Biometrics-As-A-Service Market Outlook 2024-2033: Trends and Projections
Biometrics-As-A-Service Market Expansion 2024-2033: Growth Drivers and Dynamics
Global Biometrics-As-A-Service Market Analysis 2024: Size Forecast and Growth Prospects
Biometrics-As-A-Service Market 2024-2033: Technological Advancements, Competitive Landscape and Strategies
Global Biometrics-As-A-Service Market Overview 2024: Size, Growth Rate, and Segments
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The biometrics-as-a-service global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Biometrics-As-A-Service Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The biometrics-as-a-service market size has grown exponentially in recent years. It will grow from $2.99 billion in 2023 to $3.75 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The growth in the historic period can be attributed to increasing digital transformation, rise of cloud services, rise of remote work and access, improved accuracy and reliability.
The biometrics-as-a-service market size is expected to see exponential growth in the next few years. It will grow to $10.48 billion in 2028 at a compound annual growth rate (CAGR) of 29.3%. The growth in the forecast period can be attributed to increased security demands, increasing mobile and iot integration, growth in healthcare and telemedicine, infrastructure growth. Major trends in the forecast period include growing use of mobile biometrics, cloud-based baas solutions, enhanced security for online transactions, technological advancements.
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Scope Of Biometrics-As-A-Service Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Biometrics-As-A-Service Market Overview
Market Drivers –
Increasing adoption of biometrics is expected to propel the growth of biometrics as a service market going forward. Biometrics refers to measurement and statistical analysis of individuals that are used to recognize the identity, or verify the claimed identity. Biometrics are used as a service to verify a user’s identity to grant access to secure physical or digital sites or to protect transactions and for workforce management related functions. For instance, in April 2021, according to Biometric Survey 2021 with 220 respondents by Goode Intelligence, a UK-based identity and biometrics consulting and research company, 73% are using biometrics the ensure good customer and user experience, 64% are prioritizing biometric technology that supports remote onboarding and mobile apps. Further, in May 2022, according to a survey of 1,000 Americans by Visa Inc., a US-based financial services corporation, 70% of consumers think biometrics are simpler and 86% are interested in adopting them to authenticate identity or make payments. Therefore, the increasing adoption of biometrics is driving the growth of biometrics as a service market.
Market Trends –
Major companies operating in the biometrics-as-a-service market are adopting new technologies such as multimodal biometric authentication to provide reliable services to their customers and to strengthen their market position. Multimodal biometric authentication is a solution that uses two or more different biometric identifiers as a form of multi-factor authentication. For instance, in November 2022, NEC Corporation, a Japan-based information technology and electronics corporation, launched Bio-IDiom a multimodal biometric authentication solution. It is uniquely designed with a combination of face recognition and iris recognition that enables high-precision, high-speed authentication with a false acceptance rate of less than one in 10 billion. The biometric authentication provided by this technology enables a shared ID to hasten seamless collaboration between numerous services and helps to develop innovative client experiences and services. The solution captures accurate information by automatically changing the positions of the camera according to the height of the user.
The biometrics-as-a-service market covered in this report is segmented –
1) By Scanner Type: Fingerprint Recognition; Iris Recognition; Palm Recognition; Facial Recognition; Voice Recognition; Other Scanner Types
2) By Modality: Unimodal; Multimodal
3) By Deployment Model: Public Cloud; Private Cloud; Hybrid Cloud
4) By Application: Site Access Control; Time Recording; Mobile Application; Web And Workplace
5) By End-User: Government; Retail; IT (Information Technology) And Telecom; Banking, Financial Services And Insurance (BFSI); Healthcare; Other End-Users
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Regional Insights –
North America was the largest region in the biometrics-as-a-service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in biometrics-as-a-service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major players in the biometrics-as-a-service market are Accenture PLC, Fujitsu Ltd., NEC Corporation, Thales Group, Leidos Holdings Inc., IDEMIA SA, Nuance Communications Inc., HID Global Corporation, Bytes Technology Group PLC, VoiceIt Technologies LLC, Imprivata Inc., Uniphore Software Systems Private Limited., Suprema Inc., BioEngagable Technologies Pvt Ltd., Aware Inc., Cognitec Systems GmbH, Integrated Biometrics LLC, IRITECH Inc., CERTIFY Global Inc., M2SYS Technology Inc., SecuGen Corporation, Athena Sciences Corporation, ImageWare Systems Inc., Mogimo Inc., Accu -Time Systems Inc., Clearview AI Inc., Biometrics Research Group Inc. , Union Community Co Ltd., Skybiometry, Speech Technology Center Limited.
Table of Contents
1. Executive Summary
2. Biometrics-As-A-Service Market Report Structure
3. Biometrics-As-A-Service Market Trends And Strategies
4. Biometrics-As-A-Service Market – Macro Economic Scenario
5. Biometrics-As-A-Service Market Size And Growth
…..
27. Biometrics-As-A-Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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