Global Biometrics as a Service Market Size, Share, Forecast 2028
Biometrics as a Service is a service that authenticates and identifies individuals based on behavioral and biological characteristics. It provides a mechanism for guaranteeing that only authentic users have access to the services, mostly by utilizing facial recognition and microphones for speech capture.
The global biometrics as a service market was valued at USD 1.6 billion in 2020 and is expected to be valued at USD 3.88 billion by 2028, growing at a 17.9% CAGR from 2021 to 2028.
Growing desire for cost-effective solutions to access advanced biometrics competencies, as well as rising acceptance of cloud-based services, are two main drivers of biometrics as a service industry. The increased security of biometric data stored in the cloud, as well as the integration of biometrics-as-a-service into current systems, are two reasons that could hinder biometrics as a service business. However, rising e-commerce demand increased mobile device usage, and improved security awareness is all creating chances for the biometrics as a service market to grow during the forecast period.
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Growth Factors
Traditional biometric techniques for incorporating biometric capabilities into commercial applications are expensive and time-consuming. A cloud-based platform that blends cloud capabilities and technologies with biometrics infrastructure is known as biometrics-as-a-service. This enables biometric authentication and onboarding on the cloud platform while eliminating the costs of the database, network, and storage components. The biometric capture device is the only hardware component required to capture individual biometric input, making these solutions easier to implement and pushing their acceptance across multiple industries. Furthermore, most biometrics-as-a-service companies offer integration services to help customers integrate biometrics capabilities into their existing systems. This further decreases the technical resources necessary to integrate the service. Companies are continuously in need of such low-cost solutions, which is boosting global demand for them. The growing demand for comprehensive authentication systems, as well as the increasing acceptance of cloud-based services by enterprises worldwide, is one of the primary reasons driving the market's favorable outlook. Both government and private businesses are deploying advanced BaaS solutions to prevent security breaches and identity theft.
Modality Type Segment Analysis Preview
Unimodal systems are easier to implement and manage than multimodal technologies. Unimodal technologies, on the other hand, are more prone to attacks such as spoofing and less dependable than multimodal systems. As a result, these systems are employed in businesses where high levels of security and reliability are not required. These are well-known due to their low cost and ease of accessibility. The other modality type is multimodality.
Key Market Players & Competitive Landscape
Some of the key players of the Biometrics as a Service Market 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., among others.
These players are increasing alliances and partnerships among industry participants, as well as diverse hospitals and research centers, to achieve a competitive advantage. Nuance is a well-known global provider of voice biometrics and Natural Language Understanding (NLU) solutions. The company's segments include healthcare, enterprise, automotive, and imaging. Finance, government, healthcare, legal, manufacturing, education, and logistics are among the industries it services. The company has expanded its biometrics solution range to include behavioral biometrics solutions by working with BioCatch, a prominent provider of behavioral biometrics solutions. Customers can now obtain multi-factor authentication solutions as a result of this collaboration.
The global biometrics as a service market is segmented as follows:
By Modality Type
Unimodal
Multimodal
By Deployment Model
Private Cloud
Public Cloud
Hybrid Cloud
By Industry Vertical
BFSI
Telecommunications and IT Public
Retail
Healthcare
Media and Entertainment
Government and Defense
Others
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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