Biometrics is the technical term that measures human characteristics with the help of facial, iris, fingerprint, and other types of authentication methods. The growing security concerns and rising cyber-attacks are the crucial factors driving the demand for enhanced security solutions and services. Also, features such as, easy to use, permanent, easy to measure, and improved information security systems are boosting the demand for biometrics as a service solution. The global biometrics-as-a-service market size is expected to reach over USD 3,000 million by 2025. This can be attributed to the growing number of cyber-attacks and the increasing complex IoT landscape globally.
However, privacy concerns and security issues about the data stored on the cloud are expected to hinder the market growth. Furthermore, the growing adoption of cloud-based biometrics among SMEs is anticipated to provide growth opportunities for the market. Also, the integration of advance technologies such as AI and ML in the biometrics-as-a-service solutions is anticipated to be opportunistic for the industry during the forecast period.
Key Segments of the Global Biometrics-as-a-service
Component Overview, 2018-2025 (USD Million)
Modality Overview, 2018-2025 (USD Million)
- Unimodal Biometrics
- Multi-Modal Biometrics
Industry Vertical Overview, 2018-2025 (USD Million)
- IT & Telecom
- Retail and E-commerce
- Government & Defence
Regional Overview, 2018-2025 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global biometrics-as-a-service market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global biometrics-as-a-service market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the biometrics-as-a-service industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on component, modality, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global biometrics-as-a-service market. The report will benefit: Every stakeholder involved in the biometrics-as-a-service market.
- Managers within the biometrics-as-a-service and security industry looking to publish recent and forecasted statistics about the global biometrics-as-a-service market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global biometrics-as-a-service market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
The biometrics solutions are gaining huge traction recently and the market is already moving towards its maturity. The wide adoption of authentication technology across industrial premises, corporate offices, and government and public sectors is the key factor boosting the growth of biometrics as service solutions and services globally. The growing concerns related to the safety of data, records, and systems are primarily driving the demand for biometrics solutions across several industries such as government and defense, banking, healthcare, retail, and others. Moreover, the growing demand for cost-effective security solutions is also expected to provide major growth opportunities for the market in the forthcoming years.
Based on the component segment, the market is bifurcated into solutions and services. In 2019, the solutions segment gathered the highest market revenue and it is anticipated to govern the biometrics-as-a-service market throughout the forecast period. However, the service industry is anticipated to gather the highest CAGR throughout the forecast period.
In terms of modality, the market is segmented into unimodal biometrics and multi-modal biometrics. The multi-modal biometrics solutions segment is anticipated to gather the highest market growth during the forecast period. The growth of this segment is mainly attributed to the increasing demand from big organizations that due to its reliable and high-security feature. On the contrary, the unimodal solutions segment dominated the market in 2019 and it is expected to hold the position throughout the forecast period.
Industry Vertical Segment
Based on industry vertical, the market is bifurcated into IT & telecom, retail and e-commerce, BFSI, healthcare, government & defense, and others. The healthcare industry is projected to accumulate the highest CAGR during the forecast period. The growth of this segment is mainly attributed to the increasing need to provide secure access to patient’s health information.
Asia-Pacific region is expected to hold the highest CAGR during the forecast period 2020–2025. The growth of this region is mainly accredited to growing investments by numerous governments in biometric projects. Also, growing smart city initiatives in countries such as China, India, and others is expected to create demand biometric solutions and services. Moreover, North America dominated the Biometrics-as-a-service market during the forecast period due to the growing cyber-attacks in this region. Also, increased spending by various organizations and companies to enhance IT security is also the major factor fuelling the market growth in this region.
The major players of the global Biometrics-as-a-service market are Accenture, BioID, Fujitsu, Leidos Holding, IDEMIA, NEC Corporation, M2SYS Technology, Fulcrum Biometrics, Iritech, and Imageware Systems Incorporated. Moreover, the other potential players in the biometrics-as-a-service market are Phonexia, Smilepass, M2SYS, and Certibio. The recognized companies are coming up with innovative and new entertainment technologies and solutions. For instance, in May 2019, BioID and TESIS SYSware collaborated to integrate BioID Web Service (BWS) into TESIS SYSware’s ASPR automated password recovery tool. With this collaboration, TESIS SYSware now provides liveness detection along with facial recognition.