Biometrics services and products are more advanced, refined and super sensitive, which helps most of the organizations and end-use industries to the data and identity of their employees and customers. Moreover, the biometrics technology is considered as highly protected authentication technique, as the biometrics of any particular person cannot be duplicated. Furthermore, increasing demand for integration of block chain technologies and Artificial Intelligence (AI) with different biometrics solutions is driving the growth of the market. In addition, the rising initiatives by various governments across the world for fraud detection systems is also enhancing the growth of the market. Apart from this, COVID-19 pandemic outbreak has led to decline in the growth of biometrics-as-a-service market, especially for fingerprint recognition and palm vein pattern recognition. As these technologies are touch based and coronavirus can be transmitted due to the physical contact, hence the demand for fingerprint and palm vein pattern recognition have decreased drastically. On the other hand, demand for facial recognition, iris recognition, voice recognition and other touch less recognition technology has increased. Therefore, the implementation of biometric devices and services has increased in different end-use industries, which is driving the growth of the biometric-as-a-service market.
Widespread adoption of these biometric solutions in the banking, healthcare and retail sectors is providing a boost to the market growth. Individuals benefit healthcare capability, and for persistence, they require to offer their demographic information and insurance data. Biometrics technology develops the superiority of healthcare facility in numerous ways by recognising the accurate patient, by permitting safe, remote as well as correct access to patient’s therapeutic record and treatment plan, avoiding duplicate accesses, and keeping the specific data protected. Apart from this, biometric-as-a-service solutions are used in different end-use industries such as government, BFSI, IT and telecommunications, and manufacturing, among others.
Some of the key players in the global biometric-as-a-service market are NEC Corporation, Leidos, Inc., Fujitsu Limited, Aware, Inc., BioID GmbH, DERMALOG Identification Systems GmbH, IriTech, Inc., ImageWare Systems, Inc., Animetrics, Inc. and M2SYS Technology.
Trends and Future Outlook:
- Increasing investments for developing advance biometrics solutions for various applications across numerous industries
- Rising deployment of biometric-as-service on different cloud-based platforms helps to develop advance security solution