Biometric-as-a-Service Market is expected to gain market growth in the forecast period of 2022-2027

According to MarkNtel Advisors study 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.

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Key Findings of the Study: Biometric-as-a-Service (BaaS) market

Key Driver: Digitalization and Growing Security Threats

The growing dependence on technology of the key industries, such as e-commerce, banking, security, etc., has urged the need for enhanced security mechanisms, which, in turn, has resulted in the increased integration of biometric services globally. Moreover, the mounting need to strengthen national security in many countries is also augmenting the demand for Biometric-as-a-Service (BaaS) models.

Governments worldwide are using BaaS to identify illegal immigrants, criminals, etc. For example, over 150 countries have adopted e-Passport programs, a combination of paper & electronic passports containing biometric identification information stored on an embedded microchip. It is for more accurate authentication of the identity of travelers while maintaining their privacy & the highest level of security.

Industries like healthcare, IT, banking, etc., are also shifting toward BaaS for more privacy & fewer security threats and are investing extensively in enhancing security systems. Moreover, the mounting demand for fingerprint scanning biometric solutions for payments & banking services is another crucial aspect positively influencing the global market. For instance:

• In January 2021, What’s App launched a privacy measure, which allows users to secure their accounts through biometric authentication.

The increasing need to secure online transactions, surging security threats, and mounting adoption of advanced technologies by governments to create awareness among citizens and promote digitalization is anticipated to propel the overall market growth during 2022-27.

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Scope of the Report and Biometric-as-a-Service (BaaS) Market Segmentation:

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

Of them all, the Behavioral segment is expected to acquire a considerable market share during 2022-27, owing to the burgeoning demand for digitally integrated technologies across a variety of industries, such as banking, government.

Biometric-as-a-Service (BaaS) Market Development:

• In December 2021, France's Thales company signed a memorandum of understanding with Saudi Telecom Company (STC) to collaborate on a broad range of technologies, including digital identity solutions, e-SIMs, national security technologies, smart cities, etc.
• In February 2021, Thales introduced Thales Cogent Palm Scanner CS500q in its portfolio, a scanner with a design, acquisition speed, and many different image acquisition enhancements.
• In May 2020, Thales introduced the Cogent Fingerprint Scanner CSD101i, a single-digit fingerprint scanner housed in a durable, compact casing.

Geographical Analysis:

By Region

• North America
• South America
• Europe
• Middle East & Africa
• Asia Pacific

Geographically, among all countries, North America is expecting to portray a noticeable growth in the Biometric as a Service (BaaS) Market during 2022-27.

Note: If you require specific information not covered in the current report, we can provide it through customized option

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