Biometric as a Service Market

Analysts at GMI Research estimates that the Biometric as a Service Market was worth USD 2.1 billion in 2022, and forecast to touch USD 8.6 billion in 2030, growing at a CAGR of 19.2% from 2023-2030.

Biometrics as a Service (BaaS) is defined as a model that leverages the practices of the SaaS model (Software-as-a-Service) which helps in performing biometric matching operations in the cloud platform. The traditional biometric authentication processes mainly focused on acquiring biometric traits, however, the SaaS is a solution for private and government organizations as it provides better security and enables the biometric authentication processes to run rapidly & safely through cloud services. One of the most remarkable advantages offered by BaaS is to provide an easy process for enrolling and confirming the identities of customers and employees using their fingerprints. It also helps in preventing frauds, errors, and duplicates of the customer’s data and information.

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Biometric as a Service Market Key Drivers

The significant factors contributing to the growth of the global biometric as a service market include the strong demand for robust fraud detection and prevention systems, followed by the growing penetration of smartphones and accelerating number of users and data security initiatives and programs launched by the government of numerous nations around the world. Additionally, the emerging demand for fingerprint identification to provide secured access in the smart devices will directly surge the demand for biometrics as a service market. With the growing digitalization at the global level, the customers are actively looking for biometric sensor based tablets, smartwatches, electronic devices, and other wearable devices, which in turn, will have a positive impact on the growing demand of the market.

Several organizations and startups are investing in bringing technological advancement in the biometric systems to capture the expanding demand for biometric technology in commercial centers, electronics, automotive, and defense and security, and other sectors. Furthermore, numerous offices and airports around the world are opting for biometrics technology, and the increasing application of finger and facial scan solutions in the security and defense sector will further energize the demand of the market. The smart functioning of the biometrics technology is projected to give new scope to the biometrics as a service market over the forecast period. The outbreak of COVID-19 will surge the demand for biometrics technology, especially in 2020. The increasing emphasis on staying at home and maintaining social distance is driving people indoors, which is significantly accelerating the utilization of the internet and other services to facilitate the normal operation of daily life from home. The biometric algorithm based advanced technologies, including AI and machine learning, is supporting the government and private companies to connect remotely with their workforces. The rapid hike in the population working from home during the coronavirus pandemic has placed the biometrics sector on a highly beneficial position in the global economy. All these factors will further complement the growing demand of the market.

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Based on the offerings, the market is segmented into solutions and services. Among these, the services segment is anticipated to dominate the market during the forecast period. The accelerating demand for upgradation and maintenance services is the major factor driving the growth of the segment over the forecast period. Moreover, the increasing demand for integration services in the complex enterprise applications will further surge the demand of the segment.

On the basis of modality, the market is segmented into unimodal and multimodal. Among these, the unimodal segment is projected to grow at a higher CAGR over the forecast period. The easy deployment of unimodal solutions and less complexity as compared to other multimodal technologies is encouraging the end-users to opt for these solutions.

Based on the Application, the market is segmented into government and defense, financial services, healthcare, law enforcement, human resources, and others. The financial services segment is projected to grow at a higher CAGR over the forecast period due to the increasing investment by numerous national and international banks in mobile app services to provide excellent banking services to their customers. The accelerating usage of advanced authentication methods such as fingerprint and two-factor authentications, facial and voice recognition by the banks to verify the person’s identity is further propel the demand of the segment.

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Regional – Segment Analysis

Based on the region, the North America region is expected to dominate the market over the forecast period. This is attributed to the continuous technological advancement in this, followed by the high number of early adopters and the large presence of leading players in North America. The expanding number of large-scale funded programs and employee access monitoring in corporate buildings is further driving the market’s growth in this region.

Top Market Players

Various notable players operating in the market include NEC Corporation, Aware, Inc., Fujitsu, Nuance Communications, Inc., Leidos, IDEMIA, M2SYS Technology, Certisign, HYPR-DRIVE Ltd., BioID, and Accenture among others.

