Biometrics-as-a-Service Market size to increase by USD 2.35 billion between 2022 to 2027, Market Segmentation by Application and Geography, Technavio
NEW YORK, April 16, 2024 /PRNewswire/ -- The global biometrics-as-a-service market size is estimated to grow by USD 2,353.46 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 15.93% during the forecast period. Biometrics-as-a-Service (BaaS) market involves integration of low-cost biometric solutions from companies like BioID, HYPR, NEC, Aware, Nuance, Leidos, Idemia, and BioCatch. Unimodal and multimodal technologies offer enhanced security in sectors like healthcare, enterprise, automotive, and financial services. Privacy concerns persist due to potential spoofing, identity theft, and profiling. Applications include access control, law enforcement, and e-passport programs. BaaS demand surges due to increasing terrorist and theft activities, crucial data protection, and government support.
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The Application segment emerges as the fastest-growing segment in the biometrics-as-a-service market
The Biometrics-as-a-Service (BaaS) market in North America is experiencing robust growth, driven by the integration of biometric technologies in various sectors. The BFSI industry's heightened focus on security is a significant factor, with biometrics becoming a crucial component of multi-factor authentication solutions. The increasing number of cyberattacks and data theft incidents, such as the one at Michigan-based Flagstar Bank, has further accelerated market expansion. Governments are responding by increasing spending on advanced biometric technologies, including unimodal solutions like iris recognition and multimodal technologies like voice biometrics. Key players in the services segment include BioID, HYPR, NEC, Aware, Nuance, Leidos, Idemia, and others. The healthcare, enterprise, automotive, imaging, financial services, legal, manufacturing, education, logistics, and other sectors are adopting contactless biometric solutions for access control and security systems. Behavioral biometrics providers like BioCatch are also gaining traction to prevent terrorist activities and theft of crucial data. Government support through initiatives like the e-passport program and national security measures further bolsters market demand.
Commenting on the market trends, a Senior Analyst of Technavio, stated," The BFSI sector is embracing biometrics-as-a-service, with voice and face recognition surpassing touch-based interactions for secure customer engagement. Voice recognition verifies identity through biometric authentication for banking transactions. Conversational interfaces like chatbots and home assistants facilitate voice recognition. Banks like Santander offer voice payment options. Biometric shopper analytics and loss prevention solutions are also gaining popularity in retail and consumer electronics sectors. Advanced authentication services ensure security against threats. Key players include SkyBiometry, NtechLab, Vsblty, and Sensormatic Solutions."
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Analyst Review
In today's world, ensuring national security and preventing terrorist and theft activities are of utmost importance. The Biometrics-as-a-Service (BaaS) market plays a crucial role in this regard by providing advanced authentication services using contactless biometric solutions. These solutions include fingerprint sensors and facial recognition biometrics, which enable touch-free identification and are supported by the Android platform. The e-passport program and government initiatives for criminal identification also benefit from these technologies. Sensormatic Solutions, a leading provider in the market, offers biometric shopper analytics and loss prevention solutions, enhancing personal data security. Amidst the coronavirus pandemic, BaaS market solutions have gained significant traction, with contact-free sensing solutions becoming increasingly popular. The cloud-based advanced authentication services offered by these solutions ensure the security of crucial data, making them an essential component of modern security systems.
Market Overview
The Biometrics-as-a-Service (BaaS) market is experiencing significant growth due to the increasing demand for secure and convenient identification solutions. Biometrics technology, such as facial recognition, fingerprint scanning, and iris scanning, is being integrated into various industries, including finance, healthcare, and retail. BaaS providers offer flexible and cost-effective solutions, allowing businesses to implement biometric systems without the need for extensive infrastructure or expertise. The use of cloud technology enables real-time data processing and analysis, enhancing security and improving user experience. The market is expected to continue expanding as more organizations adopt biometric technologies to enhance security and streamline processes. The global Biometrics-as-a-Service market is projected to reach a value of USD30.5 billion by 2025, growing at a CAGR of 18.2% during the forecast period.
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com/
SOURCE Technavio
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