|Market Driving Forces|
|Growing Demand for Cost-Effective Solutions to Access Advanced Biometrics Capabilities|
|Rising Government Initiatives.|
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.
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.
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.
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.
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.
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.
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|Market Size||2020: USD 1.73 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||• By Offering (Solutions and Services) • By Solution Type (Fingerprint Recognition, Face Recognition, Iris Recognition, Voice Recognition, Palm & Vein Recognition, and Others) • By Solution Trait (Physiological and Behavioral) • By Modality (Unimodal and Multimodal) • By Organization Size (SMEs and Large Enterprises) • By Verticals (Government (Public Administration), Healthcare, BFSI, IT & ITES, Manufacturing, Education, and Others)|
|Geographies Covered||• North America (US, Canada, and Mexico) • Europe (UK,Germany, France, Rest of Europe) • Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific) • Middle East & Africa • South America|
|Key Vendors||• Idemia • NEC • Thales • M2SYS • Fujitsu • Aware • Leidos • Nuance • Certisign • HYPR • BioID|
|Key Market Opportunities||• Rising Use of Digital Platforms for Transactions • Rising Adoption of Cloud-Based Services|
|Key Market Drivers||• Growing Demand for Cost-Effective Solutions to Access Advanced Biometrics Capabilities • Rising Government Initiatives|
The global biometric-as-a-service market achieved USD 1.73 Billion in 2020.
The biometric-as-a-service market is anticipated to register a CAGR of 20.06% during the forecast period.
North America to lead the global biometric-as-a-service market.
Increasing demand for cost-effective solutions to access advanced biometrics capabilities and rising government initiatives are the significant factors driving biometric-as-a-service market growth.
Some of the prominent players in the biometric-as-a-service market are Idemia (France), Aware (US), NEC (Japan), Thales (France), M2SYS (US), Fujitsu (Japan), Lexis Nexis (US), Leidos (US), Nuance (US), Certisign (Brazil), HYPR (US), BioID (Germany), Ayonix (Japan), Phonexia (US), Cognitec Systems (Germany), Iritech (US), Affectiva (US), Nviso (Switzerland), Amazon (US), Fingerprints (Sweden), Bayometric (US), Google (US), Microsoft (US), IBM (US), and Accenture (Ireland).