The global biometrics-as-a-service market is forecast to reach USD 11.82 Billion by 2026, according to a new report by Reports and Data. Biometric security services are an increasingly popular commercial security option. They provide advantages such as strong security through accurate validation of an organization. This authentication is based on a range of biometric qualities such as facial recognition, fingerprint scans, iris recognition, and vein pattern recognition. Biometric systems are an effective system to secure the public and private offices to keep track of attendance, authentication, access control time, and others. Biometric systems provide more accurate identification, lowering the risks of security breaches. Using such a security system, access is granted only by biological characteristics like iris scans or fingerprints, which are difficult to duplicate. Thus, the system provides more accurate information, which helps with security as well as accountability. Logging activity through a biometric system helps connect employees with specific actions or events that can be referred to in any future case of a security breach.

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The global Biometrics-as-a-Service market research report covers study of competitive landscape, product analysis, application analysis, regional analysis, revenue assessment, cost structure analysis, and revenue forecast up to 2028. The report uses advanced analytical tools to research, gather, and analyze data. The in-depth research report has been formulated through extensive primary and secondary research and further corroborated from industry experts, professionals, and research analysts. The report covers a complete analysis of the Biometrics-as-a-Service industry and offers the reader a competitive advantage to stay ahead of the other players.

Further key findings from the report suggest
Among the technologies, the fingerprint recognition accounted for the largest market share of ~31% in the year 2018. Fingerprint identification is based on different patterns of human fingers, which are unique among all individuals. It is the easiest and most convenient way of identifying a person. The primary advantage of the fingerprint identification method is that the fingerprints pattern remains the same for a person throughout the life of an individual, making it a reliable means of human identification.
The iris recognition technology is forecasted to witness a higher growth rate of 23.7% during the forecast period. The characteristics of an iris are significantly unique for each and can be recognized from a distance. That’s why it is difficult to be forged. As compared to the false acceptance rate and the false rejection rate of other biometric modalities, this method is remarkably lower. In such a way, it becomes the most secure authentication technology and has been used in financial institutes, borders, hospitals, and several sensitive projects.
The mobile applications accounted for the largest market share of ~27% in the year 2018. In smartphones today, fingerprint recognition has become accessible for users. Various banks have integrated this feature into their mobile banking application. The fingerprint sensor, also called touchID in iPhones, can be combined to unlock the banking app and authorize payments. This added layer of security reduces the risks of the password getting hacked. As the user does not have to remember the password, it is more convenient and user-friendly.
North America held the largest market share of ~29% in the year 2018. With the growing proliferation of mobile devices in the region, the demand for biometrics technology is expected to boom in the coming years. The broader acceptance of mobile transactions will provide the manufacturers with opportunities to make design changes to incorporate biometric features.
Key participants include Leidos Holdings, Inc., Gemalto N.V. (3M Cogent), NEC Corporation, Fujitsu Ltd., ImageWare Systems, Inc., BioEngagable Technologies Pvt. Ltd, Mobbeel Solutions, S.L.L., M2SYS Technology - KernellÓ Inc., SIC Biometrics, Precise Biometrics, BioID AG, IriTech, Inc., IDEMIA France SAS, Aware, Inc., and Fulcrum Biometrics, LLC., among others.

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The report offers a comprehensive analysis of the key geographical regions to provide insights into key factors influencing market growth in the regions. Production and consumption ratio, import/export analysis, supply and demand, consumer behavior and demands, current and emerging trends, regulatory framework, strategic alliances, technological advancements, economic growth, and robust presence of key players in each region. The report also covers an extensive country-wise analysis to provide better understanding of the market growth in each key region of the world and help investors, stakeholders, and clients to capitalize on lucrative growth opportunities.

Regional analysis covers:
North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific(India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America(Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa(Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Biometrics-as-a-Service Market Segmentation:

Technology Outlook (Revenue, USD Billion; 2016-2026)
Facial Recognition
Fingerprint Recognition
Voice Recognition
Palm Recognition
Iris Recognition
Others

Component Outlook (Revenue, USD Billion; 2016-2026)
Solutions
Services

System Type Outlook (Revenue, USD Billion; 2016-2026)
Unimodal Biometric Systems
Multimodal Biometric Systems

Applications Outlook (Revenue, USD Billion; 2016-2026)
Site Access Control
Time Recording
Mobile Application
Web and Workplace
Others

Industry Vertical Outlook (Revenue, USD Billion; 2016-2026)
Government and Defense
Healthcare and Life Sciences
Law Enforcement
Human Resources
Retail and E-commerce
IT and Telecommunication
Banking, Financial services, and Insurance (BFSI)
Others

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