Market Research Report
Biometrics-as-a-Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||967716|
|Published||Content info||142 Pages
Delivery time: 2-3 business days
|Biometrics-as-a-Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: December 5, 2020||Content info: 142 Pages||
The global biometrics-as-a-service market grew at a CAGR of around 20% during 2014-2019. Biometrics-as-a-service (BaaS) refers to a cloud-based application that identifies and authenticates individuals using their biological and behavioral characteristics. It is based on biometrics technology that records the user's presence through a highly accurate eye, voice and facial recognition. This enables advanced, enterprise-wide biometric identification, which aids in enhancing the security of the existing organizational infrastructure. In comparison to the traditionally used paper- and pin-based authentication systems, BaaS systems are highly scalable, cost- and time-effective and less prone to fraudulent activities. Modern BaaS solutions can be deployed for site and mobile access control, time recording and web and workspace management.
The growing need for comprehensive authentication systems, along with the increasing adoption of cloud-based services by enterprises across the globe, is one of the key factors creating a positive outlook for the market. Both government and private organizations are adopting advanced BaaS solutions to counter security attacks and identity thefts. Furthermore, widespread adoption of these solutions in the banking, healthcare and retail sectors is providing a boost to the market growth. For instance, banking service providers are offering mobile-based applications for virtual transactions and digital wallets, which are highly sensitive and can only be accessed through advanced authentication systems, such as fingerprint scanning and facial or voice recognition. Additionally, various technological advancements, such as the integration of BaaS with smartphones, tablets and laptops, are acting as other growth-inducing factors. This aids in conducting business transactions through multi-device and location-independent environments. Other factors, including rapid urbanization, coupled with the implementation of favorable government initiatives to enhance national security, are expected to drive the market further. Looking forward, IMARC Group expects the global biometrics-as-a-service market to continue its strong growth during the next five years.