Global Biometrics as a service Market

MARKET SCOPE:

The global Biometrics as a service market is projected to grow significantly, registering a CAGR of 23.1% during the forecast period (2024 – 2032).

Biometrics as a Service (BaaS) is a cloud-based service model that provides access to biometric authentication technologies and capabilities on a subscription or pay-per-use basis. In the BaaS model, organizations can leverage biometric solutions without the need for significant upfront investments in infrastructure, hardware, or specialized expertise. Instead, they can access biometric functionalities through a scalable and flexible cloud-based platform. BaaS operates in the cloud, allowing organizations to access biometric services over the internet. This eliminates the need for on-premises hardware and infrastructure.

MARKET OVERVIEW:

Driver: Increasing consumer demand for contactless biometrics is driving the market growth.

The COVID-19 pandemic has heightened awareness about the transmission of germs through physical contact. Contactless biometric solutions, such as facial recognition, iris scanning, and palm print recognition, eliminate the need for direct physical contact, addressing health and hygiene concerns. Traditional biometric methods that involve physical contact with fingerprint sensors or hand scanners may pose a risk of surface contamination. Contactless biometric modalities help mitigate this risk by eliminating the need for users to touch shared surfaces during authentication. In public spaces such as airports, transportation hubs, and commercial buildings, the adoption of contactless biometrics minimizes the risk of spreading infections among a large number of users. Shared devices, such as kiosks or access control systems, can be equipped with touchless biometric solutions.

Opportunities: Increasing need for secure authentication is anticipated for the market growth in the upcoming years.

Heightened cybersecurity threats, including identity theft, data breaches, and unauthorized access, have necessitated stronger authentication methods. BaaS offers biometric solutions that provide a higher level of security compared to traditional password-based systems, reducing the risk of unauthorized access and data breaches. Stringent regulatory requirements and compliance standards, such as GDPR, HIPAA, and PSD2, mandate organizations to implement robust security measures to protect sensitive data and ensure user privacy. BaaS solutions help organizations meet these compliance requirements by offering secure and compliant authentication methods. The shift towards remote work and digital transformation initiatives has increased the demand for secure and convenient authentication solutions. BaaS enables organizations to authenticate users accessing sensitive resources and applications remotely, supporting seamless and secure remote work environments.

COVID IMPACT:

The COVID-19 pandemic has had significant impacts on various industries and technologies, including biometrics. While the adoption of biometrics as a service (BaaS) was already on the rise before the pandemic, certain trends and considerations have been influenced by the ongoing global health crisis. The emphasis on hygiene and the need to reduce physical contact has accelerated the adoption of contactless biometric solutions. Technologies like facial recognition and iris scanning have gained traction as they offer secure identification without the need for physical touch. BaaS providers have witnessed increased demand for touchless access control solutions, especially in environments where many people gather, such as offices, airports, and public spaces. Touchless biometric modalities like facial recognition and palm print recognition have gained popularity. BaaS solutions have been integrated with health screening processes to ensure the safety of individuals entering premises. Some systems include temperature screening and health questionnaire checks alongside biometric authentication to identify potential health risks. The shift towards remote work has increased the demand for secure remote authentication services. BaaS providers have adapted to support organizations in implementing biometric solutions for secure access to systems and sensitive data from remote locations.

SEGMENTATION ANALYSIS:

Fingerprint Recognition segment is anticipated to grow significantly during the forecast period

The anticipated significant growth of the Fingerprint Recognition segment in the forecast period suggests increasing adoption and demand for fingerprint biometrics across various industries and applications. Fingerprint recognition is a widely used and mature biometric technology that offers secure and convenient identity verification. Fingerprint recognition is a key component of biometric security solutions. As organizations and industries prioritize enhanced security measures, the demand for reliable and accurate biometric authentication, such as fingerprint recognition, increases. Fingerprint recognition is commonly integrated into access control systems for secure entry to buildings, rooms, or restricted areas. The growth of the access control market, driven by increased security concerns, contributes to the expansion of the fingerprint recognition segment. Fingerprint sensors embedded in smartphones and mobile devices have become mainstream for user authentication and device security. The widespread adoption of biometric-enabled smartphones fuels the growth of the fingerprint recognition segment.

