Biometric-as-a-Service Market Research Report: Information by Component (Solution and Services [Professional and Managed]), Deployment (Cloud-Based and On-Premise), Organization Size (Large Enterprises and Small and Medium Enterprises), Vertical (BFSI, IT & Telecom, Hospitality & Travel, Media & Entertainment, Healthcare, and Others), Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2027

Biometric-as-a-Service Market Overview:

The biometric-as-a-service market is expected to register a CAGR of ~20.06% during the forecast period, 2021–2027.

Biometrics, or simply biometrics, refers to the use of biological characteristics such as a person's face, fingerprints, or iris to recognize individuals in an automated manner. A system to promote innovative biometric recognition in the cloud. With BaaS, one could commence using fingerprint scanning and face recognition to integrate employees and customers, preventing fraud and enhancing customer service without the need for costly, time-consuming, and resource-intensive software purchase and integration processes. With BaaS, one could commence using fingerprint scanning and face recognition to integrate employees and customers, preventing fraud and enhancing customer service without the need for costly, time-consuming, and resource-intensive software purchase and integration processes.Biometrics-as-a-Service enables a company to identify individuals based on biological and behavioral traits using cloud-based identification and authentication. The technology has several advantages, including ease of adoption at any endpoint on the network, accessibility from anywhere in the world, and lower subscription costs.

COVID-19 Analysis

As the current COVID-19 epidemic spreads the world and strongly influences society, governments and companies are resorting to creative applications of biometric technology to restrict spread and preserve economic opportunities. As the coronavirus continues to decimate the world, the World Health Organization and other health officials are consistently working to limit the spread of the virus. As employees from several companies begin working from home, it is crucial to ensure that they are not permitted back in the office. The biometric-as-a-service market is substantially affected due to the increasing pandemic situation of COVID-19 across the world. The global economy is facing unprecedented challenges from the COVID-19 crisis affecting millions with severe impacts on health, family, and poor financial conditions.  For instance, in March 2020, the World Health Organization (WHO) announced the COVID-19 as a global pandemic resulting in several countries under lockdown. The outbreak of the COVID-19 pandemic has resulted in reduced business activities as governments have enforced lockdowns until further notice. Due to this, the dependency on online businesses has grown significantly to provide necessary services to consumers. Henceforth, increased demand for BaaS as it provides security and robustness to the data. It simplifies business processes and affording transparency and immutability, and increasing focus on operational efficiency. This creates a lucrative growth opportunity for the biometric-as-a-service market during the pandemic situation. These technologies have already commenced acquiring popularity throughout the world, as employing touch-based technologies such as fingerprint and vein identification increases the likelihood of the virus spreading. Various governments, law enforcement agencies, and other organizations have already abandoned touch-based biometric authentication in place of touchless biometric authentication technology as a preventative step.

Market Dynamics

The major factors driving the growth of the biometric-as-a-service market are the growing demand for cost-effective solutions to access advanced biometrics capabilities and rising government initiatives. However, the security of biometric data stored on the cloud is hindering the market growth. Never the less, the rising use of digital platforms for transactions and increasing adoption of cloud-based services are providing growth opportunities for the players operating in the global market.

Drivers

• Growing Demand for Cost-Effective Solutions to Access Advanced Biometrics Capabilities

The automated identification of a person based on physiological or behavioral features is referred to as biometrics.This identification method is preferred over traditional methods involving passwords and personal identification numbers for several reasons, including the requirement that the person to be identified be physically present at the point of identification and/or identification based on biometric techniques. Biometric authentication in cloud computing architecture provides potential benefits such as scalability, cost-effectiveness, dependability, hardware agnostic, and enabling global access to private data and services.Biometrics-as-a-service is delivered through a cloud-based platform that merges cloud capabilities and technologies with biometrics infrastructure. This enables biometric onboarding and authentication on the cloud platform while eliminating the costs associated with the database, network, and storage components.Furthermore, the majority of biometrics-as-a-service companies provide integration services to assist clients in integrating biometrics capabilities into their existing systems. This decreases the requirement for technical resources to integrate the service even further.

