Market Analysis
The Biometric As A Service Market will grow at a whopping 20.06% CAGR in the forecast period (2020 2027), states the latest Market Research Future (MRFR) report.
Click Here to Get Sample Premium Report @
https://www.marketresearchfuture.com/sample_request/10598
Drivers:
Growing Integration of AI and Blockchain Technologies to Boost Market Growth
The growing integration of AI (artificial intelligence) and blockchain technologies with biometrics as a service (BaaS) solutions will boost the market over the forecast period.
Opportunities:
Rising Adoption of Cloud-based Services to offer Robust Opportunities
The rising adoption of cloud-based services by enterprises will offer robust opportunities for the market in the forecast period. Enterprises are adopting cloud-based services increasingly for their business functions owing to their different benefits like agility, disaster recovery, flexibility, and lower costs. Besides the cloud offers the perks of hybrid cloud deployment that offers the perks of both the public and private clouds. Due to cloud deployment, enterprises can avail the biometric security capabilities without the need for any complex infrastructure.
Restraints and Challenges:
Security Issues and Privacy Concerns to act as Market Restraint
The security issues and privacy concerns of biometric data stored on the cloud may act as a market restraint over the forecast period. Besides, the integration of biometric as a service into the existing systems may also impede market growth.
COVID-19 Analysis
The BaaS market has been substantially impacted owing to the increasing pandemic situation across the globe. The COVID-19 outbreak has led to reduced business activities as governments had enforced lockdowns. Owing to this, the dependency on online businesses has significantly grown to offer necessary services to consumers. Thus the increased need for biometric as a service as this offers robustness and security to the data. BaaS simplifies business processes and also affording transparency and immutability as well as increase focus on operational efficiency. Also, BaaS devices are also used in retail malls and buildings to screen people during the crisis before they enter. They can detect this using AI technology if anyone is not wearing a mask or has high temperature. Further, touchless technologies are also flooding the market now. Airports, hospitals, offices, and secure locations are making the most of non-contact biometric attendance.
Market Segmentation:
The biometric as a service market is bifurcated based on vertical, organization size, modality, solution trait, solution type, and offering.
By offering, the service segment will lead the market over the forecast period.
By solution type, the face recognition segment will dominate the market over the forecast period.
By solution trait, the biometric as a service market has been segmented into behavioral and physiological.
By modality, the unimodal segment will spearhead the market over the forecast period.
By organization size, large enterprises will have the lions share in the market over the forecast period.
By vertical, the retail segment will have the largest share in the market over the forecast period.
Regional Analysis:
North America to Command Biometric as a Service Market
North America will command the biometric as a service market over the forecast period. Faster adoption of innovative technologies in Mexico, Canada, and the US, the region being most technologically advanced, the presence of several leading industry players such as Amazon, IBM, Microsoft, and Google, large scale funded programs, employee access monitoring in buildings, rapid surge in online transactions, increase in advance cyber-attacks, and high IT security spending are adding to the global biometric as a service market growth in the region.
Browse Full Report Details @
https://www.marketresearchfuture.com/reports/biometric-as-a-service...
Key Players:
Prominent players profiled in the global biometric as a service market report include Idemia (France), NEC (Japan), Thales (France), M2SYS (US), Fujitsu (Japan), Aware (US), Leidos (US), Nuance (US), Certisign (Brazil), HYPR (US), BioID (Germany), Ayonix (Japan), Phonexia (US), Lexis Nexis (US), Cognitec Systems (Germany), Iritech (US), Affectiva (US), Nviso (Switzerland), Fingerprints (Sweden), Bayometric (US), Google (US), Microsoft (US), IBM (US), Amazon (US), and Accenture (Ireland).
Related Reports:
Virtual Reality (VR) Market Trends, Advancements, and Growth Prospects to 2030| Sony, Samsung, Google, and Microsoft
Independent Software Vendors (ISVs) is expected to reach USD 702.6 million by 2030, with a CAGR of 14.1%
High Performance Computing Market is expected to reach USD 69.82 billion by 2030, growing at a 7.03% CAGR
Smart Home Market is expected to grow at a CAGR of more than 12.3% by the end of 2030, reaching USD 254.78 Billion
Mobile Value-Added Services Market is expected to be worth USD 731.25 billion by 2030
About Market Research Future (MRFR):
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
Contact:
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email:
[email protected]
Website:
https://www.marketresearchfuture.com
You need to be a member of On Feet Nation to add comments!
Join On Feet Nation