The "Biometric-as-a-Service Market by Offering, Solution (Fingerprint Recognition, Iris Recognition, Voice Recognition, Palm & Vein Recognition), Trait (Physiological, Behavioral), Modality, Organization Size, Vertical, Region-Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
Global pre-COVID-19 biometric-as-a-service market size to grow from USD 1.5 billion in 2020 to USD 3.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.7% and post-COVID-19 market size is expected to grow from USD 1.4 billion to USD 3.6 billion at a CAGR of 19.7%during 2020-2025.
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 solutions 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 major growth drivers for the market include increasing users and data-security initiatives by government, growing usage of mobile devices, and rising demand for robust fraud detection and prevention systems. However, low cybersecurity budget of organizations and high installation costs may restrain the market growth.
Healthcare application area to grow at the highest rate during the forecast period
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.
The unimodal segment to hold a larger market size during the forecast period
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.
Asia Pacific (APAC)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.
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
- Aware
- Ayonix
- Bio Id
- Certibio
- Cognitec Systems
- Fujitsu
- Hypr
- Idemia
- Iritech
- Leidos
- Lexis Nexis
- M2Sys
- NEC
- Nuance
- Phonexia
- Thales Group
For more information about this report visit https://www.researchandmarkets.com/r/z3v9o4
View source version on businesswire.com: https://www.businesswire.com/news/home/20201023005170/en/
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
