DUBLIN--(BUSINESS WIRE)--The "Biometrics-as-a-Service Market Size - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The biometrics-as a-service Market was valued at USD 2.61 billion in 2018 and is expected to reach USD 8.89 billion by 2024, registering a CAGR of 22.7% during the forecast period (2019-2024).
Over the years, the requirement to control access to data, premises, and systems has grown. Presently, many organizations rely on passwords, PIN numbers or cards to confirm people's identity for both logical and physical access. However, this traditional approach poses severe challenges.
- The application of biometrics for identification is further likely to expand across markets primarily led by convergence trends affecting biometrics technology providers, ICT networks, security, and cloud storage industries, verticals at-risk, such as banking, healthcare, and retail, as well as OEMs and device manufacturers, including smartphone makers.
- With the growing interest from the organizations in providing customers with enhanced banking security and cutting-edge technology, biometrics can identify a person as opposed to just identifying a piece of information or device.
- For instance, HCI Group, a leader in healthcare IT consulting services wanted to deploy biometric identification to track visiting hours of the licensed trainers without having to worry about the heavy IT infrastructure requirement and maintenance cost. Henceforth they adopted CloudABIS to use Biometric-as-a-service from M2SYS.
- Fintechs and financial institutions keep identity at the core of financial inclusion and henceforth are wising up to the potential biometrics. For instance, Aadhaar is an initiative taken by the Indian government aimed at getting the county's entire population on to a single biometric card system.
Major Market Trends
BFSI is Expected to Register the Highest Growth
- With banking service providers investing in mobile app services to operate, the pressure to provide safe banking services through mobile apps persists. A majority of the banking apps and wallets are using advanced authentication ways, like fingerprint and two-factor authentication, facial and voice recognition.
- For instance, in 2018, at the request of the Ministry of Communications and Mass Media and the CBR, Tinkoff Bank, and VTB Bank developed the Unified Biometrics System. this was done during the 29th meeting of the Council of the Association of Banks Russia by the first deputy chairman of the Central Bank of Russia (CBR), Olga Skorobogatova, where 400 branches of banks in 140 cities across Russia would start collecting the biometric data of its customers.
- The number of web attacks has increased drastically since 2015 and is expected to further increase, with the emergence of multiple platforms for transactions, the vulnerability to hacking and loss is expected to sustain. This is further creating a demand for advanced and effective authentication methods, like biometrics to be put in place to mitigate such risks.
North America is Expected to Hold the Largest Share
- According to the Federal Trade Commission, identity thefts related to payment and banking sector are prominent in the United States, which in turn, would boost the adoption of advanced authentication services, such as biometrics.
- The US government agencies are also using adopting biometric technology for identification and security purposes. For instance, the Metropolitan Washington Airports Authority, in collaboration with CBP, unveiled a cloud-based biometric screening system in September 2018, that deploys facial-recognition technology to streamline passenger verification and boarding on outbound international flights.
- The banks are now readying themselves to adopt biometrics as a service to provide their customers with a better experience and security. For instance, in October 2018, the Bank of Montreal launched BMO Banking for Business Mobile App that was implemented in collaboration with IBM Canada. This security system so designed leverages multiple biometric factors, including the face, fingerprint, eye, and voice, for end-user authentication.
The biometrics-as-a-service market is highly competitive and consists of several key players like Fujitsu, M2SYS, Accenture and many more. However, the market remains fragmented with many players trying to occupy the share. Their ability to continually innovate their products and services by investing significantly in research and development has allowed them to gain a competitive advantage over other players.
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Need to Secure Increasing Online Transaction
4.3.2 Increased Sophistication of Security Threat
4.3.3 Governments Adopting Technology to Secure Citizens
4.4 Market Challenges
4.4.1 Security of Data Stored with Third Party(Cloud)
4.4.2 Lack of Multi-Party Authentication System
4.5 Market Opportunity
4.5.1 Increasing Adoption Cloud-Based Services by Enterprises
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Application
5.1.1 Site Access Control
5.1.2 Time Recording
5.1.3 Mobile Application
5.1.4 Web and Workplace
5.2 By Scanner Type
5.2.1 Fingerprint Recognition
5.2.2 Iris Recognition
5.2.3 Palm Recognition
5.2.4 Facial Recognition
5.2.5 Voice Recognition
5.2.6 Other Scanner Types
5.3 By End-user Industry
5.3.3 IT and Telecom
5.3.6 Other End-user Industries
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Gemalto N.V. (3M Cogent)
6.1.2 Leidos Holdings Inc.
6.1.3 Fujitsu Ltd.
6.1.4 NEC Corporation
6.1.5 BioEngagable Technologies Pvt. Ltd.
6.1.6 ImageWare Systems Inc.
6.1.7 M2SYS Technology - Kernell Inc.
6.1.8 Mobbeel Solutions S.L.L.
6.1.9 Precise Biometrics
6.1.10 SIC Biometrics
6.1.11 IriTech Inc.
6.1.12 BioID AG
6.1.13 Aware Inc.
6.1.14 IDEMIA France SAS
6.1.15 Fulcrum Biometrics LLC
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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