 Key Developments:

• • In 2020, NEC Corporation entered into a partnership with Veritrans Inc., a payment service provider. Through this partnership, NEC Corporation will provide facial recognition technology for a cashless payment trail for 7-Eleven Japan.
  • In 2019, Fujitsu collaborated with KIA Motors to develop an artificial intelligence-enabled digital police car. This project will combine the Fujitsu’s biometric authentication technology with the integrated systems into the inbuilt systems in the vehicle.
  • In 2019, Leidos entered into a partnership with the UK Home Office to manage essential features in the country’s national biometrics systems used by law enforcement, immigration services, and border security.

Segments covered in the Report:

The global Biometric as  a Service market has been segmented on the basis of Offering, Solution, Trait, Modality, Organization Size, Vertical, and Key regions. Based on offering the market is segmented into solutions and services. Based on solution type, the market is segmented into Fingerprint Recognition, Face Recognition, Iris Recognition, Voice Recognition, Palm and Vein Recognition and others (DNA, Signature, Keystroke). Based on solution trait, the market is segmented into Physiological and Behavioral. Based on modality the market is segmented into Unimodal and Multimodal. Based on organization size, the market is segmented into SMEs and Large Enterprises. Based on verticals, the market is segmented into Government (Public Administration), Healthcare, BFSI, IT and ITES, Manufacturing, Education, and Others (entertainment, transportation, energy and utilities, retail, telecommunication, and other professional services).

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Key questions answered in this research report:

• • At what pace is global Biometric as a service market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Biometric as a Service market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Biometric as a Service market?
  • Which offering generated maximum revenues in 2022 and identify the most promising offering during the forecast period?
  • What are the various solutions of global Biometric as a Service market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2022)	USD 2.1 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Offering, By Modality Type, By Organization Size, By Vertical, and By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	NEC Corporation, Aware, Inc., Fujitsu, Nuance Communications, Inc., Leidos, IDEMIA, M2SYS Technology, Certisign, HYPR-DRIVE Ltd., BioID, and Accenture among others; a total of 11 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Biometric as a Service Market by Offering

• • Solutions
    • By Solution Type
      • Fingerprint Recognition
      • Face Recognition
      • Iris Recognition
      • Voice Recognition
      • Palm and Vein Recognition
      • Others
    • By Trait
      • Physiological
      • Behavioral
  • Services

Global Biometric as a Service Market by Modality Type

• • Unimodal Biometrics
  • Multimodal Biometrics

Global Biometric as a Service Market by Organization size

• • Small and Medium-sized Enterprises
  • Large Enterprises

Global Biometric as a Service Market by Verticals

• • Government
  • Healthcare
  • BFSI
  • IT and ITES
  • Manufacturing
  • Education
  • SMEs
  • Others

Global Biometric as a Service Market by Region

• • North America Biometric as a Service Market (Option 1: As a part of the free 25% customization)
    • By Offering
    • By Modality
    • By Organization Size
    • By Verticals
    • US Market All-Up
    • Canada Market All-Up
  • Europe Biometric as a Service Market (Option 2: As a part of the free 25% customization)
    • By Offering
    • By Modality
    • By Organization Size
    • By Verticals
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Biometric as a Service Market (Option 3: As a part of the free 25% customization)
    • By Offering
    • By Modality
    • By Organization Size
    • By Verticals
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Biometric as a Service Market (Option 4: As a part of the free 25% customization)
    • By Offering
    • By Modality
    • By Organization Size
    • By Verticals
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE All-Up Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Biometric as a Service Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • NEC Corporation
  • Aware, Inc.
  • Fujitsu
  • Nuance Communications, Inc.
  • Leidos
  • IDEMIA
  • M2SYS Technology
  • Certisign
  • HYPR-DRIVE Ltd.
  • BioID
  • Accenture NEC