Biometrics-as-a-service Market Overview:
The global Biometrics-as-a-Service market garnered $1.42 billion in 2018, and is estimated to reach $5.37 billion in 2026, growing at a CAGR of 18.2% from 2019 to 2026. Biometrics-as-a-Service is a centralized biometric database on the internet, which is used for authentication of a person based on a set of recognizable and verifiable data, which is unique and specific to them. The technology is considered widely useful as it lowers cost and helps customers to blend in different modalities to develop best use cases for different organizations and permit rapid integration with existing business intelligence and systems. BaaS has been significantly adopted among different industries, including government, fintech, and private companies, owing to its existing features associated with SaaS. Several benefits such as high reliability, cost-efficiency, and instant deployment are shifting the attention of different SMEs toward its adoption.
Increase in the adoption of cloud-based biometrics, supported by numerous factors such as growing cyber-attacks, stringent government regulations for data security, and demand for cost-efficient biometrics are the major factors that drive the growth of the market. In addition, growth of IoT landscape and increase in BYOD adoption among enterprises also fuels the growth of the market.
Service is projected as one of the most lucrative segments.
However, security and privacy concerns of biometric data stored on cloud hampers the growth of the market. Furthermore, surge in the adoption of cloud-based biometrics among developing economies, due to rise in the cloud industry and integration of advanced technologies, such as artificial intelligence, are anticipated to provide major opportunities for the market.
Unimodal is projected as one of the most lurcative segments.
The market is segmented into component, organization size, modality, industry vertical, and region. In terms of component, it is segmented into solution and services. As per organization size, it is bifurcated into large enterprises and small & medium enterprises. In terms of modality, the market is divided into unimodal biometrics and multi-modal biometrics.
By Industry Vertical
Healthcare is projected as one of the most lurcative segments
As per industry vertical, it is categorized into BFSI, retail and e-commerce, healthcare, government & defense, IT & telecom, education, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Organization Size
SMEs would exhibit the highest CAGR of 21.2% during 2019-2026.
The key players profiled in the biometrics-as-a-service market analysis are Fujitsu Limited, Accenture Plc., Aware Inc., Leidos Holdings, Inc., BioID, M2SYS Technology - KernellÓ Inc, Fulcrum Biometrics, LLC, IDEMIA, Imageware Systems Incorporated and Iritech, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Asia-Pacific would exhibit the highest CAGR of 20.70% during 2019-2026.
Impact of COVID-19 on Biometric as a Service Market:
- The growth of the biometrics-as-a-service market is expected to decline during the Covid-19 pandemic outbreak. The coronavirus can be transmitted due to the physical contact with the biometric device. Therefore the adoption of biometric devices in its application sectors such as BFSI, retail and e-commerce, healthcare, government & defense, IT & telecom, and education might be decreased.
- On the other hand, the manufacturing activities in the electronics industry have been halted during the novel coronavirus outbreak. In addition, sales channel and supply chain of the electronics industry impacted on the growth of the market.
Key Benefits for Biometrics-as-a-service Market:
- The study provides an in-depth analysis of global biometrics-as-a-service market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the market size is provided.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global biometrics-as-a-service market industry from 2019 to 2026 is provided to determine the market potential.
Biometrics-as-a-Service Market Report Highlights
By Enterprise Size
By Industry Vertical
Key Market Players
Fujitsu Limited, Leidos Holdings, Inc., . Iritech, Inc., IDEMIA, M2SYS Technology - KernellÓ Inc., Imageware Systems Incorporated, Fulcrum Biometrics, LLC., BioID, Accenture plc., Aware Inc.
Biometrics-as-a-Service (BaaS) offers major benefits of SaaS in biometrics solutions for authentication and identification. Globally, organizations have started upgrading their traditional identification and authentication techniques with modern approaches, such as cloud-based biometrics. Numerous benefits of BaaS such as reduced burden, costs associated with infrastructure, and in-house resources, such as servers and storage, are attracting large enterprises and SMEs. The technology is considered useful widely in case of large-scale deployment in workplaces as there has been a proven track record of successful implementation and authentication of this technology. Furthermore, increase in data breaches and stringent government regulations are the major factors that drive the growth of the market. Moreover, BaaS is considered more beneficial in different sectors, which include military setups, R&D facilities, nuclear reactors, and others, as this sector requires full-proof security and BaaS plays a major role in the same, thus providing lucrative opportunities for the market.
The market has a very competitive and fragmented environment, which consists of several international and regional players. Though, the market is in its growing stage, in its early stage of in terms of market share; it is expected to become the major biometric deployments in the upcoming years. The global players are focusing on several new product developments and increasing their presence in many regions, leading to the growing competition, in terms of features, quality, and price for local vendors. The market players are adopting various business strategies to enhance their product offerings, business expansion, and increase their market penetration. For instance, in January 2019, Fulcrum biometrics introduced new neuro technology in MegaMatcher ABIS 11, which includes algorithms that enhances the speed and interoperability across different biometrics such as voice & palmprint, fingerprint, iris, and face recognition as well as any of the above combination used. This new feature is expected to improve the interoperability, accuracy, and speed across multiple biometric modalities such as palmprint, fingerprint, voice, face, and iris or any of the above combination.