• Security of Biometric Data Stored on the Cloud

• Value Chain Analysis

• The global biometric-as-a-service market has been segmented based on offering, solution type, solution trait, modality, organization size, vertical, and region.


• By offering, the biometric-as-a-service market has been segmented into solution and service.


• Bysolution type,the biometric-as-a-service market has been further segmented into fingerprint recognition, face recognition, iris recognition, voice recognition, palm and vein recognition, and others. The other segment is divided into DNA, signature, and key stroke.


• By solution trait, the biometric-as-a-service market has been further segmented intophysiological and behavioral.


• By modality, the biometric-as-a-service market has been further segmented intounimodal and multimodal.


• Byorganization size, the biometric-as-a-service market has been further segmented intoSMEs and large enterprises.


• By vertical, the biometric-as-a-servicemarket is segmented into government (public administration), healthcare, BFSI, IT and ITES, manufacturing, education, and others. Furthermore, the other segment is divided into entertainment, transportation, energy & utilities, retail, telecommunication, and other professional services.


• The regions included in the study are North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.

• Geographically, the global biometric-as-a-service market has been categorized as North America, Europe, the Asia-Pacific, the Middle East & Africa, and South America. North America is likely to be the dominant regional market due to the faster adoption of innovative technologies in developed countries in the region—the US, Canada, and Mexico. This is mainly due to the region being one of the most technologically advanced regions with the presence of a large number of market players such as Google, Microsoft, IBM, and Amazon. Asia-Pacific is expected to advance at the highest CAGR during the forecast period due to the growing utilization of technologies.The growth of the biometrics-as-a-service market in Asia-Pacific is expected to be influenced by an increase in government investments in biometric projects such as national ID cards and e-passports and the development of smart cities and connected devices.The rapid growth of online transactions, the rise in advanced cyber-attacks, and high IT security spending are all significant factors driving the BaaS market in this region. Furthermore, the use of advanced biometrics in various IoT-based devices in this region has boosted the demand for biometrics-as-a-service solutions in this region.

• The global market for Biometric-as-a-Servicehas witnessed significant growth over the forecast period due to the growing demand for biometric sensor-based tablets, smartwatches, wearable devices, and other consumer electronic products. There are several domestic, regional, and global players operating in the biometric-as-a-service market who continuously strive to gain a significant share of the overall market.

• Google


• Microsoft


• IBM


• Amazon

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  In April 2020,Fulcrum Biometrics, LLC, a Texas-based biometric hardware, software, and solutions provider, has been acquired by Fujitsu Frontech North America Inc.This agreement demonstrates the company's commitment to growing its biometrics business in North America and the global identity management market, including multi-factor authentication mandates imposed by new state and federal laws governing financial institutions and healthcare providers' ability to share patient information.

  
  


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  In January 2020,Thales utilized cutting-edge Field-Programmable Gate Array (FPGA) technology to power its Biometric Matching System, which is designed for massive parallel data processing.Thales can cut the number of servers in half and reduce the overall carbon footprint by using Gemalto's commercial off-the-shelf FPGA solution. Border agencies that are implementing Entry/Exit systems and other government agencies that require real-time responses can now take advantage of low-latency biometric data processing.

  
  

• This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2018 to 2027. For this analysis, MRFR segmented the global biometric-as-a-service market has been segmented based on offering, solution type, solution trait, modality, organization size, vertical, and region.

Based on offering:

• Solutions


• Services

Based on the solution type:

• Fingerprint Recognition


• Face Recognition


• Iris Recognition


• Voice Recognition


• Palm and Vein Recognition


• Others (DNA, Signature, Keystroke)

Based on solution trait:

• Physiological


• Behavioral

Based on modality:

• Unimodal


• Multimodal

Based on organization size:

• SMEs


• Large Enterprises

Based on verticals:

• Government (Public Administration)


• Healthcare


• BFSI


• IT and ITES


• Manufacturing


• Education


• Others (Entertainment, Transportation, Energy &Utilities, Retail, Telecommunication, and Other Professional Services)

By Region

• North America


• Europe


• Asia-Pacific


• Middle East & Africa


• South America