Biometric-as-a-Service Market Growth Driven by Tech Advances
The new report by Expert Market Research titled, ‘Global Biometric-as-a-Service Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global biometric-as-a-service market, assessing the market based on its segments like scanner type, application, end-use and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): 2.38 Billion
- Forecast CAGR (2021-2026): 20%
The rising demand for fingerprint identification in smartphones and other smart devices has boosted the expansion of the biometric-as-a-service industry. One of the key drivers of this market is the increasing demand for biometric sensor-based tablets, smartwatches, wearable gadgets, and other consumer electronic goods. The ease of use and comprehensiveness of biometric sensors are two important drivers for the worldwide biometric-as-a-service industry.
Furthermore, the growing demand for fingerprint scanning biometric solutions for payments and banking is helping the biometric-as-a-service industry. The increased usage of cloud services will provide a significant potential for the biometric-as-a-service industry.
Industry Definition and Major Segments
Biometrics are remnants of a person’s biological identification that are commonly accessible through the thumbs and other body parts to capture an imprint. Identification, verification, safety, attendance, time, and other functions are all served by these biological ‘fingerprints.’
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The market for biometric-as-a-service is divided on the basis of scanner type into fingerprint recognition, iris recognition, palm recognition, facial recognition, voice recognition and others. The division based on application is site access control, time recording, mobile application, web and workplace. Depending on its end-use, the biometric-as-a-service market may be split into government, retail, IT and telecom, BFSI, healthcare, and others.
Market Trends
Organisations in various industries, where security is still a top priority, are spending substantially on security systems, concentrating on access control systems. Some of the most prominent users of this technology include the defence, law enforcement, and government organisations. Furthermore, the growing necessity to improve national security has fueled the global expansion of these systems. In many nations, iris recognition is utilised for various applications, including passport-free automated border crossings, augmenting the growth in the forecast period.
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In the near future, the biometric-as-a-service solution may be used to connect fragmented identification information throughout the organisation and integrate various forms of biometrics as best suited to certain business objectives and risk levels, bolstering the overall demand in the market.
Key Market Players
The major players in the market are NEC, Aware, Fujitsu, Nuance, Leidos, Idemia, M2SYS, Smilepass, Certibio, HYPR Corp, BioID, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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