Global $2.9 Bn Biometrics as a Service Market to 2022

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17 Oct, 2017, 17:15 GMT

DUBLIN, October 17, 2017 /PRNewswire/ --

The "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" report has been added to Research and Markets' offering.

The global biometrics-as-a-service 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%

Biometrics-as-a-service deals with offering capabilities such as biometrics onboarding, duplicate checking, and authentication-as-a-service over the internet, through a cloud based infrastructure. The biometric services capture both physiological and behavioral aspects of human beings, thus providing authentication based on fingerprint, face, iris, voice, and vein, among others. These services are witnessing a rise in demand as they are finding utility in identification and verification applications from industries such as Banking, Financial Services, and Insurance (BFSI), government, and retail.

The report covers all the major aspects of the biometrics-as-a-service market and provides an in-depth analysis across the regions of North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The market in North America is expected to have the largest market share, due to the presence of major vendors, and increasing adoption of associated services. The APAC region is expected to provide several opportunities in the biometrics-as-a-service market and is projected to grow at the highest CAGR during the forecast period.

However, biometrics-as-a-service stores the biometric data on the cloud and concerns related to the security of this data may act as a restraining factor for the market growth. Various vendors provide biometrics-as-a-service solutions to help enterprises reduce their Capital Expenditure (CAPEX). Aware, Inc. (US) is one of the major vendors that offer biometrics-as-a-service solutions. The company is extensively focused on providing biometric solutions that are cost-effective and secure.

Market Overview And Industry Trends

Drivers

  • Growing Usage of Mobile Devices
  • Increasing Demand for Cost-Effective Solutions to Access Advanced Biometrics Capabilities
  • High Security Threats
  • Increasing Government Initiatives

Restraints

  • Security of Biometric Data Stored On Cloud

Opportunities

  • Growing Demand in Ecommerce
  • Increasing Adoption of Cloud-Based Services

Challenges

  • Integration of Biometrics-As-A-Service Into the Existing Systems
  • Network Dependency to Access Biometrics-As-A-Service Offerings Over the Cloud

Technology Trends And Standards

  • Health Insurance Portability And Accountability Act (Hipaa)
  • International Organization for Standardization/International Electrotechnical Commission 27000 Family (Iso/Iec 27000)
  • Payment Card Industry Data Security Standard (Pci-Dss)
  • Federal Information Security Management Act (Fisma)
  • International Organization for Standardization/International Electrotechnical Commission 27018 (Iso/Iec 27018)
  • European Association for Biometrics (Eab)
  • International Biometric Society (Ibs)
  • Fast Identity Online (Fido) Alliance

Innovation Spotlight

Industry Use Cases

  • Securing Banking Operations
  • Registration of 1.2 Billion Citizens
  • Biometrics for Patient Identification
  • Effective Voter Registration Solution for Improved Accuracy
  • Biometrics in Jail Management
  • Enhanced Security Through Palm Vein Biometric Authentication

Companies Mentioned

  • Accenture
  • Aware, Inc.
  • Bioid
  • Certibio
  • Fujitsu
  • Fulcrum Biometrics
  • Hypr
  • Idemia
  • Iritech
  • Leidos
  • M2Sys
  • Smilepass

For more information about this report visit https://www.researchandmarkets.com/research/d9v85j/biometrics_as_a

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