Market Analysis
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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Key Players:
Key Companies in the biometric-as-a-service market
includes,
- Idemia
- NEC
- Thales
- M2SYS
- Fujitsu
- Aware
- Leidos
- Nuance
- Certisign
- HYPR
- BioID
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.
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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Biometric-as-a-Service Industry Developments:
January:
- Microsoft
announced that it would be making its biometric authentication technology
available as a service.
- Idemia
announced that it had partnered with Amazon Web Services (AWS) to offer
BaaS solutions.
February:
- Fujitsu
announced that it would be launching a new BaaS platform.
- NEC
announced that it had partnered with Google Cloud to offer BaaS solutions.
March:
- Thales
announced that it would be launching a new BaaS platform.
- Suprema
announced that it had partnered with Microsoft to offer BaaS solutions.
April:
- Aware
announced that it would be launching a new BaaS platform.
- BioEnable
announced that it had partnered with IBM Cloud to offer BaaS solutions.
May:
- Onfido
announced that it had raised $200 million in Series D funding.
- Nuance
announced that it had acquired RealMe, a facial recognition company.
June:
- Auth0
announced that it had acquired Okta Verify, a biometric authentication
company.
- Ping
Identity announced that it had acquired TypingDNA, a behavioral biometrics
company.
July:
- Google
announced that it would be launching a new biometric authentication API
for Android.
- Apple
announced that it would be adding facial recognition support to the iPhone
14.
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