Biometric As a Service Market Growth CAGR 20.06% by 2027: Market Research Future

May 30 16:50 2022
Biometric As a Service Market Growth CAGR 20.06% by 2027: Market Research Future
Biometric As a Service Market
Biometric As a Service Market Growing due to Rising Government Initiatives

Market Scenario:

The Biometric As a Service Market will grow at a whopping 20.06% CAGR in the forecast period (2020 to 2027), states the latest Market Research Future (MRFR) report. 

 

Drivers 

Growing Integration of AI and Blockchain Technologies to Boost Market Growth 

The growing integration of AI (artificial intelligence) and blockchain technologies with biometrics as a service (BaaS) solutions will boost the market over the forecast period. 

 

Opportunities 

Rising Adoption of Cloud-based Services to offer Robust Opportunities 

The rising adoption of cloud-based services by enterprises will offer robust opportunities for the market in the forecast period. Enterprises are adopting cloud-based services increasingly for their business functions owing to their different benefits like agility, disaster recovery, flexibility, and lower costs. Besides the cloud offers the perks of hybrid cloud deployment that offers the perks of both the public and private clouds. Due to cloud deployment, enterprises can avail the biometric security capabilities without the need for any complex infrastructure. 

 

Restraints and Challenges 

Security Issues and Privacy Concerns to act as Market Restraint 

The security issues and privacy concerns of biometric data stored on the cloud may act as a market restraint over the forecast period. Besides, the integration of biometric as a service into the existing systems may also impede market growth. 

 

COVID-19 Analysis 

The BaaS market has been substantially impacted owing to the increasing pandemic situation across the globe. The COVID-19 outbreak has led to reduced business activities as governments had enforced lockdowns. Owing to this, the dependency on online businesses has significantly grown to offer necessary services to consumers. Thus the increased need for biometric as a service as this offers robustness and security to the data. BaaS simplifies business processes and also affording transparency and immutability as well as increase focus on operational efficiency. Also, BaaS devices are also used in retail malls and buildings to screen people during the crisis before they enter. They can detect this using AI technology if anyone is not wearing a mask or has high temperature. Further, touchless technologies are also flooding the market now. Airports, hospitals, offices, and secure locations are making the most of non-contact biometric attendance. 

Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/10598

Competitive Outlook:

Prominent players profiled in the global biometric as a service market report include 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).

Segmentation:

The biometric as a service market is bifurcated based on vertical, organization size, modality, solution trait, solution type, and offering. 

 

By offering, the service segment will lead the market over the forecast period. 

 

By solution type, the face recognition segment will dominate the market over the forecast period. 

 

By solution trait, the biometric as a service market has been segmented into behavioral and physiological. 

 

By modality, the unimodal segment will spearhead the market over the forecast period. 

 

By organization size, large enterprises will have the lions share in the market over the forecast period. 

 

By vertical, the retail segment will have the largest share in the market over the forecast period. 

 

Regional Analysis:

North America to Command Biometric as a Service Market 

North America will command the biometric as a service market over the forecast period. Faster adoption of innovative technologies in Mexico, Canada, and the US, the region being most technologically advanced, the presence of several leading industry players such as Amazon, IBM, Microsoft, and Google, large scale funded programs, employee access monitoring in buildings, rapid surge in online transactions, increase in advance cyber-attacks, and high IT security spending are adding to the global biometric as a service market growth in the region. 

 

Access Report Details @ https://www.marketresearchfuture.com/reports/biometric-as-a-service-market-10598  

Table of Contents:

1          Executive Summary

2          Scope of the Report

2.1       Market Definition

2.2       Scope of the Study

2.2.1    Research objectives

2.2.2    Assumptions & Limitations

2.3       Markets Structure

Continued….

About Market Research Future:

Market Research Future (MRFR) has created a niche in the world of market research. It is counted among the top market research companies that offer well-researched and updated market research reports and insights to businesses of all sizes. What sets us apart is our super-responsive team that offers quality work keeping clients abridged of the prospective challenges and opportunities in various markets. Our team is adept in their space as well as patiently listens to every client.

Media Contact
Company Name: Market Research Future
Contact Person: Media Relations
Email: Send Email
Phone: 16468459312
Address:Office No. 528, Amanora Chambers, Magarpatta Road, Hadapsar
City: Pune
State: Maharashtra
Country: India
Website: https://www.marketresearchfuture.com/