MarketsandMarkets forecasts the 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 of 19.7% during 2020–2025. Increasing users & data-security initiatives by government, growing usage of mobile devices, and rising demand for robust fraud detection and prevention systems across the Banking, Financial Services, and Insurance (BFSI) industry are bolstering the biometric-as-a-service market growth.
In the solution type, fingerprint scanning segment to hold the largest market size during the forecast period
The fingerprint scanning technology is currently being adopted in various industries, including BFSI, healthcare, government, and other industries. BFSI companies, including Bank of America, JPMorgan Chase, and Wells Fargo, have started adopting the fingerprint scanning technology on a large scale for securing transactions. Despite its numerous benefits, certain factors, such as the use of dirty or damaged fingers and aridity & wetness of digits used for authentication, are seen to have a significant impact in terms of accuracy of the fingerprint scanning technology.
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In modality, multimodal segment to grow at a higher CAGR during the forecast period
Multimodal solutions are more secure as compared to unimodal solutions. Moreover, these systems are more accurate and are less prone to image matching and acquisition errors. Data acquisition errors, such as failure-to-acquire and failure-to-enroll, and data-matching errors measured in terms of false match rate, are lower in the case of multimodal authentication. Consequently, these systems are increasingly being adopted in all the industries and are gaining wide user acceptance.
In the last few years, there has been a series of technological innovations that make the biometric technology technically and commercially feasible in the present market scenario. A few prominent technological advancements are the emergence of technologies, such as touchless biometrics and portable biometrics devices. This increasing innovation has led to the present state of the industry, where new devices are being launched in the market at an exponential rate.
Major vendors of the biometric-as-a-service market include Idemia (France), NEC (Japan), Thales (France), M2SYS (US), Fujitsu (Japan), Aware (US), Leidos (US), Nuance (US), Certisign (Brazil), HYPR (US), BioID (Germany), Ayonix (Japan), Phonexia (US), Lexis Nexis (US), Cognitec Systems (Germany), Iritech (US), Affectiva (US), Nviso (Switzerland), Fingerprints (Sweden), Bayometric (US), Google (US), Microsoft (US), IBM (US), Amazon (US), and Accenture (Ireland). The key players have adopted various growth strategies, such as partnerships, agreements & 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.
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.
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Aware (US) is one of the leading providers of modular software products, including Software Development Kit (SDK) and subsystems that enable fingerprint, face, and iris recognition; and authentication solutions. These products cater to critical biometric functionalities for application areas, including law enforcement, border management, defense, intelligence, banking, citizen ID, and payments. The company operates through four product groups, namely, mobile biometric authentication framework (Knomi), biometric identification platform (ABIS), biometrics as a service (Indigo), and browser-based enrollment and data management (WebEnroll). The company is providing software and services to the UK government for the implementation of a central biometric services system for applications in law enforcement, border management, and immigration. Aware provides its biometrics-as-a-service solutions through a workforce of 68 employees, and the company has a strong presence in the US and Brazilian markets.
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