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.
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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.
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