Biometrics involves using a person's biological & physical characteristics, such as the face, fingerprints, or iris, to recognize them in a reliable & automated manner. Biometrics as a Service (BaaS) is a cloud-based framework to promote new biometric recognition for law enforcement, access control, healthcare, financial services, etc. The use of the BaaS model to enhance cybersecurity across end-users like offices, hospitals, airports, defense, etc., is significantly supporting the growth of the BaaS market globally.
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. The market growth imputes primarily to the increasing use of Bring-Your-Own-Devices (BYOD) in organizations, coupled with the mounting data security issues globally, which have led to an increased usage of cloud-based mobile biometric services.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain|
|Asia-Pacific: China, India, Japan, South Korea, Australia|
|South America: Brazil, and Argentina|
|Middle East & Africa: UAE, Saudi Arabia, South Africa, Turkey|
|Key Companies Profiled||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|
|Unit Denominations||USD Million/Billion|
According to the World Internet Stats 2021, there are around 5.1 billion mobile & internet subscribers globally. With the surging number of mobile & internet subscribers and the increasing instances of internet frauds & cyberattacks, there is an urgent need to deploy biometric solutions in vital industrial verticals globally. The mounting application of biometrics technology across commercial centers, offices, & airports, coupled with the soaring application of finger & facial scan solutions in the security & defense sectors, are other prominent factors contributing to the growing demand for biometric sensors globally.
Additionally, growing number of identity thefts & terrorist acts due to the burgeoning usage of online banking services have raised some serious concerns over national security across different regions, which, in turn, has augmented the need for biometrics in vital sectors. Furthermore, factors like the increasing number of e-passport programs entwined with various initiatives by governments worldwide toward enhancing cybersecurity measures have contributed to a surge in the revenue of Biometric as a Service (BaaS) providers. For instance:
Key Trends in the Global Biometri-as-a-Service (BaaS) Market
Rising Government Initiatives toward Integrating BaaS into Prominent Industrial Verticals
Integration of biometric services with cloud-based platforms, such as Biometric-as-a-Service (BaaS), is presently the keen focus area of the eminent end-user industries & small vendors due to burgeoning instances of payment frauds & data breaches worldwide. Cloud-based security services offer organizations various advantages like lowered costs, enhanced flexibility, better disaster recovery related to data breaches, and agility without involving any complex infrastructure.
Several initiatives by governments worldwide to tackle identity-related frauds, specifically for strengthening e-KYC to authenticate identities of different citizens at airports, banks, healthcare, & other economic sectors, shall increase the revenue of BaaS providers during the forecast period.
Impact of Covid-19 on the Global Biometric as a Service (BaaS) Market
The Covid-19 pandemic in 2020 bought several security challenges related to biometrics security in various verticals, such as defense, banking & finance, government, healthcare, etc. According to BAE Systems, around 74% of the global financial institutions reported frequent cyberattacks amidst the global crisis. Additionally, Carbon Black, Inc. reported a 238% increase in cyberattacks against banks & financial institutions globally.
As a result, the demand for enhanced biometric security solutions rapidly surged and fueled the market growth. Furthermore, the growing demand for advanced biometrics for disease detection using face recognition, coupled with systems that can analyze behavioral patterns & emotional/psychological states to monitor, predict & anticipate incidents, are expected to gain significant traction during 2022-27.