Biometrics-as-a-Service (BaaS) Market Outlook to 2025 Leading by Industry | Apple (LuxVue), Ostendo Technologies, Oculus VR, PlayNitride, InfiniLED, Plessey Semiconductors, Sony, ALLOS Semiconductors, Samsung, VueReal

The global biometrics-as-a-service market size is expected to reach over USD 3 billion by 2025, at a CAGR of over 19%. Over the past few years, the requirement to access and control data, systems, and premises has grown significantly. Also, various organizations majorly rely on PINs, passwords, and cards to ensure people's identity for both physical and logical access. Nevertheless, such conventional approaches pose critical challenges for any organization. Hence, biometric solutions and services capture behavioral as well as physical aspects of individuals providing authentication based on the iris, fingerprint, voice, facial, and other types of recognition.

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The biometrics solutions are gaining huge traction recently and the market is already moving towards its maturity. The wide adoption of authentication technology across industrial premises, corporate offices, and government and public sectors is the key factor boosting the growth of biometrics as service solutions and services globally. The growing concerns related to the safety of data, records, and systems are primarily driving the demand for biometrics solutions across several industries such as government and defense, banking, healthcare, retail, and others. Moreover, the growing demand for cost-effective security solutions is also expected to provide major growth opportunities for the market in the forthcoming years.

The report also highlights numerous aspects of the global biometrics-as-a-service industry by evaluating the market through value chain analysis. Besides, the report covers numerous qualitative aspects of the biometrics-as-a-service industry in market drivers, restraints, and key industry opportunities. Furthermore, the report offers a complete assessment of the market rivalry along with company profiling of local as well as global vendors.

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The biometrics-as-a-service market has strong competition among the well-established as well as new emerging players. Also, the biometrics-as-a-service industry players are targeting prospective markets to capture a competitive advantage over the other industry players by forming agreements, mergers & acquisitions, acquiring new startups & other companies, forming collaboration and partnerships, and expanding their business presence.

Based on the component, the market is segmented into solutions and services. The service segment is anticipated to gather the highest market growth during the forecast period. On the contrary, the solutions segment dominated the market in 2019 due to the increasing demand from numerous organizations to secure their office premises.

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Asia-Pacific region is expected to hold the highest CAGR during the forecast period 2020-2025. The growth of this region is mainly accredited to growing investments by numerous governments in biometric projects. Also, growing smart city initiatives in countries such as China, India, and others is expected to create demand biometric solutions and services. Moreover, North America dominated the Biometrics-as-a-service market during the forecast period due to the growing cyber-attacks in this region. In addition, increased spending by various organizations and companies to enhance IT security is also the major factor fuelling the market growth in this region.

The major players of the global Biometrics-as-a-service market are Accenture, BioID, Fujitsu, Leidos Holding, IDEMIA, NEC Corporation, M2SYS Technology, Fulcrum Biometrics, Iritech, and Imageware Systems Incorporated. Moreover, the other potential players in the biometrics-as-a-service market are Phonexia, Smilepass, M2SYS, and Certibio. The recognized companies are coming up with innovative and new entertainment technologies and solutions. For instance, in May 2019, BioID and TESIS SYSware collaborated to integrate BioID Web Service (BWS) into TESIS SYSware's ASPR automated password recovery tool. With this collaboration, TESIS SYSware now provides liveness detection along with facial recognition.

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Segment Overview of Global Biometrics-as-a-Service Market

Component Overview, 2018-2025 (USD Billion)

Solution
Services

Modality Overview, 2018-2025 (USD Billion)

Unimodal Biometrics
Multi-Modal Biometrics

Industry Vertical Overview, 2018-2025 (USD Billion)

IT & Telecom
Retail and E-commerce
BFSI
Healthcare
Government & Defence
Others

Regional Overview, 2018-2025 (USD Billion)

North America
U.S.
Canada
Europe
UK
Germany
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia-Pacific
Middle East and Africa
UAE
South Africa
Rest of Middle East and Africa
South America
Brazil
Rest of South America

What does the report include?

The study on the global biometrics-as-a-service market includes qualitative factors such as drivers, restraints, and opportunities
The study covers the competitive landscape of existing/prospective players in the biometrics-as-a-service industry and their strategic initiatives for the product development
The study covers a qualitative and quantitative analysis of the market segmented based on component, modality, and industry vertical. Moreover, the study provides similar information for the key geographies.
Actual market sizes and forecasts have been provided for all the above-mentioned segments.

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