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In the solution type, fingerprint scanning segment to hold the largest market size during the forecast period
The fingerprint scanning technology is currently being adopted in various industries, including BFSI, healthcare, government, and other industries. BFSI companies, including Bank of America, JPMorgan Chase, and Wells Fargo, have started adopting the fingerprint scanning technology on a large scale for securing transactions. Despite its numerous benefits, certain factors, such as the use of dirty or damaged fingers and aridity & wetness of digits used for authentication, are seen to have a significant impact in terms of accuracy of the fingerprint scanning technology.
In modality, multimodal segment to grow at a higher CAGR during the forecast period
Multimodal solutions are more secure as compared to unimodal solutions. Moreover, these systems are more accurate and are less prone to image matching and acquisition errors. Data acquisition errors, such as failure-to-acquire and failure-to-enroll, and data-matching errors measured in terms of false match rate, are lower in the case of multimodal authentication. Consequently, these systems are increasingly being adopted in all the industries and are gaining wide user acceptance.
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North America to hold the largest market size during the forecast period
North America, a technologically advanced region with a high number of early adopters and the presence of major market players, is expected to contribute the highest market share in terms of revenues during the forecast period. Factors such as large-scale funded programs and employee access monitoring in buildings are driving the revenue growth in this region.
Major vendors in the global biometric-as-a-service market include Idemia (France), NEC (Japan), Thales (France), M2SYS (US), Fujitsu (Japan), Aware (US), Leidos (US), Nuance (US), Certisign (Brazil), HYPR (US), BioID (Germany), Ayonix (Japan), Phonexia (US), Lexis Nexis (US), Cognitec Systems (Germany), Iritech (US), Affectiva (US), Nviso (Switzerland), Fingerprints (Sweden), Bayometric (US), Google (US), Microsoft (US), IBM (US), Amazon (US), and Accenture (Ireland).
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