The Global Biometric-as-a-Service Market is expected to register a CAGR of ~20.06% During the Review Period, 2021–2027

Pune, India, June 2021, MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global Biometric-as-a-Service Market.

Overview

The global biometric-as-a-service market is expected to register a CAGR of ~20.06% during the forecast period, 2021–2027.  In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the Biometric-as-a-service market to offer a better glimpse into the coming years.

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 cloudis hindering the market growth. Nevertheless, the growing use of digital platforms for transactions is providing opportunities in the market.

Segmental Analysis

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

Based on the offering, the biometric-as-a-service market has been segmented into solution and service.The solutions segment consists of fingerprint recognition, multimodal recognition combining fingerprints and vein patterns, facial recognition, and iris recognition.

By solution type, the biometric-as-a-service market has been segmented intofingerprint recognition, face recognition, iris recognition, voice recognition, palm & vein recognition, and others. Furthermore, the other segment is divided into DNA, signature, and keystroke. The automated method of identifying or confirming an individual's identity based on the comparison of two fingerprints is known as fingerprint recognition. Fingerprint recognition is one of the most well-known biometrics, and it is the most widely used biometric solution for computerized system authentication.Facial recognition is a method of identifying or verifying a person's identity by looking at their face. Facial recognition systems can be used to identify people in photos, videos, or in real-time.Voice recognition is the process of taking the spoken word as input to a computer program.This approach is significant in virtual reality because it allows the user's hands to stay free while managing the simulation in a completely normal and intuitive manner.Palm vein recognition is a biometric identification method based on the distinct patterns of veins in people's hands' palms. Palm vein recognition systems, similar to many other biometric technologies, capture an image of a target, collect & process picture data, and compare it to an individual's stored record.

By solution trait, the biometric-as-a-service market has been segmented intophysiological and behavioral. Physiologic biometrics refers to physical measurements of the human body, including face, fingerprint, hand geometry, retina, and iris. Recognition systems based on physiological characteristics have relatively high accuracy. Behavioral biometrics is the field of study related to the measure of uniquely identifying and measurable patterns in human activities

By modality, the biometric-as-a-service market has been segmented into unimodal and multimodal. Unimodal systems are biometric identification systems that employ a single biometric attribute of the individual for identification and verification.Multimodal biometric systems are biometric identification systems that employ or are capable of employing a combination of two or more biometric modalities to identify an individual.

By vertical, the biometric-as-a-service market has been segmented into government & public, manufacturing, automotive, energy & utilities, telecom, healthcare, and others. The health care segment is expected to gain the largest market share during the forecast period, while the government & public segment is expected to have the highest CAGR during the forecast period. Remote surgery and diagnostics and patient vital signs and data monitoring are all examples of Biometric-as-a-Service healthcare applications. Doctors can utilize a remote platform to control surgical tools from a safe and comfortable distance. BaaS devices will be used in buildings and retail malls after COVID-19to screen people before they enter. They can detect it utilizing AI technology if the people/visitors have a high temperature or are not wearing a mask.

By organization size, the biometric-as-a-service market has been segmented into SMEs and Large Enterprises.

By vertical, the biometric-as-a-service market has been segmented into government (Public Administration), healthcare, BFSI, IT & ITES, manufacturing, education, and others.

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Competitive Analysis

The global biometric-as-a-service market is characterized by the presence of several regional and local providers. Some of the key players in the market are Idemia (France), NEC (Japan), Thales (France), M2SYS (US), Fujitsu (Japan), Aware (US), Leidos (US), Nuance (US), Certisign (Brazil), HYPR (US), BioID (Germany), Ayonix (Japan), Phonexia (US), Lexis Nexis (US), Cognitec Systems (Germany), Iritech (US), Affectiva (US), Nviso (Switzerland), Fingerprints (Sweden), Bayometric (US), Google (US), Microsoft (US), IBM (US), Amazon (US), and Accenture (Ireland).

Regional Analysis

The regional analysis for the biometric-as-a-service market has been done for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America accounted for the largest market share in 2019, and it is expected to register strong growth during the forecast period. However, the APAC region is experiencing tremendous growth due to various factors, including the expansion of local businesses and government programs aimed towards AI developments. The major APAC countries are technologically advanced and provide significant investment and income potential.