Biometrics-as-a-Service (BaaS) Market -expected to grow from USD 1.5 billion in 2020 to USD 13.9 billion by 2032 at a a CAGR of 18.6% during the forecast period- A Comprehensive Study by Key Players:NEC (Japan), Aware (US), Fujitsu (Japan), Nuance (US), L

The pre-COVID 19 global biometrics-as-a-service (BaaS) market size is expected to grow from USD 1.6 billion in 2021 to USD 13.7 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 129.7%. On the other hand, the post-COVID 19 global BaaS market size is expected to grow from USD 1.5 billion in 2020 to USD 13.9 billion by 2032 at a aCAGR of 18.6% during the forecast period.

The major factors fueling the biometric-as-a-service market include increasing users and data-security initiatives by government, growing usage of mobile devices, and rising demand for robust fraud detection and prevention systems. Moreover, the growing integration of Artificial Intelligence (AI) and blockchain technologies with Biometrics-as-a-Service (BaaS) solutions would provide opportunities for BaaS vendors.

Key Players in the Biometrics-as-a-Service (BaaS) market:

NEC (Japan), Aware (US), Fujitsu (Japan), Nuance (US), Leidos (US), Idemia (France), M2SYS (US), Smilepass (UK), Certibio (Brazil), HYPR (US), BioID (Germany), Fulcrum Biometrics (US), Phonexia (US)

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The outbreak of COVID-19 pandemic and the global reaction to it has brought a change of a similar magnitude to the global businesses. COVID-19 is expected to have a potential long-term impact, along with some severe short-term implications. For responding to this pandemic, technologies such as biometrics, artificial intelligence (AI), and machine learning (ML) are expected to play a key role. Biometric systems have been broadly deployed worldwide as a key technology for early detection, patient screening & public safety monitoring for containing the spread of COVID-19. Key markets such as surveillance, border control, law enforcement, healthcare, and biotechnologies are rapidly introducing biometrics into infectious disease prevention and control protocols. Face recognition and surveillance operations are being updated with new screening software to detect individuals who are not wearing protective masks

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.

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Restraint: Security of biometric data stored on the cloud
Consumers and enterprise organizations are reluctant to integrate the biometrics-as-a-service systems with their organizations, as the storage of their biometric information is on the cloud. This information, stored on the cloud, can be stolen, lost, or otherwise compromised if the cloud is not secured. According to Gemalto's Breach Level Index, in 2016, 1,792 data breaches led to almost 1.4 billion data records being compromised worldwide. The company also reported an increase in data breaches of 86% as compared to 2015. If the biometric is intercepted, it can be misused to enable illegitimate authentication. Moreover, unlike passwords or smart cards, biometric information describes a person, and hence it is unlikely to be reset or reproduced once it is compromised. Thus, the security of biometric data acts as a restraint in the adoption of BaaS offerings.

Opportunity: Increasing adoption of cloud-based services
Enterprises are increasingly adopting cloud-based services, for their business functions, due to various advantages, such as lower costs, flexibility, disaster recovery, and agility. Moreover, the cloud provides the advantage of hybrid cloud deployment, which provides the benefit of both the private and public clouds. Owing to cloud deployment, enterprises are also able to avail of the biometric security capabilities without the requirement of any complex infrastructure. These biometrics capabilities can be offered over the cloud and can be quickly integrated into the existing systems. As a result, enterprises are using cloud services to simplify the complexities involved with traditional deployments. Thus, the growing cloud usage is expected to provide excellent opportunities for the biometric-as-a-service market over the coming years.

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Biometric-as-a-Service Market Based on offering:
Solutions
Services

Based on the solution type:
Fingerprint Recognition
Face Recognition
Iris Recognition
Voice Recognition
Palm and Vein Recognition
Others (DNA, Signature, Keystroke)

Biometric-as-a-Service Market Based on solution trait:
Physiological
Behavioral

Based on modality:
Unimodal
Multimodal

Biometric-as-a-Service Market Based on organization size:
SMEs
Large Enterprises

Based on verticals:
Government (Public Administration)
Healthcare
BFSI
IT and ITES
Manufacturing
Education
Others (entertainment, transportation, energy and utilities, retail, telecommunication, and other professional services)

Biometric-as-a-Service Market Based on Regions:
North America
Europe
APAC
MEA
Latin America

Recent developments
In May 2019, Fujitsu partnered with Kia to build a biometric-enabled police highway patrol vehicle with a critical information system integrated into the car. Under this partnership, Fujitsu would create a single action button for three features, namely, front of the gearstick control, emergency lights, and sirens, by embedding its biometrics (Palm Secure) into the gearstick.
In April 2019, NEC partnered with Nagasaki University to establish a program on global health and biometric authentication for Nagasaki University's Graduate School of Tropical Medicine and Global Health Studies.
In February 2018, Nuance upgraded its biometrics security suite with Artificial Intelligence (AI) to curb frauds across voice and digital channels. It introduced ConversationPrint and Intelligent Detectors to streamline omnichannel customer authentication and stop fraudsters across all points of access.

