According to MarkNtel Advisors, the Global Biometric-as-a-Service Market is projected to grow at around 19.78% CAGR during 2022-27. Biometrics-as-a-Service (BaaS) models are used extensively across various industries, such as banking & finance institutions, government offices, etc., to minimize the risk of breaches & attacks and offer customized services. The use of BaaS to track day-to-day workforce activities in enterprises is amongst the most prominent aspects driving the market.
Furthermore, the increasing trend of Bring-Your-Own-Device (BYOD) in organizations and mounting data security issues worldwide have surged the use of cloud-based mobile biometric services. According to the World Internet Stats 2021, there are around 5.1 billion mobile & internet subscribers globally. With the growing number of mobile & internet subscribers and internet fraud & cyberattacks, there exists an urgent need to deploy biometric solutions in vital sectors worldwide.
Banks & Financial Institutions to Continue Leading the Market through 2027
The mounting reliance on internet banking services, payment applications, such as Google Pay, WhatsApp Payments, and Amazon Pay across the globe is the prime aspect expected to drive the demand for BaaS models across banking & financial institutions through 2027. According to the US Federal Trade Commission, in 2020, there was an 88% surge in new credit card accounts activated and a 33% surge in new bank accounts in the US. With the increasing concerns regarding financial frauds & scams, banks & finance institutes are actively using biometric services to minimize security risks and expand their customer base. For instance:
Hence, the burgeoning demand for top-most security in the Banking & Financial sector would contribute significantly to the Global Biometric as a Service Market during 2022-27.
Large Enterprises to Remain the Major Buyers of Biometrics as a Service through 2027
The most prominent consumers of BaaS solutions, Large enterprises, are expecting the same trend during 2022-2027. With surging concerns over cyber breaches, payments frauds, etc., several large organizations worldwide are constantly adopting biometric security scanners for maintaining day-to-day employee records like Hours of Service (HOS), workforce activities, etc., and providing maximum security in their vital information & operations. For instance:
Moreover, various government initiatives in collaboration with private entities worldwide to provide residents with customized security solutions are expected to surge the adoption of BaaS models among large enterprises, reveals MarkNtel Advisors in their research report, "Global Biometric as a Service Market Analysis, 2022."
Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the Global Biometric as a Service Market are Thales Biometrics, Leidos Holdings, Inc., Fujitsu Ltd., NEC Corporation, BioEngagable Technologies Pvt. Ltd., ImageWare Systems, Inc., M2SYS Technology - KernellÓ Inc., Mobbeel Solutions, S.L.L., Aware, Inc., IDEMIA France SAS, Clearview AI, Inc., Bayometric, Amazon Inc, Microsoft Corporation, & CERTIBIO.
Key Questions Answered in the Study