The growing demand for biometric authentication under various government initiatives and regulations has fuelled the adoption of biometrics-as-a-service solutions is explored in a new report from Marketsandmarkets: Biometrics as a Service Market by Modality Type, Application, Deployment Model, Organization Size, Industry, and Region – Global Forecast to 2022
The global biometrics-as-a-service market is expected to grow from USD 838.0 million in 2017 to USD 2972.8 million by 2022, at a Compound Annual Growth Rate (CAGR) of 28.82%.
The mobile banking, payments, and authentication segment is expected to have the largest market size during the forecast period
There is an increasing need for biometrics solutions for identifying and enrolling citizens for elections and voting purpose. Biometrics-as-a-service offerings provide more accurate identification and are more cost effective compared to traditional identification services. This is one of the major growth drivers for the biometrics-as-a-service market. However, concerns related to storage of biometric data on the cloud may prevent the end-users from adopting these solutions.
North America is estimated to have the largest market in 2017, whereas Asia Pacific (APAC) is projected to grow at the highest rate during the forecast period.