The global Biometrics as a Service market is valued at around USD 3.20 billion in 2019 and is expected to grow with a healthy growth rate of over 22.7% during the forecast period 2020-2027. Biometrics as a service has facilitated cloud-based authentication and identification for a business to identify an individual through their behavioral and biological characteristics. The approach offers multiple advantages such as accessibility and easy implementation at any network endpoint and a reduced subscription cost. Additionally, biometrics as a service is gaining popularity because it is much more secure than traditional forms of entry codes such as locks, PINs, and passwords. This technology also relies on statistical, computational, mathematical and imaging methods to map an individual’s detailed identity for high-risk security clearances. In addition, the growth of the market is observed due to the increasing use of mobile devices and the growing demand for cost-effective solutions to access advanced biometric capabilities.
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For example: According to the report released by GSMA Intelligence in July 2020, there are around 5.15 unique mobile phone users worldwide and the total number of unique users worldwide has increased by 121 million in the last 12 month. Thus, with the high usage of mobile and connected devices, there is a high need for cost-effective and advanced biometric solutions among enterprises which would complement the market growth during the forecast period 2020-2027. However, the security of biometric data stored in the cloud is holding back the growth of this market. In addition, major players are focusing on strategies such as product launches, innovation, and mergers and acquisitions to keep themselves amidst fierce competition.
The major market players included in this report are:
Nuance Communications inc.
IDEMIA France SAS
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By type of scanner:
Site access control
Web and workplace
By the end user:
IT and Telecom
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