Biometric-as-a Serivce (BaaS) Market Growth, Business Overview 2023, and Forecast to 2030 With NEC Group, Aware Inc, Nuance

The word "BIOMETRICS" refers to the scientific measurement of human features using authentication techniques like fingerprint, iris, and face recognition. The demand for improved security solutions and services is being driven by escalating cyberattacks and expanding security concerns. The demand for biometrics as a service solutions is also increasing as a result of features like simple to use, permanent, easy to measure, and enhanced information security systems. This is explained by the rise in cyberattacks and the more complicated global IoT ecosystem.

The market for Biometrics-As-A-Service (BaaS) is projected to reach $10.40 billion in value by 2030, expanding at a 16.2% compound annual growth rate (CAGR).

In the aforementioned projection period, it is anticipated that dangers brought on by heightened security and increased mobile device use would emerge as the key drivers propelling the growth of the biometrics as a service market. Further accelerating the growth of the biometrics as a service industry are its benefits, such as being more secure than conventional ways of input of codes like pin, passwords, and locks, among others. The high cost of biometric technology and the security of biometric data stored in the cloud, however, act as development inhibitors for the industry.

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Top players of Biometric-as-a Serivce (BaaS) including:

NEC Group, Aware Inc, Nuance, Leidos, IriTech, Fulcrum Biometrics, Idemia, M2SYS, Smilepass, Certibio, BioID, Accenture, Phonexia

Total Market by Segment:

Global Biometric-as-a Serivce (BaaS) Segment Percentages By Type

Voice Recognition

Fingerprint Recognition

Palm Recognition

Iris Recognition

Facial Recognition

Global Biometric-as-a Serivce (BaaS) Segment Percentages by Application

Government

BFSI

Retail

Healthcare

IT and Telecom

Biometric-as-a Serivce (BaaS) Regional Analysis:

North America (United States, Canada and Mexico)

Europe (Germany, UK, France, Italy, Russia and Spain etc.)

Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)

South America (Brazil, Argentina and Colombia etc.)

Middle East & Africa (South Africa, UAE and Saudi Arabia etc.)

Due to the existence of early adopters and important suppliers of biometrics as a service, North America is expected to dominate the market throughout the projection period. Customers' desire to adopt new technology has also prompted producers in the area to create cutting-edge goods. On the other hand, throughout the aforementioned projected period, Asia-Pacific is anticipated to see profitable growth as a result of the expanding trend of biometrics as a service. The country portion of the biometrics as a service market research additionally lists specific market affecting elements and domestic market regulation changes that have an influence on the market's present and future trends.

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Biometric-as-a Serivce (BaaS) Market - Covid-19 Impact and Recovery Analysis:

The need for contactless biometric solutions increased as a result of the desire to reduce physical contact and stop the virus from spreading. Because they provide a sanitary and touchless method of identity verification and access management, contactless biometrics like face recognition and iris scanning have grown in popularity. Due to the COVID-19 pandemic, many organisations were obliged to implement remote work arrangements, which boosted the demand for safe and dependable remote authentication solutions. There was an increase in demand for BaaS platforms that provided biometric-based authentication for remote workers, guaranteeing that only authorised individuals could access vital systems and data.

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The market for biometrics as a service is expected to benefit greatly from the growing usage of digital platforms for transactions. On the other hand, the market for biometrics as a service will have difficulties in integrating biometric infrastructure into the current systems. When giving prediction analysis of the country data, it also takes into account the presence and accessibility of international brands, the difficulties they encounter owing to strong or weak competition from local and domestic brands, the influence of domestic tariffs, and trade routes.

Table of Contents – Major Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis

4.1. COVID-19 Impact Analysis

4.2. Impact of Ukraine- Russia war

4.3. Impact of ongoing Recession on Major Economies

1. Value Chain Analysis
2. Porter’s 5 Forces Model
3. PEST Analysis
4. Global Biometric-as-a Serivce (BaaS) Market Segmentation, by Transaction Mode
5. Global Biometric-as-a Serivce (BaaS) Market, by Payment Type
6. Global Biometric-as-a Serivce (BaaS) Market, by End User
7. Global Biometric-as-a Serivce (BaaS) Market, by Application
8. Regional Analysis
9. Company Profiles
10. Competitive Landscape
11. Conclusion

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