biometrics as a service market
Growth of IoT landscape and increase in BYOD adoption among enterprises fuels the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATE, April 29, 2024 /EINPresswire.com/ -- According to the report published by Allied Market Research, The Biometrics-as-a-Service Market Size Reach USD 5.37 Billion by 2026, Key Factors Behind Market’s Growth. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
The global Biometrics-as-a-Service market garnered USD 1.42 billion in 2018, and is estimated to reach USD 5.37 billion in 2026, growing at a CAGR of 18.2% from 2019 to 2026.
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Rise in advanced cyber -attacks, growth of IoT landscape, and stringent government regulations drive the growth of the global Biometrics-as-a-Service market. On the other hand, security and privacy concerns associated with data stored on cloud impedes the market growth to a certain extent.
The market is segmented into component, organization size, modality, industry vertical, and region. In terms of component, it is segmented into solution and services. As per organization size, it is bifurcated into large enterprises and small & medium enterprises. In terms of modality, the market is divided into unimodal biometrics and multi-modal biometrics.
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Based on modality, the unimodal segment held the lion's share in 2018, garnering more than two-thirds of the global Biometrics-as-a-Service market. This is due to the increase in the adoption of these systems because of reliability and accuracy provided by the unimodal biometrics. At the same time, the multimodal segment would cite the fastest CAGR of 20.4% by 2026. This is due to secrecy and security of user data, the availability of multiple traits, and high-level security inherent by combining different biometrics without slowing down the operations.
Based on component, the solution segment contributed nearly three-fourths of the global Biometrics-as-a-Service market share in 2018. This is due to increase in focus on data security, rise in IoT landscape, and stringent government regulations for data security. On the other hand, the service segment is projected to grow at the fastest CAGR of 20.9% throughout the study period. This is due to the services have a major role in determining the gap analysis and benchmarking against leading industry practices, which will drive the market during the forecasted period.
Based on geography, the market across North America accounted for nearly two-fifths of the global Biometrics-as-a-Service market revenue in 2018. This is due to the surge in online transactions and increase in cyberattacks among the organizations. However, the Asia-Pacific region would cite the fastest CAGR of 20.7% from 2019 to 2026. This is due to increase in the investment by the government in biometrics projects such as national ID cards and e-passports, increase in the rise of cyber-attacks, and growing cybersecurity spending among organizations.
The key players profiled in the biometrics-as-a-service market analysis are Fujitsu Limited, Aware Inc., Leidos Holdings, Inc., BioID, M2SYS Technology - KernellÓ Inc, Fulcrum Biometrics, LLC, IDEMIA, Imageware Systems Incorporated, and Iritech, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Key Finding of the Biometrics-as-a-service Market:
● Based on component, the solution segment led the biometrics-as-a-service market, in terms of revenue in 2018.
● By organization size, the large enterprises accounted for the highest market share in 2018.
● By region, North America generated the highest revenue in 2018.
● Depending on industry vertical, the healthcare segment is anticipated to exhibit substantial growth during the forecast period.
● By region, Asia-Pacific is anticipated to exhibit substantial biometrics-as-a-service (BaaS) market growth during the forecast period.
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