Oct 28, 2020, 15:45 ET
DUBLIN, Oct. 28, 2020 /PRNewswire/ -- 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 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 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).
Market Overview and Industry Trends
- Growing Usage of Mobile Devices
- Increasing Demand for Cost-Effective Solutions to Access Advanced Biometrics Capabilities
- High Security Threats
- Increasing Government Initiatives
- Security of Biometric Data Stored on the Cloud
- Increasing Use of Digital Platforms for Transactions
- Increasing Adoption of Cloud-Based Services
- Integration of Biometrics-As-A-Service into the Existing Systems
- Network Dependency to Access Biometrics-As-A-Service Offerings Over the Cloud
COVID-19 Pandemic-Driven Market Dynamics and Factor Analysis
- Cumulative Growth Analysis
- Drivers and Opportunities: Impact of COVID-19 on Facial Biometric
Technology Trends and Standards
- Standards and Guidelines for the Biometric-As-A-Service Market
- Health Insurance Portability and Accountability Act (Hipaa)
- International Organization for Standardization/International Electrotechnical Commission 27000 Family (Iso/Iec 27000)
- Payment Card Industry Data Security Standard (Pci-Dss)
- Federal Information Security Management Act (Fisma)
- International Organization for Standardization/International Electrotechnical Commission 27018 (Iso/Iec 27018)
- European Association for Biometrics (Eab)
- International Biometric Society (Ibs)
- Fast Identity Online (Fido) Alliance
- Biometrics-As-A-Service: Use Cases
- Use Case #1: Securing Banking Operations
- Use Case #2: Registration of 1.2 Billion Citizens
- Use Case #3: Biometrics for Patient Identification
- Use Case #4: Effective Voter Registration Solution for Improved Accuracy
- Use Case #5: Biometrics in Jail Management
- Use Case #6: Enhanced Security Through Palm Vein Biometric Authentication
- Thales Group
Other Key Profiles
- Bio Id
- Lexis Nexis
- Cognitec Systems
For more information about this report visit https://www.researchandmarkets.com/r/16nmks
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