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LONDON, Dec. 21, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Biometrics-As-A-Service Global Market Report 2024, the biometrics-as-a-service market has experienced an unprecedented surge, marking exponential growth from $2.99 billion in 2023 to an estimated $3.75 billion in 2024. This remarkable journey reflects a substantial Compound Annual Growth Rate (CAGR) of 25.7%. The surge in the historic period is attributed to the escalating pace of digital transformation, the ascent of cloud services, the proliferation of remote work and access, and the commendable improvement in accuracy and reliability.

Anticipated Exponential Growth in the Forecast Period

Expectations are set high for the biometrics-as-a-service market, with forecasts indicating exponential growth, reaching an impressive $10.48 billion by 2028, sustaining a CAGR of 29.3%. This anticipated expansion is fueled by increased security demands, the integration of biometrics into mobile and IoT devices, the burgeoning growth in healthcare and telemedicine, and the robust development of infrastructure. Key trends in the forecast period include the growing use of mobile biometrics, the adoption of cloud-based Biometrics-as-a-Service (BaaS) solutions, enhanced security for online transactions, and continuous technological advancements.

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Biometrics Adoption as a Growth Driver

The surge in biometrics adoption stands out as a pivotal driver propelling the growth of the Biometrics-as-a-Service market. Biometrics, involving the measurement and statistical analysis of individual characteristics, is harnessed to recognize or verify identity. As a service, biometrics plays a crucial role in verifying a user's identity to grant access to secure physical or digital sites and protect transactions. The adoption of biometrics is increasing steadily, driven by its effectiveness and versatility. According to a Biometric Survey in 2021 by Goode Intelligence, 73% of respondents use biometrics to ensure a positive customer and user experience, with 64% prioritizing biometric technology that supports remote onboarding and mobile apps. Furthermore, a survey by Visa Inc. in May 2022 revealed that 70% of consumers find biometrics simpler, and 86% are interested in adopting them to authenticate identity or make payments. This increasing adoption is a primary driver for the growth of the Biometrics-as-a-Service market.

Leading Players and Technological Innovation

Prominent players in the Biometrics-as-a-Service market are at the forefront of technological innovation, driving the development of advanced transducers. Multimodal biometric authentication, a solution utilizing two or more different biometric identifiers as a form of multi-factor authentication, is gaining prominence. For example, NEC Corporation launched Bio-IDiom, a multimodal biometric authentication solution combining face recognition and iris recognition. This technology enables high-precision, high-speed authentication with a false acceptance rate of less than one in 10 billion. The adoption of such innovative technologies positions leading companies as pioneers, strengthening their market position.

Regional Dominance and Market Segmentation

The North American region emerges as a dominant force in the Biometrics-as-a-Service market as of 2023. Biometrics-as-a-service market segmentation includes scanner types such as Fingerprint Recognition, Iris Recognition, Palm Recognition, Facial Recognition, Voice Recognition, and other scanner types. Modality encompasses Unimodal and Multimodal, while the deployment model includes Public Cloud, Private Cloud, and Hybrid Cloud. Application segments cover Site Access Control, Time Recording, Mobile Application, Web, and Workplace. End-users span Government, Retail, IT (Information Technology) and Telecom, Banking, Financial Services, and Insurance (BFSI), Healthcare, and other sectors.

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Stakeholders in the Biometrics-as-a-Service market find themselves on the brink of a secure and connected era, driven by innovation, increasing security demands, and technological advancements. As the biometrics-as-a-service market continues its exponential growth, industry players are encouraged to utilize insights provided in the market report, unlocking new possibilities, and steering their businesses toward sustained growth and success.

Biometrics-As-A-Service Global Market Report 2024 by The Business Research Company provides insights on the biometrics-as-a-service market size, biometrics-as-a-service market segments, biometrics-as-a-service market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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