Emergen Research has recently published a detailed report on the global Biometric-As-A-Service Market formulated through extensive primary and secondary research. The report offers in-depth knowledge and analysis of the Biometric-As-A-Service Market through verified and validated data curated to offer accurate insights. The report also offers a region wise and country wise analysis of the Biometric-As-A-Service Market and contains a detailed analysis of the key elements influencing the growth of the market in the region. The research study also contains historical, current, and forecast estimations for each sector, segment, sub-segment, and regions.
Biometric-as-a-Service (BaaS) market size is expected to reach USD 6.41 Billion in 2028 and register a steady CAGR of 19.8%, according to latest analysis by Emergen Research. Key factors driving market revenue growth include advancements in technology coupled with rising demand for Biometric-as-a-Service (BaaS) technology in automotive, commercial centers, defense security and consumer electronics applications, among others.
Biometric-as-a-Service (BaaS) is an efficient solution to traditional biometric software models. The technology enables all type of organizations to deploy and use biometric in day-to-day operations. With BaaS, users can start practicing facial recognition and fingerprint scanning to enroll customers and employees to combat fraud as well as to streamline customer service without the use of expensive, time-consuming, and resource-intensive software acquisition and integration processes.
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Some Key Highlights From the Report
- In May 2020, Innovatrics and Daltrey, which is an ID access management company, partnered to develop Biometric-as-a-Service solution for frictionless authentication with passive liveness detection. Most current biometric facial recognition benchmarks show Innovatrics technology is among the fastest in identifying people from large data sets.
- Face recognition detects faces in real-time on camera, matches these with faces that has already been fed into the system and identifies people. It can also identify a person even if there are changes in facial features or expression, less optimal lighting, and the face is at different angles from the camera. It is used to prevent retail crime, find missing people, protect law enforcement, and is also used in casinos to recognise the moment a suspicious gambler enters the casino.
- Large enterprises segment accounted for a larger revenue share in 2020 owing to rapid deployment of biometric-as-a-service technology as a result of benefits this technology provides. Various BFSI, manufacturing, IT, and healthcare giants have started to deploy BaaS in their respective security infrastructure as necessity for such need arises.
The report also studies the key companies of the Biometric-as-a-Service (BaaS) market along with analysis of their business strategies, MA activities, investment plans, product portfolio, financial standing, gross profit margin, and production and manufacturing capacities.
Some players analyzed in the report are:
Fujitsu, Thales, Lexis Nexis, Idemia, Microsoft, Google, Accenture, Fingerprints, Amazon, and Bayometric.
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Biometric-as-a-Service (BaaS) Market Segmentation
Emergen Research has segmented the global biometric-as-a-service market on the basis of offering, type, organization size, vertical, and region:
- Offering Outlook (Revenue, USD Billion; 2018–2028)
- Type Outlook (Revenue, USD Billion; 2018–2028)
- Face Recognition
- Fingerprint Recognition
- Voice Recognition
- Iris Recognition
- Palm and Vein Recognition
- Others (DNA, Signature, Keystroke)
- Organization Size Outlook (Revenue, USD Billion; 2018–2028)
- Small and Medium Enterprises
- Large Enterprises
- Vertical Outlook (Revenue, USD Billion; 2018–2028)
- Government (Public Administration)
- IT and ITES
- Energy and Utilities
- Other Professional Services
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North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Questions Answered by the Report:
Which region is expected to dominate the market in the coming years?
What are the recent technological and product advancements occurring in the market?
What are the key strategies adopted by the prominent players in the Biometric-as-a-Service (BaaS) market?
What are the key product types and applications of the Biometric-as-a-Service (BaaS) industry?
What is the outcome of SWOT analysis and Porter’s Five Forces analysis?
How is the competitive landscape of the Biometric-as-a-Service (BaaS) market?
Who are the key players in the industry?
What is the growth rate of the industry over the coming years?
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