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Biometrics as a Service (BaaS) Comprehensive Market: Segmented: By offering (solutions and services); By technology (fingerprint recognition, voice recognition, palm recognition, iris recognition, face recognition and other technologies.) By modality (unimodal and multimodal) and Region -Analysis of Market Size, Share and Trends for 2014 - 2019 and Forecasts to 2030
Biometrics as a Service (BaaS) Comprehensive Market was at USD 1.65 billion in 2020 and is predicted to grow at a CAGR of 18.2% during the forecast period.
Biometrics is a way to verify a person’s identity through the measurement of their physical characteristics through fingerprints, facial recognition, iris recognition, voice recognition, etc. The increased usage of biometrics for authentication and identification as well as cloud computing for safely and securely sharing data over the networks has led to the technology of biometrics as a service. BaaS technology is used across various applications such as government organizations, SMBs, and telecommunications companies in their identity management operations.
Fiber Optic Connectivity Market is expected to project a CAGR of 18.2% during the forecast period, 2022-2032
Increased adoption of cloud-based services due to advantages such as cheap and flexible applications to drive the market growth of BaaS. Adoption of fingerprint recognition by various applications such as mobile phones, laptops and security services to also drive growth of the market.
By offering
it can be divided into solutions and services. The services segment registers the highest CAGR due to the increased demand for maintenance and service of products that are a part of a subscription or the service alone.
By technology
it can be segmented into fingerprint recognition, voice recognition, palm recognition, iris recognition, face recognition and other technologies. Fingerprint recognition is widely used in many applications such as mobile phones, locks and insurances.
By modality
it can be categorized into unimodal and multimodal. The unimodal solutions are easy and simple than the multimodal solutions, but they are less prone to threats and are used in industries where a high level of security is not required.
Increased adoption of fingerprint recognition and cost-effective solutions to drive market growth
Increased adoption of cloud-based services due to advantages such as cheap and flexible applications to drive the market growth of the Biometrics as a Service market. Adoption of fingerprint recognition by various applications such as mobile phones, laptops and security services to also drive the growth of the market.
Time consumption and inefficient costs hamper the market growth.
The information on the cloud can be stolen or lost when installing the biometric as a service if the information is not secured acting as a restraint in the market as this information can be misused. High costs and a large amount of time in installation also hamper the growth of the market.
APAC holds the largest share in the Biometrics as a Service market due to the technological advancements and growing cyber threats in the region. The rise in smart city initiatives by the government in developing countries and increased investments in cyber security services also drive the growth in this region. Additionally, North America is also expected to register a high growth rate due to the technological advancements and major key players in the region. Large spending by companies and adaptation of IT security is also expected to drive growth in this region.
Business Strategy, Key Product Offerings Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
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