Global biometrics-as-a service to surpass $10B by 2030, contactless biometrics to top $18B by 2026
The global biometrics-as-a-service (BaaS) market is estimated to near $10.40 billion by 2030, at an annual growth of 16.2 percent, driven by an increasing demand for biometrics service and technology, according to a report by GMD Research hosted at Research and Markets.
The report titled “Global Biometrics- as-a-Service (BaaS) Market 2020-2030 by Offering, Modality, Technology, Enterprise Size, Deployment Mode, End User, and Region: Trend Forecast and Growth Opportunity” provides 181 pages with 85 tables and 90 figures of research into the biometrics-as-a-service market and sub-segments. The findings are also based on research conducted between 2015 and 2019 and estimates growth between 2020 and 2030.
Taking into account COVID-19, the report analyzes market structure, growth drivers, restraints and challenges, emerging product trends and market opportunities, and Porter’s five forces. It breaks down the biometrics-as-a-service market by offering, modality, technology, enterprise size, deployment mode, end user, and region.
In terms of technology, the market is divided into fingerprint recognition, voice recognition, iris recognition, signature recognition, palm and hand recognition, face recognition, and behavior recognition, among others. Sub-markets investigated include government, travel BFSI, healthcare, e-commerce and retail, defense, and IT and telecommunication.
The report also investigates investment risks, the competition landscape and trends, and identifies key market and emerging players. Companies in the market profiled by Research and Markets include Aware, Fingerprint Cards, Idemia, Leidos, NEC, Nuance Communications and Precise Biometrics.
Global contactless biometrics technology market to near $18.6 billion by 2026
Another report released by Research and Markets predicts the global contactless biometrics technology market will near $18.6 billion by 2026, at a market growth of 19.1 percent CAGR.
The KBV Research report titled “Global Contactless Biometrics Technology Market By Component, By Application, By End User, By Region, Industry Analysis and Forecast, 2020 – 2026” predicts time consumption will be cut down by less invasive biometric authentication devices. Invasive methods may increase authentication times, user friction and annoyance by requiring multiple authentication attempts.
While fingerprint recognition is ubiquitous, especially in contactless card payments, voice, facial and vein pattern recognition are slowly gaining market share. COVID-19 had a great contribution in the global acceptance of contactless biometric technologies for personal identity verification. During the pandemic, multiple governments have adopted contactless biometric technologies to prevent the spread of the virus and deliver public safety solutions.
Noteworthy partnerships, collaborations, and agreements mentioned in the report include Fingerprint Cards partnerships with Digi-Key Electronics and Feitian, and HID Global’s collaboration with Fidesmo. Significant acquisitions and mergers mentioned include the purchase of Fulcrum Biometrics by Fujitsu Frontech, and the acquisition of Biosite by Assa Abloy. In terms of product launches and expansions the report mentions Aware’s mobile biometric software Knomi version 2.6, Fingerprint Cards’ new FPC1025 biometric sensor and portfolio extension, and NEC’s NeoFace Thermal Express for touchless screening.