Impact of COVID-19 on Biometric as a Service Market:
The growth of the biometrics-as-a-service market is expected to decline during the Covid-19 pandemic outbreak. The coronavirus can be transmitted due to the physical contact with the biometric device. Therefore the adoption of biometric devices in its application sectors such as BFSI, retail and e-commerce, healthcare, government & defense, IT & telecom, and education might be decreased.
On the other hand, the manufacturing activities in the electronics industry have been halted during the novel coronavirus outbreak. In addition, sales channel and supply chain of the electronics industry impacted on the growth of the market.
Key Benefits for Biometrics-as-a-service Market:
The study provides an in-depth analysis of global biometrics-as-a-service market size along with the current trends and future estimations to elucidate the imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on the market size is provided.
Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global biometrics-as-a-service market industry from 2019 to 2026 is provided to determine the market potential.

BaaS offers promising opportunities for technology companies around the world. Baas would require little investment for companies to enter a new market. Baas services can also be sold on a subscription basis, which would ensure upfront payments and guaranteed mechanisms of carrying out maintenance. As the setup would be relatively easy, requiring very little software and hardware support; the Baas service market players focus on offering fast and secure services. The Baas service market also promises 'pay-as-you-grow' financing model for subscribers. As services under use are easy to track, subscriber loyalty and growing access to the larger database is a priority for Baas service providers.

Biometrics technology is used for identification and authentication of people with the help of their biological and behavioral characteristics. Biometric systems provide the solution to ensure that the rendered services are accessed only by a legitimate user and no one else. They can be defined as a ubiquitous technology that can be used in high definition cameras primarily for facial recognition, and microphones for voice capturing purposes. The specially-designed units that can be customized to scan the vein patterns beneath the skin are also biometric sensors. Some key attributes of biometric sensors include fast verification and identification. Biometric sensors are breakthrough technology, which weed out various security-related issues from different domains.

Technological advancements coupled with rising demand for biometric technology in commercial centers, automotive, consumer electronics, and defense and security among other sectors are offering great opportunities for major players in the biometric sensors market. In today's technological era, enterprises and consumers alike are rapidly embracing the shift toward a social and mobile era. As more enterprises adopt a faster, more efficient, "on-the-go" business approach, portable mobile devices such as smartphones, tablets, and notebooks are poised to become powerful tools for conducting everyday business transactions for users working in a multi-device and location-independent environment.

Rising demand for fingerprint identification to gain access in smartphones and other smart gadgets has positively impacted the growth of biometric as a service market. Growing demand for biometric sensor based tablets, smartwatches, wearable devices, and other consumer electronic products is one of the major drivers of this market. Convenience of use and comprehensive nature of biometric sensors are among the key drivers for the global Biometric as a service market. Vendors across regions are emphasizing on proving biometric services. Growing preference for stronger systems of security and convenience in terms of application are major factors contributing to the growing popularity of biometric sensors at the global level. Increasing application of biometrics technology in different sectors such as commercial centers, offices, and airports coupled with rising application of finger and facial scan solutions in the security and defense sector are some of the major factors contributing to the growing demand for biometric sensors globally. Moreover, rising demand for fingerprint scanning biometric solutions for payments and banking is having a positive impact on the biometric as a service market. Security of biometric data stored on cloud is the major restraint for the market. Increase in the adoption of cloud services will offer a major opportunity to the biometric as a service market.

The biometric as a service market is segmented based on type, application, deployment type, industry, and region. On the basis of type, the biometric as a service market can be categorized as physiological and behavioral, wherein physiological biometrics includes fingerprint, face recognition, palm vein, and retina and iris recognition. Behavioral biometrics assesses uniquely identifying and measurable patterns of human traits, including characteristics such as voice, gait, and typing rhythms. Based on application, the biometric as a service market can be bifurcated into mobile banking, payments, and authentication, identity proofing and credentialing, law enforcement and border control, civil identity and elections, and workforce management. By deployment type, the biometric as a service market can be classified into cloud and on-premises. In terms of industry, the biometric as a service market is divided into government, banking and finance, consumer electronics, healthcare, defense services, commercial safety and security, home safety and security, transport/ visa/ logistics, and others.

Geographically, the global biometric as a service market is divided into Europe, North America, Latin America, Asia Pacific, and Middle East & Africa. Asia Pacific led the market for biometric as a service followed by North America and is expected to maintain its position over the forecast period. Increasing concern about data security and growing prevalence of identity theft is fueling the growth of the market in Asia Pacific. Product development and increasing application of biometric technology in large international airports and commercial centers is fueling the biometric sensors market in North America.

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