Biometric-as-a-Service Market Insights Report 2020-2030
The biometric-as-a-service market is expected 1.73 Billion to register a CAGR of 20.06% during the forecast period, 2021–2027.
larry wilson
Market Analysis
At the intersection of technology and security lies biometric authentication, a means of identifying individuals based on their unique physiological and behavioral characteristics. This technology has already found its way into various industries, such as banking and healthcare, and has been proven to be a reliable and effective method of identification. However, its integration into various systems can be complex, requiring specialized hardware and software, as well as a deep understanding of the biometric industry. This is where Biometric-as-a-Service (BaaS) comes in.
The Biometric As A Service Market will grow at a whopping 20.6% CAGR in the forecast period (2021-2027), states the latest Market Research Future (MRFR) report.
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What is Biometric-as-a-Service?
In simple terms, Biometric-as-a-Service (BaaS) is a cloud-based service that provides businesses with access to biometric authentication without the need for specialized hardware and software. With BaaS, businesses can integrate biometric authentication into their existing systems, such as mobile apps or web platforms, without the need for any hardware or software installation.
BaaS offers businesses a simple and cost-effective way to implement biometric authentication without the need for any hardware or software installations. It allows businesses to focus on their core competencies while relying on BaaS providers to handle the complexity of integrating biometric authentication into their systems.
The Benefits of Biometric-as-a-Service:
There are numerous benefits to using BaaS. Here are just a few of the most significant:
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Cost-effective: BaaS eliminates the need for businesses to invest in specialized hardware and software, reducing overall costs.
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Scalability: BaaS can be scaled up or down as needed, making it an ideal solution for businesses of all sizes.
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Security: Biometric authentication is one of the most secure methods of authentication, making BaaS an ideal solution for businesses that require high levels of security.
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Convenience: With BaaS, businesses can integrate biometric authentication into their existing systems without the need for any hardware or software installation.
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Accuracy: Biometric authentication offers a high level of accuracy, ensuring that only authorized individuals are granted access.
Drivers:
Growing Integration of AI and Blockchain Technologies to Boost Market Growth
The growing integration of AI (artificial intelligence) and blockchain technologies with biometrics as a service (BaaS) solutions will boost the market over the forecast period.
Opportunities:
Rising Adoption of Cloud-based Services to offer Robust Opportunities
The rising adoption of cloud-based services by enterprises will offer robust opportunities for the market in the forecast period. Enterprises are adopting cloud-based services increasingly for their business functions owing to their different benefits like agility, disaster recovery, flexibility, and lower costs. Besides the cloud offers the perks of hybrid cloud deployment that offers the perks of both the public and private clouds. Due to cloud deployment, enterprises can avail the biometric security capabilities without the need for any complex infrastructure.
Restraints and Challenges:
Security Issues and Privacy Concerns to act as Market Restraint
The security issues and privacy concerns of biometric data stored on the cloud may act as a market restraint over the forecast period. Besides, the integration of biometric as a service into the existing systems may also impede market growth.
COVID-19 Analysis
The BaaS market has been substantially impacted owing to the increasing pandemic situation across the globe. The COVID-19 outbreak has led to reduced business activities as governments had enforced lockdowns. Owing to this, the dependency on online businesses has significantly grown to offer necessary services to consumers. Thus the increased need for biometric as a service as this offers robustness and security to the data. BaaS simplifies business processes and also affording transparency and immutability as well as increase focus on operational efficiency. Also, BaaS devices are also used in retail malls and buildings to screen people during the crisis before they enter. They can detect this using AI technology if anyone is not wearing a mask or has high temperature. Further, touchless technologies are also flooding the market now. Airports, hospitals, offices, and secure locations are making the most of non-contact biometric attendance.
Market Segmentation:
The biometric as a service market is bifurcated based on vertical, organization size, modality, solution trait, solution type, and offering.
By offering, the service segment will lead the market over the forecast period.
By solution type, the face recognition segment will dominate the market over the forecast period.
By solution trait, the biometric as a service market has been segmented into behavioral and physiological.
By modality, the unimodal segment will spearhead the market over the forecast period.
By organization size, large enterprises will have the lions share in the market over the forecast period.
By vertical, the retail segment will have the largest share in the market over the forecast period.
Based on offering:
- Solutions
- Services
Based on the solution type:
- Fingerprint Recognition
- Face Recognition
- Iris Recognition
- Voice Recognition
- Palm and Vein Recognition
- Others (DNA, Signature, Keystroke)
Regional Analysis:
North America to Command Biometric as a Service Market
North America will command the biometric as a service market over the forecast period. Faster adoption of innovative technologies in Mexico, Canada, and the US, the region being most technologically advanced, the presence of several leading industry players such as Amazon, IBM, Microsoft, and Google, large scale funded programs, employee access monitoring in buildings, rapid surge in online transactions, increase in advance cyber-attacks, and high IT security spending are adding to the global biometric as a service market growth in the region.
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Key Players:
Prominent players profiled in the global biometric as a service market report 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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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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