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Research report published by Proficient Market Research “Biometric-as-a-Service Market, By Type (Fingerprint Recognition, Face Recognition, Iris Recognition, Voice Recognition and Others); By End-use Industry (Government, BFSI, Healthcare, IT and Telecommunications, Manufacturing and Others) Market Growth, Future Prospects, Post COVID-19 Scenario 2020 – 2028”, states that the global biometric-as-a-service market is expected to grow at a CAGR of 19.9% during the forecast period from 2020 to 2028.
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.
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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.
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Market Players
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
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Based on type, the biometric-as-a-service market is segmented into the following:
Fingerprint Recognition
Face Recognition
Iris Recognition
Voice Recognition
Others
Face Recognition segment held the overall biometric-as-a-service market
In 2020, the face recognition segment led the overall biometric-as-a-service market in terms of market value accounting for over 33% of the global market. Face recognition is well exposed biometric technology which is used for authentication and identification of a person. For facial recognition high quality cameras with high zoom features are used, where they can recognize a subject from the distance.
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Based on end-use industry, the biometric-as-a-service market is segmented into the following:
Government
BFSI
Healthcare
IT and Telecommunications
Manufacturing
Others
IT and Telecommunications segment held the overall biometric-as-a-service market in terms of market value
In 2020, the IT and telecommunications segment led the overall biometric-as-a-service market in terms of market value accounting for over 23% of the global market. The biometrics technology is widely used in the IT and telecommunication industry for verification of person’s identity or for securing crucial data by using fingerprint, voice, eye and face recognition technology.
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Asia Pacific held the largest share in the biometric-as-a-service market
In 2020, Asia Pacific held the largest share in the biometric-as-a-service market because developing countries in Asia Pacific region such as China, Japan and India, among others are experiencing dynamic changes owing to rapid digitization, other digital changes and increasing occurrence of identity theft across Asia Pacific. Apart from this, growing cybercrime are encouraging the implementation of multifactor verification and multimodal technology structures.
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