The global biometric-as-a-service market is projected to register a fast-paced CAGR of 22.4% during the forecast period. The current valuation of the market is US$ 6,040.9 million in 2022. The value of the market is anticipated to reach a high of US$ 45,607.6 million by the year 2032. A historical market valuation of US$ 5,002.0 million has been recorded by the experts of Future Market Insights during the base year.
While there are multiple tangents to the market growth, primary drivers include:
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The market is expected to have healthy growth through the projection period. However, the expert analysts at FMI have revealed that certain aspects, hinder the pace of advancement. The restraining factors identified are as follows:
Enterprises, especially in the IT industry, have increased their reliance on cloud-based services, which is creating a positive outlook for the market. Both private and government organizations are investing in advanced biometric-as-a-service solutions to curb identity theft and security attacks.
However, the waves of opportunities for the biometric-as-a-service market aren’t just splashing into the IT industry. Biometrics service providers find a revenue pocket for mobile apps as the banking, retail, and healthcare sectors conform to digitalization. Hence, the usage of biometrics to create secured digital wallets and, in turn, virtual transactions is a newfound opportunity.
With multi-directional growth in the scenario, service providers shoulder the responsibility of keeping their BaaS offerings up to date. As a result, their focus has been on developing high-sensitive systems, which can only be accessed through advanced authentication systems. Technologies such as voice and facial recognition, fingerprint scanning, and similar ones are gradually blending in with BaaS.
New opportunities in industries assisted with technological innovation promise a positive outlook for the market during the forecast period.
Attributes | Details |
---|---|
Biometric-as-a-Service Market Value (2022) | US$ 6,040.9 million |
Biometric-as-a-Service Market Anticipated Value (2032) | US$ 45,607.6 million |
Biometric-as-a-Service Projected Growth Rate (2022 to 2032) | 22.4% |
An approximate US$ 1,038.9 million surge in the total market value is from 2021 to 2022. From 2017 to 2021, the market registered a CAGR of 20.6%.
One of the key influencers providing new avenues of growth to service providers includes the surge in the usage of smart devices. Besides this, end users no longer only get satisfied with seamless UI/UX experiences. They demand sophistication and security while carrying out digital transactions, making BaaS the new default feature in mobile devices.
The biometric-as-a-service market is witnessing an unprecedented surge in recent years owing to the various technological advancements that include the integration of biometric-as-a-service with tablets, smartphones, laptops, and other IoT devices. This aspect is aiding towards the smooth conduction of business transactions through location-independent and multi-device environments.
While adopting biometrics systems has been growing steadily in developed countries, developing countries are the new haven for service providers trying to break through in the market. Governments across developing economies are creating a favorable environment for enhancing national security, which has contributed to the growth of the biometric-as-a-service market in the past few years.
Unimodal Biometric-as-a-Service Systems Tops the Modality Segment
The expert analysts at FMI have identified that the unimodal BaaS systems are going to hold a dominant share in the modality type category. This segment has surpassed the market shares o multimodal systems with 58% shares, whilst the multimodal system upheld 42.0% market shares in the year 2021. This segment is estimated to register a CAGR of 12.0% during the base year. The reasons behind the steady progress of this segment are:
However, the multimodal biometric systems market is estimated to advance at a CAGR of 13.3% through the forecast period. They are being highly deployed in smartphones and other technologically advanced devices for multi-factor authentication purposes, which gives an edge over conventional unimodal systems.
