The global Biometric-as-a-Service (BaaS) market size is expected to reach USD 6.41 Billion in 2028 and register a steady CAGR of 19.8%, according to latest analysis by Emergen Research. Key factors driving market revenue growth include advancements in technology coupled with rising demand for Biometric-as-a-Service (BaaS) technology in automotive, commercial centers, defense & security and consumer electronics applications, among others.
Biometric-as-a service market revenue is expected to increase rapidly as biometrics offer better security than traditional forms of entry codes such as passwords, PIN, and locks, among others. This technology also leverages imaging, computing, statistical, and mathematical applications to map a detailed identity of any individual for high-risk security clearances. Replacement of PIN-based authentication system with BaaS can streamline customer services and curb fraudulent conduct without any need for expensive time-consuming resource-intensive software processing.
Consumer biometrics are increasingly being deployed in mobile devices and the sector is majorly dominated by security and access control devices, owing to approval being given for biometric systems. These are some key factors driving revenue growth of the market currently. For instance, WhatsApp launched an additional privacy measure on Android platform, which allows users to secure their accounts through the use of biometric authentication via fingerprint sensors.
Key players in the market include Fujitsu, Thales, Lexis Nexis, Idemia, Microsoft, Google, Accenture, Fingerprints, Amazon, and Bayometric.
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The retail segment accounted for largest revenue share in 2020 due to rising preference for access control of employees, which allows retailers to curb theft of inventory on-premise. The technology is also being explored for promotional and advertising targeting purposes. In March 2021, Piestro, which is a pizzeria-maker, partnered with PopID for safer, easier, and faster biometrics-based solutions for pizza lovers. The partnership will enable on-site contactless ordering and payment as well as use of PopID-compatible machines to view menus, place orders, and complete payments using the same screen.
Emergen Research has segmented the global biometric-as-a-service market on the basis of offering, type, organization size, vertical, and region:
- Offering Outlook (Revenue, USD Billion; 2018–2028)
- Type Outlook (Revenue, USD Billion; 2018–2028)
- Face Recognition
- Fingerprint Recognition
- Voice Recognition
- Iris Recognition
- Palm and Vein Recognition
- Others (DNA, Signature, Keystroke)
- Organization Size Outlook (Revenue, USD Billion; 2018–2028)
- Small and Medium Enterprises
- Large Enterprises
- Vertical Outlook (Revenue, USD Billion; 2018–2028)
- Government (Public Administration)
- IT and ITES
- Energy and Utilities
- Other Professional Services
- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest Of MEA
- North America