In this report, Technavio covers the present scenario and growth prospects of the biometrics-as-a-service market for 2016-2020. The market size has been calculated based on revenues generated from the sale of biometrics as a service, which includes cloud-based biometrics solutions and third-party managed solutions.
“Biometrics-as-a-service provides pay-per-use solutions, which help end-users save costs significantly by reducing the cost of setting up an entire system and hiring professional experts. Over the next four years, due to growing instances of impersonation and hacking, many vendors are likely to invest in R&D for developing advanced cloud-based biometric systems,” said Amrita Choudhury, one of Technavio’s lead industry analysts for automation and identification systems research.
“Due to the current lack of awareness about biometrics-as-a-service, the market is still in its nascent stage. In addition, developing countries are expected to remain slow adopters of biometric technologies during the forecast period. Hence, owing to these market conditions, the demand for biometrics-as-a-service is expected to grow moderately until 2020,” added Amrita.
Americas: largest contributor to the biometrics as a service market
The Americas region emerged as the largest contributor for the global biometrics market in 2015. Due to the growing need for handling large volumes of critical data, many organizations in APAC are shifting from on-premise biometrics identification and verification to cloud-based biometrics authentication services.
A number of financial institutions and ATMs in the region are incorporating biometrics-as-a-service to ensure data confidentiality. With growing awareness, organizations in countries such as US and Canada will continue to be the leading adopters of biometrics-as-a-service until 2020 and aid market growth.
APAC: most promising market for biometrics-as-a-service
The main evaluating criteria for government organizations and enterprises when adopting cloud-based biometrics authentication solutions are affordability, accuracy, scalability, and security. For enhancing the security of their premises and for minimizing the threat of violent activities, organizations in APAC are showing a greater preference for these services. As both enterprises and government organizations deal with confidential data, it is becoming imperative for them to focus on advanced data security services, especially those provided by cloud-based biometrics authentication providers.
The biometrics as a service market in APAC is predicted to reach over USD 2.22 million in 2020. Key findings of this market research study predict many SMEs in APAC countries such as Australia to be at the forefront of adopting biometrics-as-a-service during the forecast period. Governments of other countries in APAC are also likely to adopt biometrics-as-a-service for enhancing border control and maintaining homeland security.
EMEA region in the global biometrics-as-a-service market
Due to the lack of awareness about biometrics as a service in developing economies of EMEA, the region is likely to witness a gradual adoption of this technology over the next four years. Governments in the MEA region tend to spend less on IT than those in other regions.
Very few vendors have established themselves in EMEA, which impacts the region’s growth rate. Currently, as few vendors in the market provide cloud-based biometrics, end-users in the region are compelled to choose from a limited product portfolio. The opportunity to tap cost-conscious consumers in this region is thus predicted to become a priority for many vendors likely to enter this market during the forecast period.
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