The biometrics-as-a-service market is poised to see a CAGR of 18.2 percent from 2019 to 2026, according to analysis from Allied Market Research. The firm pegs the market’s value at $1.42 billion last year, and says it will reach a value of $5.37 billion at the end of its forecast period.
The market is being driven primarily by the rising threat of advanced cyberattacks, the growth of the Internet of Things, and the emergence of stringent government regulations, according to AMR’s new report. Security and privacy concerns associated with cloud-based are hindering the market somewhat, but the increasing adoption of cloud-based biometrics by small and medium-sized enterprises, along with AI advancements, are “expected to create a number of lucrative opportunities in the near future,” as AMR put it in a report summary.
AMR says that while unimodal approaches accounted for “the lion’s share” of the biometrics-as-a-service market last year, the multimodal segment will see the highest CAGR during the 2019-2026 forecast period, at 20.4 percent.
Another reversal can be seen in AMR’s regional analysis. The firm says that North America accounted for almost two-fifths of the overall biometrics-as-a-service market in 2018, but that the APAC region will see the fastest CAGR going forward, at 20.7 percent, thanks to both government investments in major civil ID projects and the rising threat of cyberattacks.
Key players identified in the market report include Accenture, Aware, BioID, Fujitsu, Fulcrum Biometrics, IDEMIA, ImageWare Systems, Iritech, Leidos, and M2SYS Technology.
More detailed analysis can be found in AMR’s full report.