December 02, 2020
According to the research report titled ‘Global Biometric-as-a-Service Market Size study, By Scanner Type (Fingerprint Recognition, Iris Recognition, Palm Recognition, Facial Recognition, Voice Recognition and Others), By Application (Site Access Control, Time Recording. Mobile Application and Web and Workplace), By End-user (Government, Retail, IT and Telecom, BFSI, Healthcare and Others) and Regional Forecasts 2020-2027’ available with Market Study Report LLC, global biometric-as-a-service market accounted for USD 3.20 billion in 2019 and is predicted to exhibit a noteworthy CAGR of 22.7% during 2020-2027.
Industry analysts claim that shifting preference towards biometric security solutions from traditional forms of entry codes such as passwords and locks, coupled with beneficial attributes of the service like reduced subscription cost, high accessibility, easy implementation at any endpoint on the network, and enhanced safety& security are bolstering the growth of global biometric-as-a-service market size.
For the record, biometrics-as-a-service or BaaS is a model that facilitates cloud-based identification and authentication for enterprises to identify individuals or employees based on their biological and behavioral characteristics.
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Increasing penetration of mobile and connected devices, escalating demand for cost-effective biometric solutions, growing focus of industry players towards introducing innovative products, and acquisitions, mergers, and other strategic alliances are positively swaying the global biometric-as-a-service market dynamics. However, growing concerns regarding security of biometric data on cloud-based platforms is a restraining factor for the expansion of the industry during the analysis timeframe.
Based on scanner type, global biometric-as-a-service industry is fragmented into voice recognition, facial recognition, palm recognition, iris recognition, fingerprint recognition, and others. With regards to application spectrum, the market is segmented into web & workplace, mobile application, time recording, and site access control. The end-user terrain of the market is bifurcated into healthcare, BFSI, IT & telecom, retail, government, and others.
As per the regional analysis of the report, North America biometric-as-a-service market is estimated to amass lucrative gains over 2020-2027, owing to increasing prevalence of cyber-attacks, integration of heavily invested programs & employee access monitoring solutions in buildings, and inefficiency of small & large businesses.
On the other hand, Asia-Pacific biometric-as-a-service market is projected to record the highest CAGR over the forecast period.
Prominent organizations that boast of a strong presence in worldwide biometric-as-a-service market are IDEMIA France SAS, BioID GmbH, Certibio, Nuance Communications Inc., Leidos (formerly known as Science Applications International Corporation), Aware Inc., Fujitsu Limited, M2SYS Technology, Thales Group, and NEC Corporation among others.