Biometric-as-a-Service Market Analysis
The Biometric As A Service Market will grow at a whopping 20.00% CAGR in the forecast period (2023-2030), states the latest Market Research Future (MRFR) report. The biometric-as-a-service market industry is projected to grow from USD 0.6 Billion in 2023 to USD 1.7915 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 20.00% during the forecast period (2023 - 2030).
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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.
Biometric-as-a-Service 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.
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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