Your Shopping Cart Is Empty
| Report Code: A05715 | Pages: 253 | Sep 2019 | 6330 Views | ||
| Author(s) : Pramod B , Supradip B | Tables: 131 | Charts: 58 |
| |
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Biometrics-as-a-service Market
Request Now !The global Biometrics-as-a-Service market garnered $1.42 billion in 2018, and is estimated to reach $5.37 billion in 2026, growing at a CAGR of 18.2% from 2019 to 2026. Biometrics-as-a-Service is a centralized biometric database on the internet, which is used for authentication of a person based on a set of recognizable and verifiable data, which is unique and specific to them. The technology is considered widely useful as it lowers cost and helps customers to blend in different modalities to develop best use cases for different organizations and permit rapid integration with existing business intelligence and systems. BaaS has been significantly adopted among different industries, including government, fintech, and private companies, owing to its existing features associated with SaaS. Several benefits such as high reliability, cost-efficiency, and instant deployment are shifting the attention of different SMEs toward its adoption.
Increase in the adoption of cloud-based biometrics, supported by numerous factors such as growing cyber-attacks, stringent government regulations for data security, and demand for cost-efficient biometrics are the major factors that drive the growth of the market. In addition, growth of IoT landscape and increase in BYOD adoption among enterprises also fuels the growth of the market.
However, security and privacy concerns of biometric data stored on cloud hampers the growth of the market. Furthermore, surge in the adoption of cloud-based biometrics among developing economies, due to rise in the cloud industry and integration of advanced technologies, such as artificial intelligence, are anticipated to provide major opportunities for the market.
The market is segmented into component, organization size, modality, industry vertical, and region. In terms of component, it is segmented into solution and services. As per organization size, it is bifurcated into large enterprises and small & medium enterprises. In terms of modality, the market is divided into unimodal biometrics and multi-modal biometrics.
As per industry vertical, it is categorized into BFSI, retail and e-commerce, healthcare, government & defense, IT & telecom, education, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the biometrics-as-a-service market analysis are Fujitsu Limited, Accenture Plc., Aware Inc., Leidos Holdings, Inc., BioID, M2SYS Technology - KernellÓ Inc, Fulcrum Biometrics, LLC, IDEMIA, Imageware Systems Incorporated and Iritech, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Biometrics-as-a-Service Market Report Highlights
| Aspects | Details |
|---|---|
| By Component |
|
| By Modality |
|
| By Enterprise Size |
|
| By Industry Vertical |
|
| By Region |
|
| Key Market Players | Fujitsu Limited, Accenture plc., Aware Inc., Leidos Holdings, Inc., BioID, M2SYS Technology - KernellÓ Inc., Fulcrum Biometrics, LLC., IDEMIA, Imageware Systems Incorporated, . Iritech, Inc. |
Loading Table Of Content...
Biometrics-as-a-Service (BaaS) offers major benefits of SaaS in biometrics solutions for authentication and identification. Globally, organizations have started upgrading their traditional identification and authentication techniques with modern approaches, such as cloud-based biometrics. Numerous benefits of BaaS such as reduced burden, costs associated with infrastructure, and in-house resources, such as servers and storage, are attracting large enterprises and SMEs. The technology is considered useful widely in case of large-scale deployment in workplaces as there has been a proven track record of successful implementation and authentication of this technology. Furthermore, increase in data breaches and stringent government regulations are the major factors that drive the growth of the market. Moreover, BaaS is considered more beneficial in different sectors, which include military setups, R&D facilities, nuclear reactors, and others, as this sector requires full-proof security and BaaS plays a major role in the same, thus providing lucrative opportunities for the market.
The market has a very competitive and fragmented environment, which consists of several international and regional players. Though, the market is in its growing stage, in its early stage of in terms of market share; it is expected to become the major biometric deployments in the upcoming years. The global players are focusing on several new product developments and increasing their presence in many regions, leading to the growing competition, in terms of features, quality, and price for local vendors. The market players are adopting various business strategies to enhance their product offerings, business expansion, and increase their market penetration. For instance, in January 2019, Fulcrum biometrics introduced new neuro technology in MegaMatcher ABIS 11, which includes algorithms that enhances the speed and interoperability across different biometrics such as voice & palmprint, fingerprint, iris, and face recognition as well as any of the above combination used. This new feature is expected to improve the interoperability, accuracy, and speed across multiple biometric modalities such as palmprint, fingerprint, voice, face, and iris or any of the above combination.
A. "The Global Biometrics-as-a-Service Market generated revenue worth $1,420.86 million in 2018 and is projected to reach $5,376.36 million by 2026, to register a CAGR of 18.2% during the forecast period. "
A. The forecast period in the Global Biometrics-as-a-Service Market would be 2026
A. The market value of Global Biometrics-as-a-Service Market in 2019 is estimated to be $1,665.96 Million
A. The base year calculated in the Global Biometrics-as-a-Service Market report is 2018
A. The companies are selected based on the product offerings, organic and inorganic strategies adopted and Geographic footprint.
A. The Companies such as Fujitsu Limited, Accenture Plc., Aware Inc., Leidos Holdings, Inc., BioID, M2SYS Technology - KernellÓ Inc, Fulcrum Biometrics, LLC, IDEMIA, Imageware Systems Incorporated, and Iritech, Inc. holds the major share in the Global Biometrics-as-a-Service Market
A. In terms of industry vertical, government & defense is estimated to be a matured market growing at a CAGR of 16.9% during the forecast period.
A. "In terms of industry vertical, healthcare is estimated to be a most influencing segment growing at a CAGR of 20.3% during the forecast period."
Start reading instantly.
This Report and over 19,950+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Contact Details
Need to talk to an expert? Book your free consultation and let our research experts help you with your needs/problems.
