The report, “Biometric-as-a-Service Market Global Forecast to 2025″by MarketsandMarkets, is projected to grow from USD 1.5 billion in 2020 to USD 3.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.7%.
The post COVID-19 market size is expected to grow from 1.4 billion to 3.6 billion at a CAGR of 19.7% during the forecast period.
MarketsandMarkets attributed the growth to increasing users and data-security initiatives by government, growing usage of mobile devices, and rising 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.
Some of the prominent key players are:
Idemia (France), NEC (Japan), Thales (France), M2SYS (US), Fujitsu (Japan), Aware (US), Leidos (US), Nuance (US) and Certisign (Brazil).
In the solution type, fingerprint scanning segment to hold the largest market size during the forecast period
The fingerprint scanning technology is currently being adopted in various industries, including BFSI, healthcare, government, and other industries. BFSI companies, including Bank of America, JPMorgan Chase, and Wells Fargo, have started adopting the fingerprint scanning technology on a large scale for securing transactions.
Despite its numerous benefits, certain factors, such as the use of dirty or damaged fingers and aridity & wetness of digits used for authentication, are seen to have a significant impact in terms of accuracy of the fingerprint scanning technology.
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 the case of multimodal authentication.
Consequently, these systems are increasingly being adopted in all the industries and are gaining wide user acceptance.
North America to hold the largest market size during the forecast period
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.