Users prefer to Tap their Fingerprint to Secure their Systems
The fingerprint segment by the scanner type category is estimated to account for the largest market share through the forecast period, surpassing the valuation of voice recognition, palm recognition, iris recognition, and facial recognition. This segment is estimated to progress at a fast pace, registering a CAGR of 14.5% through 2032. The market valuation is estimated to surpass US$ 18.52 Billion by the end of the projection period. The factors contributing to the growth of this segment are:
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Country/Region | USA |
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Statistics | North America is projected to hold the highest share in the biometric-as-a-service market through the projection period. This region accounted for a 32.9% market share during the base year. The USA has emerged as the most lucrative country in the concerned region. Historical CAGR: 15.1% |
Growth Propellants | Reasons accelerating the growth of BaaS services in the USA are:
|
Country/Region | Europe |
---|---|
Statistics | Europe is anticipated to emerge as the second largest region in the biometric-as-a-service market with a 20.7% market share during 2021. The forum is advancing at a CAGR of 16.4% and Germany has emerged as the leading country in the base year. |
Growth Propellants | Factors fueling the growth of the market are:
|
Country/Region | Japan |
---|---|
Statistics | Japan has emerged as the leading country across the Asia-Pacific region with an 18.6% market share during the base year. The biometric-as-a-service market in Japan is estimated to advance at a substantial pace, recording a CAGR of 20.4% through the forecast period. |
Growth Propellants | Reasons owing to the growth of the market are:
|
Country/Region | Korea |
---|---|
Statistics | Korea is expected to advance at a rapid pace, recording a CAGR of 14.2% through the forecast period. |
Growth Propellants | Prevailing elements responsible for market growth are:
|
New Entrants Add an Edge to the Market Dynamics of BaaS Systems
The new entrants in the biometric-as-a-service market are leveraging advancements in technology to launch new products and gain a competitive advantage. These firms are continually investing in research and development activities to keep themselves in tandem with the changing consumer preferences and end-use industry demands. Efforts are being made to strengthen their foothold in the forum and aid the further progression of the biometric-as-a-service market.
Funding: 223 Million
Pindrop Security is a phone fraud prevention solutions provider. It helps detect, report, and mitigate phone fraud by identifying key attributes of any phone call including the device used (based on audio analysis), ID, call path and geographic point of origin. The features include voice reports, multi-factor caller authentication, etc. The clients include AXIOS, Forbes, FORTUNE, etc.
Funding: 216 Million
AI-based biometric behavioral detection for transaction monitoring. It provides Account Opening Protection for identifying digital behaviors, Account Takeover Protection for detecting behavioral anomalies, Social Engineering Scam Detection for identifying fraudulent behavior on money transfers, and more. Users can integrate the tools with websites and mobile-based platforms.
Funding: 48 Million
Cloud and AI-based platforms offer security solutions to protect biometric databases. Its proprietary algorithm resynthesizes photos to a protected version proprietary algorithm combined with advanced image processing and deep learning technique. The solution is available as SaaS and on-premise.
Attempts of Biggies to revolutionize the BaaS Market
The BaaS market is fragmented and the key players are deploying organic and inorganic growth strategies to compete in the market. The biggies are heavily investing in research and development activities to make technological advances in biometric systems for easing the job of the growing corporate sector and advanced security to all the data.
Trust Stamp, a North American company offer AI-based biometric identity and KYC solutions that enable business organizations to protect their users with the help of AI-powered identity solutions developed with the intersection of privacy, cybersecurity, and biometrics. It transforms sensitive data to maximize both its utility and privacy, allowing businesses to adopt biometrics and other anti-fraud initiatives while protecting personal information from hacks and leaks.
It is identified that financial institutes are also focusing on adopting biometric solutions to provide better customer experiences.
Recent Developments
The growth outlook for the biometric-as-a-service market is predicted to advance at a CAGR of 22.4% during the forecast period.
The North American region is anticipated to lead the market.
The valuation of the biometric-as-a-service market stands at US$ 6,040.9 million in 2022.
The biometric-as-a-service market is likely to hold a valuation of US$ 45,607.6 million by 2032.
The IT industry sector is the key driver in the market.
