Global Biometric-as-a-Service (BaaS) Market Gears Up for Impressive 19.78% CAGR Surge in 2022-2027.

In-Depth Analysis of the Global Biometric-as-a-Service (BaaS) Market: 2022-2027Forecasts

MarkNtel Advisors has recently released an in-depth study on the Biometric-as-a-Service (BaaS) Market, covering historical data, current market trends, marketing strategies, technological advancements, upcoming technologies, emerging opportunities, and technical advancements in the relevant industry.

What are the primary market insights shaping the trajectory of the industry?

The Global In-Cabin Automotive Artificial Intelligence (AI) Market is anticipated to grow at a CAGR of around 19.78% during the forecast period, i.e., 2022-27. 

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Who are the top companies in the Biometric-as-a-Service (BaaS) Market?

  • 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
  • Others

Global Biometric-as-a-Service (BaaS) Market Segmentation:

By Component

  • Solutions
  • Services

By End Users

  • Banking and Financial Services
  • Government
  • Healthcare
  • Manufacturing
  • Energy & Utilities
  • Retail
  • Others (Transport, Entertainment, etc.)

By Trait

  • Physiological
    • Face Recognition
    • Fingerprint Recognition
    • Iris Recognition
    • Palm and Vein Recognition
    • Others
  • Behavioral
    • Voice Recognition
    • Signature Recognition
    • Others

By Organization Size

  • Small & Medium Enterprises
  • Large Enterprises

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Regional/ Countries Insight:

  • North America
  • South America
  • Europe
  • Middle East & Africa
  • Asia Pacific

What are the primary market drivers influencing the growth of Biometric-as-a-Service (BaaS) Market?

Key Driver: Digitalization and Growing Security Threats

The growing dependence on technology of the key industries, such as e-commerce, banking, security, etc., has urged the need for enhanced security mechanisms, which, in turn, has resulted in the increased integration of biometric services globally. Moreover, the mounting need to strengthen national security in many countries is also augmenting the demand for Biometric-as-a-Service (BaaS) models.

Governments worldwide are using BaaS to identify illegal immigrants, criminals, etc. For example, over 150 countries have adopted e-Passport programs, a combination of paper & electronic passports containing biometric identification information stored on an embedded microchip. It is for more accurate authentication of the identity of travelers while maintaining their privacy & the highest level of security.

Industries like healthcare, IT, banking, etc., are also shifting toward BaaS for more privacy & fewer security threats and are investing extensively in enhancing security systems. Moreover, the mounting demand for fingerprint scanning biometric solutions for payments & banking services is another crucial aspect positively influencing the global market. For instance:

  • In January 2021, What’s App launched a privacy measure, which allows users to secure their accounts through biometric authentication.

The increasing need to secure online transactions, surging security threats, and mounting adoption of advanced technologies by governments to create awareness among citizens and promote digitalization is anticipated to propel the overall market growth during 2022-27.

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  1. The Global Biometric-as-a-Service (BaaS) Market Report by MarkNtel Advisors offers a detailed analysis of the market size, growth rate, competitive landscape, and key players, allowing businesses to gain a comprehensive understanding of market dynamics.
  2. Businesses can utilize the report to identify emerging opportunities and potential challenges in the market by highlighting current trends and providing future projections.
  3. The insights provided in the report enable companies to align their strategies based on market forecasts, ensuring they can stay ahead of the competition and make informed decisions.
  4. Apart from market trends and projections, the Global Biometric-as-a-Service (BaaS) Market Report assists in assessing and mitigating risks associated with entering or operating in the market
  5. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategic approaches to minimize risks and optimize their operations, enhancing their competitive edge in the market.

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