach USD 7.14 billion, registering a CAGR of 22.3% during the forecast period (2018 - 2023).
The Biometrics as a Service market has found its usage across many industry verticals. Storage of biometrics data on the cloud has allowed organizations to cut down a lot of expenditure. This has also shifted the focus of the enterprises from traditional password storage to the use of biometrics. The fact that the biometrics of particular individuals are so unique, the security assurance factor gets a substantial boost. Unique recognition methods like vein recognition make it really difficult to be duplicated. There have been advancements in the market which can revolutionize the industries like there is a technology which can authorize payments with the heart beats, but the technology is yet to be commercialized.
Increasing adoption of Fingerprint Recognition
The probability of fingerprints of any two individuals matching is one in 64 million which makes it a pretty reliable authentication method. This is one the factors that has made fingerprint recognition the most accepted method of biometric recognition across the globe. Non-automated fingerprint identification system is the most commonly used fingerprint identification system. With the integration of this technology in various mobile devices has further enhanced the penetration of the technology. Even the governments across the globe have been using the technology in their processes which has further accelerated the use of fingerprint recognition. The government of India for instance has collected the biometrics of its citizens and has connected it to their bank accounts which has eased the process for KYC. This has also reduced the probability for purchase of fake SIM cards.
North America to provide new opportunities
Taking the advantage of being an early adapter, the region has integrated various versions of the biometrics as a service (BaaS). The major client industry for the BaaS has been the government and the military with heavy investments in the market. Apart from that, the consumer section of the region has increased its market share to more 50% which was less 20% in 2013. This indicates that market has found the path to generate by sales in volumes by reaching the common masses. And the authentication criteria’s offered by BaaS ensures the security of the consumer. This has almost become a utility in the region which indicates the broad scope the market has. This is clearly implied by the figure which shows the projected sales figure of Electronics Security Access Controls Market for USA.
Major Players - 3M Cogent (Gemalto), Fujitsu, NEC Corporation, Bioengagable Technologies Pvt. Ltd., Imageware Systems, M2sys Technologies, Mobbeel, Precise Biometrics, S.I.C. Biometrics Inc, Iritech,Inc., Bioid, Aware, Inc., And Fulcrum Biometrics, Llc., among others.
Key Developments in the Market
- May 2018 - Gemalto announced its collaboration with Qualcomm Technologies for integrating e-SIM into the Snapdragon mobile PC platform.
- May 2018 - Gealto implemented automated biometric control at the Columbian border for the country’s border agency, Migración Colombia
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