1. Executive Summary | Biometric-as-a-Service Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ Million) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Component
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Component, 2017 to 2021
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component, 2022 to 2032
5.3.1. Services
5.3.2. Software
5.4. Y-o-Y Growth Trend Analysis By Component, 2017 to 2021
5.5. Absolute $ Opportunity Analysis By Component, 2022 to 2032
6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Application, 2017 to 2021
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application, 2022 to 2032
6.3.1. Mobile Banking
6.3.2. Payments
6.3.3. Authentication
6.3.4. Workforce Management
6.3.5. Law Enforcement and Border Control
6.3.6. Civil Identity and Elections
6.3.7. Others
6.4. Y-o-Y Growth Trend Analysis By Application, 2017 to 2021
6.5. Absolute $ Opportunity Analysis By Application, 2022 to 2032
7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Type
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Type , 2017 to 2021
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Type, 2022 to 2032
7.3.1. Unimodal
7.3.2. Multimodal
7.4. Y-o-Y Growth Trend Analysis By Type, 2017 to 2021
7.5. Absolute $ Opportunity Analysis By Type, 2022 to 2032
8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2017 to 2021
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2022 to 2032
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. South Asia
8.3.5. East Asia
8.3.6. Oceania
8.3.7. Middle East and Africa(MEA)
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
9.2.1. By Country
9.2.1.1. USA
9.2.1.2. Canada
9.2.2. By Component
9.2.3. By Application
9.2.4. By Type
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Component
9.3.3. By Application
9.3.4. By Type
9.4. Key Takeaways
10. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Component
10.2.3. By Application
10.2.4. By Type
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Component
10.3.3. By Application
10.3.4. By Type
10.4. Key Takeaways
11. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. United Kingdom
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Europe
11.2.2. By Component
11.2.3. By Application
11.2.4. By Type
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Component
11.3.3. By Application
11.3.4. By Type
11.4. Key Takeaways
12. South Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
12.2.1. By Country
12.2.1.1. India
12.2.1.2. Malaysia
12.2.1.3. Singapore
12.2.1.4. Thailand
12.2.1.5. Rest of South Asia
12.2.2. By Component
12.2.3. By Application
12.2.4. By Type
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Component
12.3.3. By Application
12.3.4. By Type
12.4. Key Takeaways
13. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
13.2.1. By Country
13.2.1.1. China
13.2.1.2. Japan
13.2.1.3. South Korea
13.2.2. By Component
13.2.3. By Application
13.2.4. By Type
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Component
13.3.3. By Application
13.3.4. By Type
13.4. Key Takeaways
14. Oceania Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
14.2.1. By Country
14.2.1.1. Australia
14.2.1.2. New Zealand
14.2.2. By Component
14.2.3. By Application
14.2.4. By Type
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Component
14.3.3. By Application
14.3.4. By Type
14.4. Key Takeaways
15. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
