Global Biometrics as a Service Market
The Global Biometrics as a Service Market was valued at USD 698 million in 2016 and is projected to reach USD 6909.81 million by 2025, growing at a CAGR of 29.01% from 2017 to 2025.
Biometrics is the measurement and statistical analysis of people's physical and behavioral characteristics. The technology is mainly used for identification and access control, and for identifying individuals that are under surveillance. Private organizations as well as government outfits are leveraging biometrics for applications like access control, security, attendance, time keeping, and verification. Biometric as a service offers several advantages that include - quick integration and deployment, affordable, biometrics on demand, time keeping, verification, high scalability, secure, and easy to implement at any end-point on network.
1. Market Drivers
1.1 Emerging of mobile Cloud-based Biometrics
1.2 High Adoption of Multimodal Biometrics
1.3 Rising Demand in E-commerce and Transportation Sector
1.4 Increasing Security Threats
1.5 Growing need of Cost Effective Advanced Biometric Solutions
2. Market Restraints
2.1 Security and Storage Issues with Biometrics over Cloud
2.2 High Vulnerability of Biometrics Systems
2.3 Privacy Concerns
2.4 Limited Availability of Cloud-based Biometric Solutions
The Global Biometrics as a Service Market is segmented on the application, modality type, organization size, deployment model, rack unit, vertical, and region.
1. By Application:
1.1 Workforce Management
1.2 Law Enforcement and Border Control
1.3 Mobile Banking, Payments, and Authentication
1.4 Identity Proofing and Credentialing
1.5 Civil Identity and Elections
2. By Modality Type:
2.2.1 Voice Recognition
2.2.2 Palm and Vein Recognition
2.2.3 Facial Recognition
2.2.4 Fingerprint Scanning
2.2.5 Iris Recognition
3. By Organization Size:
3.1 Large Enterprises
3.2 Small and Medium Business
4. By Deployment Model:
5. By Rack Unit:
5.1 Up to 25 RU
5.2 25â€“40 RU
5.3 Above 40 RU
6. By Vertical:
6.1 Government and Defense
6.2 Telecom and IT
6.3 Banking, Financial Services, and Insurance (BFSI)
6.4 Media and Entertainment
7. By Region:
7.1 North America (U.S., Canada, Mexico)
7.2 Europe (Germany, UK, France, Rest of Europe)
7.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
7.4 Latin America (Brazil, Argentina, Rest of Latin America)
7.5 Middle East & Africa
The major players in the market are as follows:
1. Fulcrum Biometrics
5. Aware, Inc.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Biometrics as a Service Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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