Biometric-as-a-Service Market Growing at a CAGR of 17.0% | Phonexia, Fulcrum Biometrics, Accenture, BioID, HYPR Corp

Biometric-as-a-Service Market Growing at a CAGR of 17.0% | Phonexia, Fulcrum Biometrics, Accenture, BioID, HYPR Corp
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)
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

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 Compound Annual Growth Rate (CAGR) of 17.0% during 2019–2024. An increasing users and data-security initiatives by government, growing usage of mobile devices, and increasing demand for robust fraud detection and prevention systems across the Banking, Financial Services and Insurance (BFSI) industry are the major growth factors for the market. Growing demand of fast and secure users’ identification in eCommerce and regulatory compliances could provide growth opportunities for vendors of biometric-as-a-service.

The European Union (EU) has established a new association in the field of biometric technology named the European Association for Biometric (EAB). The EAB is seeking to advance the proper and beneficial use of biometrics in Europe, considering the interests of European citizens, industries, academies, and governments. Further, development of national IDs, ePassports, and e-Visas is expected to be a main driver of the European market growth.

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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NEC (Japan)is a key technology player in the global biometric-as-a-service market. It has a vast portfolio of solutions and services in the biometric recognition that includes integrated solutions, components, and services for computing and communications applications. The company develops and markets its biometric systems under the solutions and services segment, i.e.,  biometric authentication. Under this segment, the company develops leading biometrics verification engines and advanced image analysis to offer integrated security solutions that fully meet the customers’ demand. The company’s offices are located across the globe in regions, such as APAC, North America, the Middle East, and Europe.

The biometric-as-a-service market has 4 segments, namely, application area, modality, offering, and region.

In the biometric-as-a-service market by application areas, the healthcare segment is expected to grow at the highest CAGR during the forecast period. Increasing digital health records and stringent regulatory mandates to manage these records has raised the use of biometrics in the healthcare sector. Additionally, biometrics being increasingly used to monitor the use of prescribed drugs.

In the biometric-as-a-service market by modality, the multimodal segment is expected to grow at a higher CAGR during the forecast period. The multimodal biometric authentication makes use of multiple biometric traits for authentication. This technology enables the users to authenticate themselves based on multiple biometric traits, including fingerprint, iris, voice, facial, and palm and vein recognition. As 2 or more biometrics traits provide more accuracy with the authentication, hence there is an increasing rate of adoption witnessed in all industries.

In the biometric-as-a-service market by offerings, the services segment is expected to grow at the highest CAGR during the forecast period. Services are mostly support services for upgradation or maintenance, which are either a part of the subscription plan or a standalone service. Additionally, services revenues are mostly derived from integration services with complex enterprise applications.

In the conversational market by region, APAC is expected to grow at the highest CAGR during the forecast period. 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.

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