Biometric-as-a-Service Market Global Industry - Type (Physiological, Behavioral), Offering (Solution, Services), Modality (Unimodal, Multimodal),Deployment type (Cloud, On-Premise), Organization Size (Small and Medium-Sized Enterprises, Large Enterprises),Rack Unit (Above 40 RU, 25-40 RU, Up to 25 RU), Scanner Type (Fingerprint Recognition, Iris Recognition, Palm Recognition, Facial Recognition, Voice Recognition, Other), Application (Site Access Control, Time Recording, Mobile Application, Web and Workplace, Identity Proofing And Credentialing, Law Enforcement And Border Control, Civil Identity And Elections, Workforce Management), End-user (Government, Retail, IT and Telecom, BFSI, Healthcare, Law Enforcement, Human Resources, Retail and E-commerce, Other), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Biometric-as-a-Service Market is expected to rise by registering a healthy CAGR of 17.12% and is expected to reach USD 5.83 billion in the forecasted period of 2020-2029. Major market growth factors include growing consumer and government data protection programs, rising use of mobile devices and increasing demand for comprehensive fraud detection and prevention systems.
Biometrics as a service market is expected to grow significantly as biometrics are much safer than traditional forms of input codes such as pins, passwords, locks, etc. Individuals are not expected to recall biometrics, so details can be easily transmitted everywhere. In addition, biometrics are unique identity prints for each person leveraging computational, visual, analytical and predictive approaches to map an individual's precise identification for high-risk security clearances.
Biometrics are the biological identity traces of human beings that are often accessed through thumbs and other parts of the human body to register an impression. Such biological' fingerprints' serve a wide variety of functions, including recognition, authentication, health, participation, timekeeping, etc. Government and private organizations around the world are gradually utilizing biometrics for applications such as access control. Various governments around the world use it as a compulsory signature on national resident lists and Ids.
Biometric-as-a-Service Market Scope and Market Size
Biometric-as-a-Service Market has been segmented on the basis of type, offering, modality, deployment type, scanner type, application and end user.
- On the basis of type segment, the biometric as a service market can be sub segment into physiological and behavioral, wherein physiological biometrics includes fingerprint, face recognition, palm vein, and retina and iris recognition. Behavioral biometrics assesses uniquely identifying and measurable patterns of human traits, including characteristics such as voice, gait, and typing rhythms.
- On the basis of offering segment, the biometric-as-a-service market is sub segmented into solution and services. Services segment is expected to grow at a highest CAGR as services revenues are derived from integration services with complex enterprises applications.
- Based on modality segment, the biometric-as-a-service market is sub segmented into unimodal and multimodal. Unimodal segment is expected to hold largest market share as they are less complex and easy to deploy than multimodal technologies.
- Based on deployment type, the biometric-as-a-service market is sub segmented into cloud and on-premise.
- The organization size segment in the biometric-as-a-service market is sub segmented into small and medium-sized enterprises and large enterprises.
- On the basis of rack unit, the biometric-as-a-service market is sub segmented into above 40 RU, 25-40 RU and up to 25 RU.
- The biometric-as-a-service market is further sub- segmented on the basis of scanner type into fingerprint recognition, iris recognition, palm recognition, facial recognition, voice recognition and other.
- On the basis of application segment, the biometric-as-a-service market is sub segmented into site access control, time recording, mobile application and web and workplace, identity proofing and credentialing, law enforcement and border control, civil identity and elections and workforce management.
- The end-user segment in the biometric-as-a-service market is sub segmented into 9 notable categories: government, retail, IT and telecom, BFSI, healthcare, law enforcement, human resources, retail and e-commerce and other.. BFSI sub segment is expected to register highest growth.
Country Level Analysis of Biometric-as-a-Service Market
- On the basis of region, the biometric-as-a-service market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
- North America dominates the market acquiring large market share of U.S. in the biometric-as-a-service market in the forecasted period because of employee access monitoring in buildings along with large scale funded programs.
- The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
- Threats due to high security is one of the major factor that is going to boost the market growth.
- Cost-effective solutions for the ability to access biometrics also drives the market growth in the forecast period
- Growing usages of mobile devices is also going to drive the market growth.
- Unreliability and high cost presence in biometry research can hinder the growth of the market.
- Security involved on the cloud storage of biometric data is also going to restrain the market.
Key Developments in the Market:
- In November 2019, Aratek, Laxton, Suprema, Intelling and Idex showcased their products at Trustech event. Aratek will bring its TruFace line of biometric facial recognition terminals to Europe. Laxton is set to launch the Chameleon 8 Slap+ Integrated Multimodal Biometric Tablet. Suprema has a wide range of partner products, including its slim FAP20 and FAP30 fingerprint authentication scanners. In the meantime, Idex Biometrics will demonstrate its biometric fingerprint technologies for dual-interface biometric card payments.
- In October 2019, Next Biometrics is releasing two new products for the demand for access control. According to One Touch Access 110 and 115, it has been specifically designed for incorporation with time and attendance monitors, access control scanners, door locks and other tools for controlling physical access as well as enhancing device-level security.
Competitive Analysis and Biometric-as-a-Service Market Share Analysis:
Biometric-as-a-Service Market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Biometric-as-a-Service Market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Biometric-as-a-Service Market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated, global presence. Biometric-as-a-Service Market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in Biometric-as-a-Service Market are NEC Corporation, Aware, Inc., FUJITSU, Nuance Communications, Inc., Leidos, IDEMIA, M2SYS Technology, SmilePass, Certibio, HYPR Corp, BioID, Accenture, Fulcrum Biometrics, LLC., Phonexia and many others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved