Biometric-as-a-Service Market Revenues to expand $17.0 billion by 2024

[68 Pages Report] Biometric-as-a-service market size, analysis, trends, & forecasts. The global market for biometric-as-a-service categorized by application area, modality, solution, services & region.

Biometric-as-a-Service Market

Northbrook, IL 60062, USA, 2019-Dec-16 —

According to a 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″, The global biometric-as-a-service market size is expected to grow from USD 1.2 billion in 2019 to USD 2.7 billion by 2024, at a Compound Annual Growth Rate (CAGR)17.0% during the forecast period.

Increasing users and data-security initiatives by government, growing usage of mobile devices, and increasing demand for robust fraud detection and prevention systems are major growth factors for the market. The growing demand for fast and secure users’ identification and regulatory compliances in healthcare to handle patient information with the utmost privacy and proper care would provide opportunities for vendors in the biometric-as-a-service market.

Key Market Players in Biometric-as-a-Service Market

Major vendors of biometric-as-a-service include 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 key players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global biometric-as-a-service market. They have majorly adopted the strategies of partnerships and new product launches from 2017 to 2019, which have helped them innovate their offerings and broaden their customer base.

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In the application area, financial services segment to hold the largest market size during the forecast period

Over the past couple of years, this segment has been investing heavily on technology, including biometrics to enhance services, such as seamless on boarding process, transaction authentication, and authentic user-session monitoring.

In modality, multimodal segment to grow at a higher CAGR during the forecast period

Multimodal solutions are more secure as compared to unimodal solutions. Moreover, these systems are more accurate and are less prone to image matching and acquisition errors. Data acquisition errors, such as failure-to-acquire and failure-to-enrol, and data-matching errors measured in terms of false match rate are lower in case of multimodal authentication. Consequently, these systems are increasingly being adopted in all the industries and are gaining extensive user acceptance.

North America to hold the largest market size during the forecast period

As North America, a technologically advanced region, with a high number of early adopters and the presence of major market players is expected to contribute the highest market share, in terms of revenues during the forecast period. Factors such as large-scale funded programs and employee access monitoring in buildings are driving the revenue growth in this region.

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