Biometrics-As-A-Service Market
The Business Research Company recently released a comprehensive report on the Global Biometrics-As-A-Service Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The biometrics-as-a-service market size has grown exponentially in recent years. It will grow from $2.99 billion in 2023 to $3.75 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The growth in the historic period can be attributed to increasing digital transformation, rise of cloud services, rise of remote work and access, improved accuracy and reliability.
The biometrics-as-a-service market size is expected to see exponential growth in the next few years. It will grow to $10.48 billion in 2028 at a compound annual growth rate (CAGR) of 29.3%. The growth in the forecast period can be attributed to increased security demands, increasing mobile and iot integration, growth in healthcare and telemedicine, infrastructure growth. Major trends in the forecast period include growing use of mobile biometrics, cloud-based baas solutions, enhanced security for online transactions, technological advancements.
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/biometrics-as-a-service-global-market-report
Market Drivers and Trends:
Increasing adoption of biometrics is expected to propel the growth of biometrics as a service market going forward. Biometrics refers to measurement and statistical analysis of individuals that are used to recognize the identity, or verify the claimed identity. Biometrics are used as a service to verify a user’s identity to grant access to secure physical or digital sites or to protect transactions and for workforce management related functions. For instance, in April 2021, according to Biometric Survey 2021 with 220 respondents by Goode Intelligence, a UK-based identity and biometrics consulting and research company, 73% are using biometrics the ensure good customer and user experience, 64% are prioritizing biometric technology that supports remote onboarding and mobile apps. Further, in May 2022, according to a survey of 1,000 Americans by Visa Inc., a US-based financial services corporation, 70% of consumers think biometrics are simpler and 86% are interested in adopting them to authenticate identity or make payments. Therefore, the increasing adoption of biometrics is driving the growth of biometrics as a service market.
Major companies operating in the biometrics-as-a-service market are adopting new technologies such as multimodal biometric authentication to provide reliable services to their customers and to strengthen their market position. Multimodal biometric authentication is a solution that uses two or more different biometric identifiers as a form of multi-factor authentication. For instance, in November 2022, NEC Corporation, a Japan-based information technology and electronics corporation, launched Bio-IDiom a multimodal biometric authentication solution. It is uniquely designed with a combination of face recognition and iris recognition that enables high-precision, high-speed authentication with a false acceptance rate of less than one in 10 billion. The biometric authentication provided by this technology enables a shared ID to hasten seamless collaboration between numerous services and helps to develop innovative client experiences and services. The solution captures accurate information by automatically changing the positions of the camera according to the height of the user.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=12977&type=smp
Major Key Players of the Market:
Accen*ture PLC, Fujitsu Ltd., NEC Corporation, Thales Group, Leidos Holdings Inc., IDEMIA SA, Nuance Communications Inc., HID Global Corporation, Bytes Technology Group PLC, VoiceIt Technologies LLC, Imprivata Inc., Uniphore Software Systems Private Limited., Suprema Inc., BioEngagable Technologies Pvt Ltd., Aware Inc., Cognitec Systems GmbH, Integrated Biometrics LLC, IRITECH Inc., CERTIFY Global Inc., M2SYS Technology Inc., SecuGen Corporation, Athena Sciences Corporation, ImageWare Systems Inc., Mogimo Inc., Accu -Time Systems Inc., Clearview AI Inc., Biometrics Research Group Inc. , Union Community Co Ltd., Skybiometry, Speech Technology Center Limited.
Biometrics-As-A-Service Market 2024 Key Insights:
• The biometrics-as-a-service market is expected to grow to $10.48 billion in 2028 at a compound annual growth rate (CAGR) of 29.3%.
• Surging Adoption Of Biometrics Fueling Growth In The Biometrics As A Service Market
• Multimodal Biometric Authentication Revolutionizing Biometrics-As-A-Service Offerings
• North America was the largest region in the biometrics-as-a-service market in 2023
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=12977&type=smp
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (http://www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC’s consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
This release was published on openPR.