15.2.1. By Country
15.2.1.1. GCC Countries
15.2.1.2. South Africa
15.2.1.3. Israel
15.2.1.4. Rest of Middle East and Africa(MEA)
15.2.2. By Component
15.2.3. By Application
15.2.4. By Type
15.3. Market Attractiveness Analysis
15.3.1. By Country
15.3.2. By Component
15.3.3. By Application
15.3.4. By Type
15.4. Key Takeaways
16. Key Countries Market Analysis
16.1. USA
16.1.1. Pricing Analysis
16.1.2. Market Share Analysis, 2021
16.1.2.1. By Component
16.1.2.2. By Application
16.1.2.3. By Type
16.2. Canada
16.2.1. Pricing Analysis
16.2.2. Market Share Analysis, 2021
16.2.2.1. By Component
16.2.2.2. By Application
16.2.2.3. By Type
16.3. Brazil
16.3.1. Pricing Analysis
16.3.2. Market Share Analysis, 2021
16.3.2.1. By Component
16.3.2.2. By Application
16.3.2.3. By Type
16.4. Mexico
16.4.1. Pricing Analysis
16.4.2. Market Share Analysis, 2021
16.4.2.1. By Component
16.4.2.2. By Application
16.4.2.3. By Type
16.5. Germany
16.5.1. Pricing Analysis
16.5.2. Market Share Analysis, 2021
16.5.2.1. By Component
16.5.2.2. By Application
16.5.2.3. By Type
16.6. United Kingdom
16.6.1. Pricing Analysis
16.6.2. Market Share Analysis, 2021
16.6.2.1. By Component
16.6.2.2. By Application
16.6.2.3. By Type
16.7. France
16.7.1. Pricing Analysis
16.7.2. Market Share Analysis, 2021
16.7.2.1. By Component
16.7.2.2. By Application
16.7.2.3. By Type
16.8. Spain
16.8.1. Pricing Analysis
16.8.2. Market Share Analysis, 2021
16.8.2.1. By Component
16.8.2.2. By Application
16.8.2.3. By Type
16.9. Italy
16.9.1. Pricing Analysis
16.9.2. Market Share Analysis, 2021
16.9.2.1. By Component
16.9.2.2. By Application
16.9.2.3. By Type
16.10. India
16.10.1. Pricing Analysis
16.10.2. Market Share Analysis, 2021
16.10.2.1. By Component
16.10.2.2. By Application
16.10.2.3. By Type
16.11. Malaysia
16.11.1. Pricing Analysis
16.11.2. Market Share Analysis, 2021
16.11.2.1. By Component
16.11.2.2. By Application
16.11.2.3. By Type
16.12. Singapore
16.12.1. Pricing Analysis
16.12.2. Market Share Analysis, 2021
16.12.2.1. By Component
16.12.2.2. By Application
16.12.2.3. By Type
16.13. Thailand
16.13.1. Pricing Analysis
16.13.2. Market Share Analysis, 2021
16.13.2.1. By Component
16.13.2.2. By Application
16.13.2.3. By Type
16.14. China
16.14.1. Pricing Analysis
16.14.2. Market Share Analysis, 2021
16.14.2.1. By Component
16.14.2.2. By Application
16.14.2.3. By Type
16.15. Japan
16.15.1. Pricing Analysis
16.15.2. Market Share Analysis, 2021
16.15.2.1. By Component
16.15.2.2. By Application
16.15.2.3. By Type
16.16. South Korea
16.16.1. Pricing Analysis
16.16.2. Market Share Analysis, 2021
16.16.2.1. By Component
16.16.2.2. By Application
16.16.2.3. By Type
16.17. Australia
16.17.1. Pricing Analysis
16.17.2. Market Share Analysis, 2021
16.17.2.1. By Component
16.17.2.2. By Application
16.17.2.3. By Type
16.18. New Zealand
16.18.1. Pricing Analysis
16.18.2. Market Share Analysis, 2021
16.18.2.1. By Component
16.18.2.2. By Application
16.18.2.3. By Type
16.19. GCC Countries
16.19.1. Pricing Analysis
16.19.2. Market Share Analysis, 2021
16.19.2.1. By Component
16.19.2.2. By Application
16.19.2.3. By Type
16.20. South Africa
16.20.1. Pricing Analysis
16.20.2. Market Share Analysis, 2021
16.20.2.1. By Component
16.20.2.2. By Application
16.20.2.3. By Type
16.21. Israel
16.21.1. Pricing Analysis
16.21.2. Market Share Analysis, 2021
16.21.2.1. By Component
16.21.2.2. By Application
16.21.2.3. By Type
17. Market Structure Analysis
