The global biometrics-as-a-service market is projected to witness significant growth, reaching USD 6,291.7 million by 2028, according to a report by Reports and Data. Biometric security services have gained popularity as a robust commercial security solution, offering several advantages such as enhanced security through precise validation. These authentication systems rely on various biometric traits like facial recognition, fingerprint scans, iris recognition, and vein pattern recognition.
Biometric systems are highly effective in securing both public and private offices by enabling attendance tracking, authentication, access control, and more. Compared to traditional security methods, biometric systems provide more accurate identification, thereby reducing the risks of security breaches. Access is granted only through biological characteristics that are difficult to replicate, such as iris scans or fingerprints. As a result, the system offers highly reliable information, contributing to improved security and accountability.
By logging activities through a biometric system, organizations can establish a clear connection between employees and specific actions or events. This capability becomes valuable in addressing potential security breaches in the future. The ability to trace actions back to specific individuals enhances accountability and aids in investigations.
Overall, the increasing adoption of biometric security systems as a service is driven by the need for stronger security measures, accurate identification, and improved accountability across various sectors, including commercial establishments, government agencies, and healthcare facilities.
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Further key findings from the report suggest
- Among the technologies, the fingerprint recognition accounted for the largest market share of ~31% in the year 2018. Fingerprint identification is based on different patterns of human fingers, which are unique among all individuals. It is the easiest and most convenient way of identifying a person. The primary advantage of the fingerprint identification method is that the fingerprints pattern remains the same for a person throughout the life of an individual, making it a reliable means of human identification.
- The iris recognition technology is forecasted to witness a higher growth rate of 23.7% during the forecast period. The characteristics of an iris are significantly unique for each and can be recognized from a distance. That’s why it is difficult to be forged. As compared to the false acceptance rate and the false rejection rate of other biometric modalities, this method is remarkably lower. In such a way, it becomes the most secure authentication technology and has been used in financial institutes, borders, hospitals, and several sensitive projects.
- The mobile applications accounted for the largest market share of ~27% in the year 2018. In smartphones today, fingerprint recognition has become accessible for users. Various banks have integrated this feature into their mobile banking application. The fingerprint sensor, also called touchID in iPhones, can be combined to unlock the banking app and authorize payments. This added layer of security reduces the risks of the password getting hacked. As the user does not have to remember the password, it is more convenient and user-friendly.
- North America held the largest market share of ~29% in the year 2018. With the growing proliferation of mobile devices in the region, the demand for biometrics technology is expected to boom in the coming years. The broader acceptance of mobile transactions will provide the manufacturers with opportunities to make design changes to incorporate biometric features.
Top 10 Companies Operating in the Global Biometrics-as-a-Service Market:
Leidos Holdings, Inc., Gemalto N.V. (3M Cogent), NEC Corporation, Fujitsu Ltd., ImageWare Systems, Inc., BioEngagable Technologies Pvt. Ltd, Mobbeel Solutions, S.L.L., M2SYS Technology – KernellÓ Inc., SIC Biometrics, Precise Biometrics, BioID AG, IriTech, Inc., IDEMIA France SAS, Aware, Inc., and Fulcrum Biometrics, LLC., among others.
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The expansion of the biometrics-as-a-service market can be attributed to the utilization of cloud-based services. Cloud-based biometric solutions offer scalability, adaptability, and cost-effectiveness, making them highly advantageous. Organizations can access biometric data through cloud-based solutions from any location, at any time, and using any device. This flexibility has driven the adoption of biometric-as-a-service solutions across various industries, including healthcare, government, and education.
The increasing emphasis on security and the growing demand for sophisticated security solutions to combat cyberattacks have also contributed to the market expansion of biometrics-as-a-service. Biometric technology provides a high level of security by utilizing unique physical traits of individuals, such as voice, fingerprint, and facial recognition, for authentication and identification validation. This heightened security feature has led industries like homeland security, aerospace, and defense to adopt biometric-as-a-service solutions.
By leveraging biometric-as-a-service solutions, organizations can enhance their security measures and protect sensitive data and resources. The convenience and reliability offered by cloud-based biometric solutions make them an attractive choice for businesses across various sectors, driving the growth of the market.
The global market is further segmented into type and application:
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Facial Recognition
- Fingerprint Recognition
- Voice Recognition
- Palm Recognition
- Iris Recognition
Component Outlook (Revenue, USD Billion; 2018-2028)
System Type Outlook (Revenue, USD Billion; 2018-2028)
- Unimodal Biometric Systems
- Multimodal Biometric Systems
Applications Outlook (Revenue, USD Billion; 2018-2028)
- Site Access Control
- Time Recording
- Mobile Application
- Web and Workplace
Industry Vertical Outlook (Revenue, USD Billion; 2018-2028)
- Government and Defense
- Healthcare and Life Sciences
- Law Enforcement
- Human Resources
- Retail and E-commerce
- IT and Telecommunication
- Banking, Financial services, and Insurance (BFSI)
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Takeaways of the Competitive Overview Section:
- Overview of the company profiles of each market player
- Industrial chain analysis of each player
- Revenue share contribution
- Sales network and distribution channels and net profits and losses of each company
- Key business growth strategies are undertaken by these players
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