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Growing Demand for Cost-Effective Solutions Drives Biometrics as a Service Market
October 2, 2017 | PRNewswireEstimated reading time: 2 minutes
According to a new market research the report "Biometrics as a Service Market by Modality Type (Unimodal (Fingerprint, Facial, Iris, Voice, Palm and Vein Recognition) and Multimodal), Application, Deployment Model, Organization Size, Industry, and Region - Global Forecast to 2022", published by MarketsandMarkets, the market is expected to grow from USD 838.0 Million in 2017 to USD 2,972.8 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 28.82%.
The growing demand for cost-effective solutions to access advanced biometrics capabilities has fueled the high adoption of biometrics-as-a-service solutions. Biometrics-as-a-service offerings provide rapid deployment and integration at the user end to quickly incorporate biometrics capabilities in their systems. This has further fueled the demand for these solutions among the end-users.
The multimodal modality type is expected to grow at the highest CAGR during the forecast period
By modality type, the Biometrics-as-a-Service Market has been segmented into unimodal and multimodal. The unimodal modality type is further segmented into fingerprint scanning, facial recognition, iris recognition, voice recognition, palm and vein recognition, and others (DNA and signature recognition). Multimodal biometric authentication incorporates two or more modalities for authentication and are therefore more secured as compared to unimodal solutions. These benefits provided by multimodal modality type are expected to further drive the growth of the Biometrics-as-a-Service Market during the forecast period.
The civil identity and election application segment is expected to have the highest CAGR during the forecast period
By application, the market has been segmented into mobile banking, payments, and authentication; identity proofing and credentialing; law enforcement and border control; civil identity and elections; workforce management; and others (account recovery, de-duplication, and access control). The civil identity and elections segment is expected to witness the highest CAGR during the forecast period. Countries around the world are enrolling its people for various identification initiatives. Biometrics provides fast and secure registration as well as identification, which have contributed to the growth in this segment.
North America is expected to dominate the Biometrics-as-a-Service Market during the forecast period
On the basis of regions, the global Biometrics-as-a-Service Market is segmented into North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. North America is estimated to have the largest market size in 2017, owing to the presence of a large number of vendors and major IT hubs in this region. The market in APAC is expected to grow at the highest CAGR during the forecast period. The primary driving forces for this growth are the increasing data traffic and the surge in use of mobile devices.
The report also includes the different strategies, such as mergers and acquisitions, partnerships and collaborations, and developments, adopted by the major players to increase their shares in the market. Some of the major technology vendors in the Biometrics-as-a-Service Market include Fujitsu (Japan), BioID (Switzerland), HYPR (US), Aware, Inc. (US), M2SYS (US), OT-Morpho (France), SUPREMA (South Korea), Leidos (US), CERTIFY GLOBAL (US), ImageWare Systems (US), IriTech (US), SkyBiometry (Lithuania), Polygon Innovation (Portugal), RightPatient (US), VoiceIt Technologies (US), Athena Sciences Corporation (US), SmilePass (UK), BYTES TECHNOLOGY GROUP-Bytes SI (South Africa), SecurAX (India), Accenture (Ireland), Fulcrum Biometrics (US), AimBrain (UK), Certibio (Brazil), VoicePIN.com (Poland), and SpeechPro (US).
About MarketsandMarkets
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
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