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Global Biometric-as-a-Service Market is Expected to Grow at a CAGR of 20% in the Forecast Period of 2022-2027.

According to a new report by EMR titled, ‘Global Biometric-as-a-Service Market Report and Forecast2022-2027’, the global biometric-as-a-service market attained a value of about USD 2.38 billion in 2020. The industry is further expected to grow at a CAGR of 20% in the forecast period of 2022-2027.

The global biometric-as-a-service market is being driven by the rising penetration and adoption of the service in North America. North America is one of the most significant markets for biometric-as-a-service due to the presence of major players in the industry and the rising technological advancements. In the coming years, the market is expected to witness a robust growth in the Asia Pacific region. The Asia Pacific biometric-as-a-service market is expected to be driven by the rising investments by several governments in biometric projects, such as in national ID cards and e-passports, and the development of smart cities and connected devices.

The global market is being aided by the rising product diversification by the key players in the industry who are continuously seeking to expand their portfolio. In February 2017, Nuance (NASDAQ: NUAN) partnered with BioCatch, a global leader in behavioural biometrics, and, thus, expanded its offerings to make fraud prevention even more accurate. Further, in June 2020, Nuance signed a partnership with Mila, an academic research institution with an intensive focus on deep learning related to language and image processing. This partnership has enabled them to collaborate on research, advance cutting-edge work in machine learning, and meaningfully enhance AI applications. Such developments and investments by the major players in the market are projected to influence the market growth positively in the coming years.

Market Analysis by Scanner Type, Application, End Use, and Region:

  • The global biometric-as-a-service market can be segmented by scanner type into fingerprint recognition, iris recognition, palm recognition, facial recognition, voice recognition, and others.
  • Based on application, the market has been divided into site access control, time recording, mobile application, and web and workplace.
  • On the basis of end-use, the biometric-as-a-service market can be segmented into government, retail, IT and telecom, BFSI, healthcare, and others.
  • The regional markets for biometric-as-a-service include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Rapid technological advancements, along with rising demand for biometric technology in rapidly growing sectors such as consumer electronics, automotive, and defence and security, are driving the growth of the global biometric-as-a-service market. 
  • Significant adoption measures by the public and government sector for applications, such as prisoner identification, airport security, and traveller identification, has been an essential factor in driving up the demand for the service. 
  • An increase in the adoption of cloud-based biometrics has also been an important driver for the market growth. 
  • In addition, the growth of the IoT landscape and increase in BYOD adoption among enterprises has further fuelled the growth of the market.
  • In the coming years, the market is expected to be driven by the rising concerns about cyber-security and stringent government regulations regarding cyber-crimes.

Key Offerings of the Report:

  • The EMR report gives an overview of the global biometric-as-a-service market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for scanners, types, applications, end-uses, and major regions of biometric-as-a-service.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global biometric-as-a-service market are NEC Corporation, Aware Inc., Fujitsu Limited, Nuance Communications Inc., Leidos Holdings Inc., IDEMIA Group S.A.S, M2SYS, Smilepass, Certibio, HYPR Corp, BioID, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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