Growing demand for cost-efficient biometric solutions across various industry verticals are also the major factors driving the demand for biometrics-as-a-service market
The global biometrics-as-a-service market size is expected to reach over USD 3 billion by 2025, at a CAGR of over 19%. Over the past few years, the requirement to access and control data, systems, and premises has grown significantly. Also, various organizations majorly rely on PINs, passwords, and cards to ensure people’s identity for both physical and logical access. Nevertheless, such conventional approaches pose critical challenges for any organization. Hence, biometric solutions and services capture behavioral as well as physical aspects of individuals providing authentication based on the iris, fingerprint, voice, facial, and other types of recognition.
The existing and future biometrics-as-a-service market developments are defined to determine the attractiveness of the market. Key impacting factors highlight biometrics-as-a-service market opportunities throughout the forecast period. Rigorous government regulations on the ground of rising advanced cyber threats are the major factor driving the biometrics-as-a-service (BaaS) market growth. Also, the growing complex IoT landscape is fuelling the demand for the biometrics-as-a-service market. However, privacy concerns and security issues about the data stored on the cloud are expected to hinder the market growth. Furthermore, the growing adoption of cloud-based biometrics among SMEs is anticipated to provide growth opportunities for the market. Also, the integration of advance technologies such as AI and ML in the biometrics-as-a-service solutions is anticipated to be opportunistic for the industry during the forecast period.
The report also highlights numerous aspects of the global biometrics-as-a-service industry by evaluating the market through value chain analysis. Besides, the report covers numerous qualitative aspects of the biometrics-as-a-service industry in market drivers, restraints, and key industry opportunities. Furthermore, the report offers a complete assessment of the market rivalry along with company profiling of local as well as global vendors.
The biometrics-as-a-service market has strong competition among the well-established as well as new emerging players. Also, the biometrics-as-a-service industry players are targeting prospective markets to capture a competitive advantage over the other industry players by forming agreements, mergers & acquisitions, acquiring new startups & other companies, forming collaboration and partnerships, and expanding their business presence.
Based on the component, the market is segmented into solutions and services. The service segment is anticipated to gather the highest market growth during the forecast period. On the contrary, the solutions segment dominated the market in 2019 due to the increasing demand from numerous organizations to secure their office premises.
Asia-Pacific region is expected to hold the highest CAGR during the forecast period 2020–2025. The growth of this region is mainly accredited to growing investments by numerous governments in biometric projects. Also, growing smart city initiatives in countries such as China, India, and others is expected to create demand biometric solutions and services. Moreover, North America dominated the Biometrics-as-a-service market during the forecast period due to the growing cyber-attacks in this region. In addition, increased spending by various organizations and companies to enhance IT security is also the major factor fuelling the market growth in this region.
The major players of the global Biometrics-as-a-service market are Accenture, BioID, Fujitsu, Leidos Holding, IDEMIA, NEC Corporation, M2SYS Technology, Fulcrum Biometrics, Iritech, and Imageware Systems Incorporated. Moreover, the other potential players in the biometrics-as-a-service market are Phonexia, Smilepass, M2SYS, and Certibio. The recognized companies are coming up with innovative and new entertainment technologies and solutions. For instance, in May 2019, BioID and TESIS SYSware collaborated to integrate BioID Web Service (BWS) into TESIS SYSware’s ASPR automated password recovery tool. With this collaboration, TESIS SYSware now provides liveness detection along with facial recognition.
Segment Overview of Global Biometrics-as-a-Service Market
Component Overview, 2018-2025 (USD Billion)
Modality Overview, 2018-2025 (USD Billion)
- Unimodal Biometrics
- Multi-Modal Biometrics
Industry Vertical Overview, 2018-2025 (USD Billion)
- IT & Telecom
- Retail and E-commerce
- Government & Defence
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America