The Time Recording segment is anticipated to grow significantly during the forecast period

BaaS enables the integration of biometric authentication methods such as fingerprint recognition, facial recognition, or iris scanning into time recording applications. This ensures accurate and secure verification of employees' identities during clock-in and clock-out processes. Biometric authentication adds an extra layer of security compared to traditional methods like PIN codes or access cards. It helps prevent unauthorized access and reduces the likelihood of time fraud, such as buddy punching. BaaS, integrated with time recording applications, ensures accurate and reliable attendance tracking. The use of biometrics helps in eliminating errors associated with manual time entry or the use of proxy attendance methods. The integration allows for real-time updates of attendance data. Supervisors and managers can access up-to-date information on employee attendance and work hours, facilitating better workforce management.

REGIONAL ANALYSIS:

The Asia Pacific region is set to witness significant growth during the forecast period.

Biometrics as a Service (BaaS) refers to the provision of biometric authentication services on a subscription or pay-per-use basis, allowing organizations to integrate biometric capabilities into their applications, systems, or processes without the need to build and maintain the underlying infrastructure. Biometric technologies often include fingerprint recognition, facial recognition, voice recognition, and other forms of physiological or behavioral identification. Many countries in the Asia Pacific region have been actively implementing biometric technologies, especially in government applications such as national identification systems, immigration control, and law enforcement. BaaS can facilitate the deployment of these technologies without requiring significant upfront investments. The APAC region has witnessed substantial growth in the financial technology (fintech) sector. BaaS is increasingly utilized by financial institutions and fintech companies to enhance security in online transactions, mobile banking, and identity verification. With the increasing digitization of services, there is a growing awareness of the need for robust cybersecurity measures.

COMPETITIVE ANALYSIS

The global Biometrics as a service market is reasonably competitive with mergers, acquisitions, and Scanner launches. See some of the major key players in the market.

Thales Group

• January 2020: Thales' Biometric Matching System is powered by cutting-edge Field-Programmable Gate Array (FPGA) technology, which is intended for massively parallel data processing. Thales significantly reduces the total carbon footprint and enables a half-fold reduction in the number of servers using Gemalto's commercial off-the-shelf FPGA solution. Low latency biometric data processing is currently advantageous for border agencies using Entry/Exit systems as well as other government agencies needing to respond in real time.

Fujitsu Ltd.

• In 2020, The acquisition of Fulcrum Biometrics, LLC, a Texas-based provider of biometric hardware, software, and solutions, was announced by Fujitsu Frontech North America Inc. in April 2020. With this deal, the company is making a major commitment to grow its biometrics business in North America and the global identity management markets. This includes addressing the need for multi-factor authentication in light of new state and federal regulations governing the sharing of patient data between financial institutions and healthcare providers.

Leidos Holdings

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.

Scope of the Report

By Scanner

• Fingerprint Recognition
• Iris Recognition
• Palm Recognition
• Facial Recognition
• Voice Recognition
• Other Scanners

By Application

• Site Access Control
• Time Recording
• Mobile Application
• Web and Workplace

By Region

• North America (the United States & Canada)
• Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe)
• Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa, and Latin America)

Key reasons to purchase this report

It provides a technological development map over time to understand the industry’s growth rate and indicates how the Biometrics as a service market is evolving.

The report offers a dynamic method to various factors that drive or restrain the growth of the market and specifies which Biometrics as a service submarket will be the main driver of the overall market from 2024 to 2032.

It renders a definite analysis of changing competitive dynamics and stipulates the leading players and what are their prospects over the forecast period.

It builds a nine-year estimate based on how the market is predicted to grow and shows what will market shares of the global region change by 2032 and which country will lead the market in 2032.