Market Research Report
Biometric-as-a-Service Market by Application Area (Government and Defense, Financial Services, Healthcare, Law Enforcement, and Human Resources), Modality (Unimodal and Multimodal), Offering (Solution and Services), and Region - Global Forecast to 2024
|Published by||MarketsandMarkets||Product code||563417|
|Published||Content info||69 Pages
Delivery time: 1-2 business days
|Biometric-as-a-Service Market by Application Area (Government and Defense, Financial Services, Healthcare, Law Enforcement, and Human Resources), Modality (Unimodal and Multimodal), Offering (Solution and Services), and Region - Global Forecast to 2024|
|Published: June 19, 2019||Content info: 69 Pages||
"The global biometric-as-a-service market size to grow at a Compound Annual Growth Rate (CAGR) of 17% during the forecast period"
MarketsandMarkets forecasts the global biometric-as-a-service market size to grow from USD 1.2 billion in 2019 to USD 2.7 billion by 2024, at a CAGR of 17.0% during 2019-2024. The major growth drivers for the market include increasing users and data-security initiatives by government, growing usage of mobile devices, and increasing demand for robust fraud detection and prevention systems. However, low cybersecurity budget of organizations and high installation costs may restrain the market growth.
Increasing digital health records and stringent regulatory mandates to manage these records has increased the use of biometrics in the healthcare sector. Additionally, biometrics being increasingly used to monitor the use of prescribed drugs.
Unimodal solutions are easy to deploy and less complex than multimodal technologies. However, unimodal technologies are more vulnerable to threats, such as spoofing, and are not as reliable as multimodal systems. These systems are therefore deployed in industries where high levels of security and reliability are not required.
Increasing security concerns in India, China, Japan, and Korea have further contributed to the adoption of biometric solutions in these countries. The Indian government launched an initiative toward the unique identification of citizens using biometrics and toward the issuance of Aadhaar numbers and cards.
The report includes the study of the key players offering biometric-as-a-service solutions. It profiles major vendors in the global biometric-as-a-service market, including NEC (Japan), Aware (US), Fujitsu (Japan), Nuance (US), Leidos (US), Idemia (France), M2SYS (US), Smilepass (UK), Certibio (Brazil), HYPR (US), BioID (Germany), Accenture (Ireland), Fulcrum Biometrics (US), and Phonexia (US).
The report segments the global biometric-as-a-service market by application area, modality, offering, and region. The application area segment comprises government and defense, financial services, healthcare, law enforcement, human resources, and others (travel and hospitality, academia and research, and secured enterprises/institutions). The modality segment comprises unimodal and multimodal. The biometric-as-a-service market by offering has solution and services. The report covers the biometric-as-a-service market with respect to 5 major regions, namely, North America, Europe, APAC, Latin America, and the Middle East and Africa (MEA).
The report would help the market leaders and new entrants in the global biometric-as-a-service market in the following ways: