Biometrics is human being’s biological identity traces mostly accessed through thumbs and other body parts to record an impression. Biometrics-as-a-service is a software that is handled and owned distantly by numerous providers.
The key factor contributing to growth of the global biometrics-as-a-service market is the strong need for robust fraud recognition and prevention systems. Further, the escalating smartphone penetration and snowballing number of users along with the introduction data security programs and initiatives by the numerous governments globally will drive the market growth during the forecast period. Moreover, the growing need for fingerprint recognition to offer secured access to smart devices will also boost the overall market growth. In addition, with the increasing digitalization worldwide, the consumers are vigorously seeking biometric sensor-based electronic devices, smartwatches, tablets, and other wearable devices, which will further propel the market expansion during the coming period.
The global biometrics-as-a-service market can be segregated based on solution, offering, modality, trait, vertical, organization size, and regions. The market, by offering, is divided into services and solutions. The market, by solution type, is categorized into palm & vein recognition, face recognition, fingerprint recognition, voice recognition, iris recognition, and others (signature, DNA, and keystroke). The market, by trait, is bifurcated into behavioral and physiological. The market, by modality, is classified into multimodal and unimodal. The market, by organization size, is categorized into large enterprises and SMEs. The market, by vertical, is diversified into healthcare, government (public administration), IT & ITES, BFSI, education, manufacturing, and others (transportation, telecommunication, entertainment, retail, energy & utilities, and other professional services).
Regionally, the global biometrics-as-a-service market is projected to be governed by North America due to the existence of a huge count of leading IT firms and vendors. Asia Pacific is anticipated to witness substantial growth during the forecast period as a result of growth of startups and SMEs. Europe is also expected to register considerable CAGR due to rising industrialization. The Middle East and Africa is projected to display moderate expansion due to growing urbanization.
Few of the top players within the global biometrics-as-a-service market include Idemia, Fujitsu, Leidos, Aware, Inc., IriTech, M2sys, Certibio, SmilePass, Accenture, Fulcrum Biometrics, and HYPR, among others. Numerous strategies are implemented by these players to surge their market penetration and reinforce their market position. To cite, in April 2020, a Texas-located biometric software, hardware, and solutions provider, Fulcrum Biometrics, LLC, was acquired by Fujitsu Frontech North America Inc. to reinforce its biometrics business within North America.