Innovations Driving Biometric-as-a-Service (BaaS) Market Growth: Forecast 2022-2027

MarkNtel Advisors recently published a detailed industry analysis of the Biometric-as-a-Service (BaaS) Market. The report covers growth trends, regional marketing strategies, challenges, opportunities, and drivers influencing the market.

Insights and Analysis of the Biometric-as-a-Service (BaaS) Market (2022-2027)

The Global Biometric-as-a-Service (BaaS) Market is projected to grow at a CAGR of around 19.78% during the forecast period, i.e., 2022-27. The market growth imputes primarily to the increasing use of Bring-Your-Own-Devices (BYOD) in organizations, coupled with the mounting data security issues globally, which have led to an increased usage of cloud-based mobile biometric services.

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Key Trends in the Global Biometri-as-a-Service (BaaS) Market

Rising Government Initiatives toward Integrating BaaS into Prominent Industrial Verticals

Integration of biometric services with cloud-based platforms, such as Biometric-as-a-Service (BaaS), is presently the keen focus area of the eminent end-user industries & small vendors due to burgeoning instances of payment frauds & data breaches worldwide. Cloud-based security services offer organizations various advantages like lowered costs, enhanced flexibility, better disaster recovery related to data breaches, and agility without involving any complex infrastructure.

19 of the 24 US government agencies use biometric security services like facial recognition systems across their respective organizations, cites the Government Accountability Office (GAO). These include the US Department of Defense (DOD) & Department of Homeland Security (DHS) that maintain in-house systems and other smaller agencies with access to high-security locations across the US.

In November 2020, the Ministry of Russia announced to build a database of fingerprint, DNA, & face biometric data collected from Russians & foreigners. This software that will identify people by face, voice, iris, & even gait biometrics is expected to go live for the new Federal Information System of Biometric Accounting (FISBA) by the end of 2023.

Several initiatives by governments worldwide to tackle identity-related frauds, specifically for strengthening e-KYC to authenticate identities of different citizens at airports, banks, healthcare, & other economic sectors, shall increase the revenue of BaaS providers during the forecast period.

 What segments define the Biometric-as-a-Service (BaaS) market from 2022 to 2027? How do these segments contribute to market dynamics and growth?

-By Component

-Solutions

-Services

-By End Users

-Banking and Financial Services

-Government

-IT/ITES

-Healthcare

-Manufacturing

-Energy & Utilities

-Retail

-Others (Transport, Entertainment, etc.)

-By Trait

-Physiological

-Face Recognition

-Fingerprint Recognition

-Iris Recognition

-Palm and Vein Recognition

-Others

-Behavioral

-Voice Recognition

-Signature Recognition

-Others

-By Organization Size

-Small & Medium Enterprises

-Large Enterprises

-By Region

-North America

-South America

-Europe

-Middle East & Africa

-Asia Pacific

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Who are the leading key players shaping the Biometric-as-a-Service (BaaS) Market landscape?

Thales Biometrics, Leidos Holdings, Inc., Fujitsu Ltd., NEC Corporation, BioEngagable Technologies Pvt. Ltd., ImageWare Systems, Inc., M2SYS Technology - KernellÓ Inc., Mobbeel Solutions, S.L.L., Aware, Inc., IDEMIA France SAS, Clearview AI, Inc., Bayometric, Amazon Inc, Microsoft Corporation, & CERTIBIO

Questions Addressed in this Study

1.What factors are driving the Biometric-as-a-Service (BaaS) Market growth?

2.What are the key insights into the current trends in the Biometric-as-a-Service (BaaS) Market?

3.What is the current size of the Biometric-as-a-Service (BaaS) Market, and how is it projected to change in the future?

4.What is the future outlook for the Biometric-as-a-Service (BaaS) Market in terms of technological advancements and market expansion?

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