Biometric-as-a-Service (BaaS) Market Size – USD 1.51 Billion in 2020, Market Growth – at a CAGR of 19.8%, Market Trends – Advancements in technology

The global 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. In March 2021, Piestro, which is a pizzeria-maker, partnered with PopID for safer, easier, and faster biometrics-based solutions for pizza lovers. The partnership will enable on-site contactless ordering and payment as well as use of PopID-compatible machines to view menus, place orders, and complete payments using the same screen.

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. 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.

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Consumer biometrics are increasingly being deployed in mobile devices and the sector is majorly dominated by security and access control devices, owing to approval being given for biometric systems. These are some key factors driving revenue growth of the market currently. For instance, WhatsApp launched an additional privacy measure on Android platform, which allows users to secure their accounts through the use of biometric authentication via fingerprint sensors. 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.

Key players in the market include Fujitsu, Thales, Lexis Nexis, Idemia, Microsoft, Google, Accenture, Fingerprints, Amazon, and Bayometric.

Offering Outlook (Revenue, USD Billion; 2018–2028)

Solutions

Services

Type Outlook (Revenue, USD Billion; 2018–2028)

Face Recognition

Fingerprint Recognition

Voice Recognition

Iris Recognition

Palm and Vein Recognition

Others (DNA, Signature, Keystroke)

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Key regions covered in the report:

 

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

 

The Global Biometric-as-a-Service  Market report contains historical, current, and forecast estimation of the revenue generation and profits for each segment and sub-segment of the Biometric-as-a-Service  market in each key region of the world. The report additionally sheds light on the emerging growth opportunities in the business sphere that are anticipated to bolster the growth of the market.

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The latest research report serves as a perfect example of the precise analysis of the global Biometric-as-a-Service market. It includes the ToC, list of tables and figures, research methodology, geographic segmentation, competitive landscape, future developments, and technological innovation. Moreover, the report offers the latest coverage of the massive impact of the COVID-19 pandemic on the worldwide Biometric-as-a-Service industry.

 

Our experienced market research team has provided updated information on the ongoing COVID-19 pandemic and its adverse economic impact in the latter segment of the report.  The coronavirus outbreak has led to drastic changes in the current Biometric-as-a-Service  business landscape, limiting the growth opportunities for various manufacturers and buyers for the next few years. Besides making speculations about the market’s post-COVID-19 scenario, the report discusses its existing situation. The report eventually offers conclusive data related to the Biometric-as-a-Service  market growth assessed on both regional and global levels.

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