Northbrook, IL -- (SBWIRE) -- 07/14/2021 -- According to a new market research report "Biometric-as-a-Service Market by Offering, Solution (Fingerprint Recognition, Iris Recognition, Voice Recognition, Palm & Vein Recognition), Trait (Physiological, Behavioral), Modality, Organization Size, Vertical, Region-Global Forecast to 2025" published by MarketsandMarkets™, the market size 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% and 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. 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.

Browse in-depth TOC on "Biometric-as-a-Service Market"
238- Tables
38- Figures
220- Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=59189932

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.

Speak to Research Expert @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=59189932

Major vendors in the global biometric-as-a-service market include Idemia (France), NEC (Japan), Thales (France), M2SYS (US), Fujitsu (Japan), Aware (US), Leidos (US), Nuance (US), Certisign (Brazil), HYPR (US), BioID (Germany), Ayonix (Japan), Phonexia (US), Lexis Nexis (US), Cognitec Systems (Germany), Iritech (US), Affectiva (US), Nviso (Switzerland), Fingerprints (Sweden), Bayometric (US), Google (US), Microsoft (US), IBM (US), Amazon (US), and Accenture (Ireland).

About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: sales@marketsandmarkets.com
MnM Blog: https://mnmblog.org
Content Source: https://www.marketsandmarkets.com/PressReleases/biometrics-as-a-service.asp