New York, US, Nov. 23, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Biometric-as-a-Service Market information by Deployment, by Components, by Organization Size and Region – forecast to 2027” market size to grow at a compound annual growth rate of 20.06% by 2027.
Market Scope:
Biometrics is the automated identification of a person based on physiological or behavioral characteristics. For several reasons, including the requirement that the person is recognized to be physically present at the point of identification and identification based on biometric techniques, this identification method is preferable over traditional methods involving passwords and personal identification numbers.
Dominant Key Players on Biometric-as-a-Service Market Covered are:
- Idemia (France)
- NEC (Japan)
- Thales (France)
- M2SYS (US)
- Fujitsu (Japan)
- Aware (US)
- Leidos (US)
- Nuance (US)
- Certisign (Brazil)
- HYPR (US)
- BioID (Germany)
- Ayonix (Japan)
- Phonexia (US)
- Lexis Nexis (US)
- Cognitec Systems (Germany)
- Iritech (US)
- Affectiva (US)
- Nviso (Switzerland)
- Fingerprints (Sweden)
- Bayometric (US)
- Google (US)
- Microsoft (US)
- IBM (US)
- Amazon (US)
- Accenture (Ireland)
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Market USP Exclusively Encompassed:
Market Drivers
High Demand for Cost-Effective Solutions to Access Advanced Biometrics Capabilities
Biometric authentication in cloud computing architecture has the potential to enable scalability, cost-effectiveness, dependability, hardware agnostic, and global access to private data and services. Biometrics-as-a-service is provided via a cloud-based platform that integrates cloud capabilities and technologies with biometrics infrastructure. This provides biometric authentication and on boarding on the cloud platform while removing the costs associated with the database, network, and storage components. In addition, the bulk of biometrics-as-a-service providers offer integration services to help clients integrate biometrics capabilities into their existing systems. This further lessens the need for technical resources to integrate the service.
Browse In-depth Market Research Report (141 Pages) on Biometric-as-a-Service Market:
https://www.marketresearchfuture.com/reports/biometric-as-a-service-market-10598
Segmentation of Market Covered in the Research:
The global biometric-as-a-service industry has been segmented based on offering, solution type, solution trait, modality, organization size, and vertical.
By offering, the global biometric-as-a-service market has been segmented into solution and service.
By solution type, the global biometric-as-a-service market has been further segmented into fingerprint recognition, voice recognition, face recognition, iris recognition, palm and vein recognition, and others. The other segment has been divided into DNA, signature, and keystroke.
By solution trait, the global biometric-as-a-service market has been further segmented into physiological and behavioral.
By modality, the global biometric-as-a-service market has been further segmented into unimodal and multimodal.
By organization size, the global biometric-as-a-service market has been further segmented into SMEs and large enterprises.
By vertical, the global biometric-as-a-service market has been segmented into government (public administration), healthcare, BFSI, IT and ITES, manufacturing, education, and others. Furthermore, the other segment has been divided into entertainment, transportation, energy & utilities, retail, telecommunication, and other professional services.
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Regional Analysis
North America to Lead the Global Market
Due to the faster adoption of innovative technology in the region's industrialized countries—the United States, Canada, and Mexico—North America is projected to be the leading regional market. This is primarily because the region is one of the most technologically advanced, with many market players such as Google, Microsoft, IBM, and Amazon.
COVID-19 Impact on the Global Biometric-as-a-Service Market
As the current COVID-19 pandemic grows over the world and has a severe impact on society, governments and businesses are turning to innovative biometric applications to limit spread and maintain economic prospects. As the coronavirus continues to ravage the world, the World Health Organization and other health officials strive tirelessly to limit the virus's spread. As employees from various companies begin working from home, it is critical that they are not permitted to return to the workplace. The growing pandemic of COVID-19 has had a significant impact on the biometric-as-a-service sector worldwide. The global economy is facing unprecedented challenges as a result of the COVID-19 issue, which is hurting millions of people and has serious consequences on their health, family, and financial situation. For example, the World Health Organization (WHO) declared COVID-19 a global pandemic in March 2020, putting numerous countries on lockdown. Due to the COVID-19 pandemic, governments have imposed lockdowns until further notice, resulting in limited business activity. As a result, customers' reliance on online businesses to supply vital services has expanded dramatically. There will be an increase in demand for BaaS in the future as it delivers data security and robustness. It streamlines company operations while boosting transparency and immutability and focusing on operational effectiveness. During a pandemic, this presents a potential growth opportunity for the biometric-as-a-service market. These technologies are already gaining traction around the world, as using touch-based technologies like fingerprint and vein identification enhances the possibility of the virus spreading. As a preventative measure, several governments, law enforcement agencies, and other organizations have already abandoned touch-based biometric authentication in favor of touchless biometric authentication technology.
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Industry News
In April 2020, Fulcrum Biometrics, LLC, Texas-based biometric hardware, software, and solutions provider, was acquired by Fujitsu Frontech North America Inc. This arrangement demonstrates the company's commitment to expanding its biometrics business in North America and the global identity management market, which include multi-factor authentication mandates imposed by new state and federal laws governing the ability of financial institutions and healthcare providers to share patient information.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
