Biometrics as a Service Market to grow at a CAGR of 30.25% between 2017 and 2023

The report published by Knowledge Sourcing Intelligence titled “Biometrics as a Service Market - Forecast From 2018 to 2023” studies the various factors affecting the demand for biometric services across the globe. The report has been segmented by modality type (unimodal, multimodal), deployment model (public, private, hybrid), enterprise size (small, medium, large), end-user industry (BFSI, communication and technology, government, travel and tourism, retail, others), and by geography, covering five regions namely North America, South America, Europe, Middle East and Africa and the Asia Pacific, and some of the major economies in each of these regions.

Rising cases of identity thefts across the globe are the major driver of biometrics as a service market. Industries such as BFSI and healthcare are increasingly demanding biometrics services to keep their data secure, thus, positively impacting the growth of biometrics as a service market. Rising availability of vendors offering reliable biometric capabilities is also supporting the growth of biometrics as a service market. Favorable government initiatives will further continue to bolster the growth of biometrics as a service market during the forecast period.

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Small enterprise witnessing significant CAGR during the projected period

By enterprise size, small enterprises will grow at a significant CAGR between 2017 and 2023 owing to lack of budget to invest in their own IT infrastructure. The rising number of services provided by major vendors, especially for small enterprises, is also contributing to the growth of biometrics as a service market across this segment.

North America holds major market share

Geographically, North America accounted for major market share in 2017 and will continue to dominate the global market till the end of the forecast period. This dominance is attributed to early adoption of advanced technologies and the presence of major market players in the region. APAC will witness the highest CAGR during the projected period owing to rising investments across BFSI and healthcare sector to promote digitalization.

This report also includes a study of strategies and product portfolios of some of the leading companies in the biometrics as a service market. It consists of company profiles of the leading companies- Fujitsu, Bayometric, Karalundi, SmilePass, Zolon Tech, Inc., Tascent, and BioID.

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Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.

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