Biometrics-as-a-Service (BaaS) Market Scope
Biometrics-as-a-Service (BaaS) performs biometric matching operations in the cloud while relying on simple and ubiquitous consumer devices such as smartphones. It leverages the well-entrenched practices of the Software-as-a-Service (SaaS) model that performs biometric matching operations in the cloud platform and provides it as a service. BaaS is easy to deploy and integrate with any application and it does not need any in-house or special IT infrastructure. It enables organizations of all types from governments to telecommunications companies to quickly deploy and start using biometrics technology in their day-to-day identity management operations. It is cost-efficient and is inherently scalable. The potential of biometrics-as-a-Service (BaaS) has gained popularity in providing ubiquitous authentication to cloud services due to this its adoption is rapidly increasing. This is expected to boost the market growth of biometrics-as-a-Service (BaaS) in the forecast period.
According to AMA, the Global Biometrics-as-a-Service (BaaS) market is expected to see growth rate of 20.15%
The global biometrics-as-a-service (BaaS) market is largely competitive and consists of several vendors who compete based on factors such as service quality, technology, and pricing. According to the AMA research, the intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant risk factors for the growth of manufacturer’s in the biometrics-as-a-service (BaaS) market. To gain a competitive edge in the market, the providers need to develop innovative technologies and stay updated with the emerging technologies that could influence their services. Research Analyst at AMA estimates that North America and Europe Players will contribute to the maximum growth of Global Biometrics-as-a-Service (BaaS) market throughout the predicted period.
NEC Corporation (Japan), Aware (United States), Fujitsu Ltd. (Japan), Nuance Communications (United States), Leidos (United States), Idemia (France), Gemalto, M2SYS Technology (United States), Smilepass Ltd (United Kingdom), Certibio (Brazil), HYPR Corp. (United States), BioID (Germany), Accenture plc (Ireland), Fulcrum Biometrics, LLC (United States), Phonexia (United States) and Bayometric, Inc. (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Biometrics-as-a-Service (BaaS) market , by Application (Site Access Control, Time Recording, Mobile Application and Web and Workplace) and Region with country level break-up.
On the basis of geography, the market of Biometrics-as-a-Service (BaaS) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In February 2018, Fujitsu has announced the availability of its cloud-based, multimodal Biometrics as a Service platform in Australia. This solution enables organizations to deploy biometric authentication for protection against security risks and is the result of Fujitsu’s partnership with ImageWare Systems1.
Market Trend
- Integration of Artificial Intelligence in Biometrics-as-a-Service Solutions
Market Drivers
- Demand Better Security and Identity Fraud Prevention Measures
- Rapid Deployment and Quick Integration of Biometrics-as-a-Service (BaaS)
- Need to Secure Increasing Online Transaction
Opportunities
- Biometrics-as-a-Service (BaaS) Eliminates Time-Consuming & Expensive Resource-Intensive Software Processing
- Highly Secured as the Biometric Data is Stored and Accessed from the Cloud
- Increasing Adoption Cloud-Based Services by Enterprises
Restraints
- Security of Data Stored on Cloud
Challenges
- Availability of Biometric Authentication Devices such as Finger Scanner
Analyst View
Security is a major concern in today’s fastest-growing area of IT investment. Also, focus on lowering the costs and risks associated with the service model has encouraged the use of biometrics-as-a-service for identifying and prevention frauds. Biometrics-as-a-Service enables public and private-sector organizations to make robust identity fraud prevention that is truly universally accessible via. Cloud.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Biometrics-as-a-Service Manufacturer, Raw Material Suppliers, Dealers, Suppliers, Traders, and Distributors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End Use Industry