Increasing Cyberattacks & Inventory Thefts Worldwide to Drive the Biometric as a Service Market through 2027

The Global Biometric as a Service (BaaS) Market is projected to grow at a CAGR of 19.78% during 2022-27, states MarkNtel Advisors in their recent research report. The market is driven principally by the snowballing need to strengthen security, keep a keen sight on access control, and avoid possibilities of inventory thefts or data breaches among most organizations worldwide.

In addition, with the growing terrorism & rising cases of cyberattacks across several regions, the inclination toward biometric security solutions is escalating rapidly. Several government agencies are using Biometrics in their various operations, including criminal identification, thereby encouraging the overall market growth.

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Key Questions Answered in the Study
1. What are the current & future trends in the Global Biometric as a Service (BaaS) Market?
2. How has the industry been evolving in terms of geography & service adoption?
3. How has the competition been shaping across various countries, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Global Biometric as a Service (BaaS) Market?
5. What are the customer orientation, purchase behavior, and expectations from the Biometric as a Service solution providers across various regions?

Besides, the Covid-19 pandemic in 2020 has further augmented the use of these services across different verticals to avoid contact, which, in turn, has developed a massive potential for contactless solutions and is also contributing to the mounting adoption of BaaS models.

Rapidly Rising Demand for BaaS Solutions in Retail Shops to Drive the Global Market through 2027
Based on the End-User, the Retail sector is anticipated to acquire a significant share in the Global Biometric as a Service Market during the forecast period. It owes to an upsurge in the adoption of BaaS models across the retail sector to enable access control for employees and, in turn, curb inventory thefts.

Since governments in different countries are increasingly encouraging using digital platforms, even for street-based stores, the demand for BaaS solutions is rising swiftly to enhance the overall customer experience and create new revenue streams for retailers.

On the other hand, the Banking and Financial Services (BFSI) sector is projected to witness the fastest market growth during 2022-27, principally due to substantial investments by different banks in biometric services to provide safe banking services to their customers.

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In fact, most banks are now integrating mobile applications & wallets with advanced authentications systems like fingerprint scanners, facial & voice recognition, etc., into their finance operations. Hence, based on these aspects, the market shall observe substantial growth across the BFSI sector in the years to come.

With Increasing Instances of Cyberattacks owing to Various Technological Advancements, North America to Observe Significant Market Growth during 2027-27

Of all regions worldwide, North America is an early adopter of new technologies and has an extensive presence of prominent players that bring constant innovations in BaaS solution offerings. The region displays a high rate of sophisticated cyberattacks due to the establishment of several financial & tech-based organizations & the swiftly expanding telecommunication industry. It, in turn, is soaring the need for BaaS solutions to avoid the possibilities of such threats and safeguard financial & critical data of companies.

In the US, several government agencies adopting biometric technology for several security purposes & identification is also contributing significantly to the regional market growth, reveals MarkNtel Advisors in their research report, "Global Biometric as a Service (BaaS) Market Analysis, 2022."

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Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the Global Biometric as a Service (BaaS) Market are Thales Group (Gemalto N.V.), 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.

Market Segmentation:
1. By Component (Solutions, Services)

2. By End-Users (Banking and Financial Services, Government, IT/ITES, Healthcare, Manufacturing, Energy & Utilities, Retail, Others (Transport, Entertainment, etc.))

3. By Trait (Physiological (Face Recognition, Fingerprint Recognition, Iris Recognition, Palm & Vein Recognition), Behavioral (Voice Recognition, Signature Recognition))

4. By Organization Size (Small & Medium Enterprises, Large Enterprises)

5. By Region (North America, South America, Europe, Middle East & Africa, Asia Pacific)

6. By Country (The US, Canada, Mexico, Brazil, Argentina, Germany, The UK, France, Italy, Spain, Saudi Arabia, UAE, Turkey, South Africa, China, Japan, India, South Korea, Australia)

7. By Competitors (Thales Group (Gemalto N.V.), 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)

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