Biometrics-as-a-Service market estimated to reach $5.37 billion in 2026
The global Biometrics-as-a-Service market garnered $1.42 billion in 2018, and is estimated to reach $5.37 billion in 2026, growing at a CAGR of 18.2% from 2019 to 2026.
Biometrics-as-a-Service is a centralized biometric database on the internet, which is used for authentication of a person based on a set of recognizable and verifiable data, which is unique and specific to them. The technology is considered widely useful as it lowers cost and helps customers to blend in different modalities to develop best use cases for different organizations and permit rapid integration with existing business intelligence and systems. BaaS has been significantly adopted among different industries, including government, fintech, and private companies, owing to its existing features associated with SaaS. Several benefits such as high reliability, cost-efficiency, and instant deployment are shifting the attention of different SMEs toward its adoption.
Increase in the adoption of cloud-based biometrics, supported by numerous factors such as growing cyber-attacks, stringent government regulations for data security, and demand for cost-efficient biometrics are the major factors that drive the growth of the market. In addition, growth of IoT landscape and increase in BYOD adoption among enterprises also fuels the growth of the market.
However, security and privacy concerns of biometric data stored on cloud hampers the growth of the market. Furthermore, surge in the adoption of cloud-based biometrics among developing economies, due to rise in the cloud industry and integration of advanced technologies, such as artificial intelligence, are anticipated to provide major opportunities for the market.
The key players profiled in the biometrics-as-a-service market analysis are Fujitsu Limited, Accenture Plc., Aware Inc., Leidos Holdings, Inc., BioID, M2SYS Technology – KernellÓ Inc, Fulcrum Biometrics, LLC, IDEMIA, Imageware Systems Incorporated and Iritech, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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