CHICAGO, June 19, 2019 /PRNewswire/ -- According to a new market research report "Biometric-as-a-Service Market by Application Area (Government and Defense, Financial Services, Healthcare, Law Enforcement, and Human Resources), Modality (Unimodal and Multimodal), Offering (Solution and Services), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Biometric-as-a-Service Market size is expected to grow from USD 1.2 billion in 2019 to USD 2.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.0% during the forecast period.
Increasing users and data-security initiatives by government, growing usage of mobile devices, and increasing demand for robust fraud detection and prevention systems are major growth factors for the market. The growing demand for fast and secure users' identification and regulatory compliances in healthcare to handle patient information with the utmost privacy and proper care would provide opportunities for vendors in the Biometric-as-a-Service Market.
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In the application area, financial services segment to hold the largest market size during the forecast period
Over the past couple of years, this segment has been investing heavily on technology, including biometrics to enhance services, such as seamless onboarding process, transaction authentication, and authentic user-session monitoring.
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 case of multimodal authentication. Consequently, these systems are increasingly being adopted in all the industries and are gaining extensive user acceptance.
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North America to hold the largest market size during the forecast period
As North America, a technologically advanced region, with a high number of early adopters and the presence of major market players is expected to contribute the highest market share, in terms of revenues during the forecast period. Factors such as large-scale funded programs and employee access monitoring in buildings are driving the revenue growth in this region.
Major vendors in the global Biometric-as-a-Service Market include 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).
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