17.1. Competition Dashboard
17.2. Competition Benchmarking
17.3. Market Share Analysis of Top Players
17.3.1. By Regional
17.3.2. By Component
17.3.3. By Application
17.3.4. By Type
18. Competition Analysis
18.1. Competition Deep Dive
18.1.1. Fujitsu
18.1.1.1. Overview
18.1.1.2. Product Portfolio
18.1.1.3. Profitability by Market Segments
18.1.1.4. Sales Footprint
18.1.1.5. Strategy Overview
18.1.1.5.1. Marketing Strategy
18.1.2. HYPR (US)
18.1.2.1. Overview
18.1.2.2. Product Portfolio
18.1.2.3. Profitability by Market Segments
18.1.2.4. Sales Footprint
18.1.2.5. Strategy Overview
18.1.2.5.1. Marketing Strategy
18.1.3. OT-Morpho
18.1.3.1. Overview
18.1.3.2. Product Portfolio
18.1.3.3. Profitability by Market Segments
18.1.3.4. Sales Footprint
18.1.3.5. Strategy Overview
18.1.3.5.1. Marketing Strategy
18.1.4. M2SYS (US)
18.1.4.1. Overview
18.1.4.2. Product Portfolio
18.1.4.3. Profitability by Market Segments
18.1.4.4. Sales Footprint
18.1.4.5. Strategy Overview
18.1.4.5.1. Marketing Strategy
18.1.5. SUPREMA Leidos (US)
18.1.5.1. Overview
18.1.5.2. Product Portfolio
18.1.5.3. Profitability by Market Segments
18.1.5.4. Sales Footprint
18.1.5.5. Strategy Overview
18.1.5.5.1. Marketing Strategy
18.1.6. Image Ware Systems
18.1.6.1. Overview
18.1.6.2. Product Portfolio
18.1.6.3. Profitability by Market Segments
18.1.6.4. Sales Footprint
18.1.6.5. Strategy Overview
18.1.6.5.1. Marketing Strategy
18.1.7. CERTIFY GLOBAL
18.1.7.1. Overview
18.1.7.2. Product Portfolio
18.1.7.3. Profitability by Market Segments
18.1.7.4. Sales Footprint
18.1.7.5. Strategy Overview
18.1.7.5.1. Marketing Strategy
18.1.8. Polygon Innovation
18.1.8.1. Overview
18.1.8.2. Product Portfolio
18.1.8.3. Profitability by Market Segments
18.1.8.4. Sales Footprint
18.1.8.5. Strategy Overview
18.1.8.5.1. Marketing Strategy
18.1.9. Sky Biometry
18.1.9.1. Overview
18.1.9.2. Product Portfolio
18.1.9.3. Profitability by Market Segments
18.1.9.4. Sales Footprint
18.1.9.5. Strategy Overview
18.1.9.5.1. Marketing Strategy
18.1.10. Right Patient
18.1.10.1. Overview
18.1.10.2. Product Portfolio
18.1.10.3. Profitability by Market Segments
18.1.10.4. Sales Footprint
18.1.10.5. Strategy Overview
18.1.10.5.1. Marketing Strategy
18.1.11. VoiceIt Technologies
18.1.11.1. Overview
18.1.11.2. Product Portfolio
18.1.11.3. Profitability by Market Segments
18.1.11.4. Sales Footprint
18.1.11.5. Strategy Overview
18.1.11.5.1. Marketing Strategy
18.1.12. Smile Pass Athena Sciences Corporation
18.1.12.1. Overview
18.1.12.2. Product Portfolio
18.1.12.3. Profitability by Market Segments
18.1.12.4. Sales Footprint
18.1.12.5. Strategy Overview
18.1.12.5.1. Marketing Strategy
18.1.13. BYTES TECHNOLOGY GROUP-Bytes SI
18.1.13.1. Overview
18.1.13.2. Product Portfolio
18.1.13.3. Profitability by Market Segments
18.1.13.4. Sales Footprint
18.1.13.5. Strategy Overview
18.1.13.5.1. Marketing Strategy
18.1.14. Fulcrum Biometrics
18.1.14.1. Overview
18.1.14.2. Product Portfolio
18.1.14.3. Profitability by Market Segments
18.1.14.4. Sales Footprint
18.1.14.5. Strategy Overview
18.1.14.5.1. Marketing Strategy
18.1.15. Accenture
18.1.15.1. Overview
18.1.15.2. Product Portfolio
18.1.15.3. Profitability by Market Segments
18.1.15.4. Sales Footprint
18.1.15.5. Strategy Overview
18.1.15.5.1. Marketing Strategy
18.1.16. SpeechPro (U.S.).
18.1.16.1. Overview
18.1.16.2. Product Portfolio
18.1.16.3. Profitability by Market Segments
18.1.16.4. Sales Footprint
18.1.16.5. Strategy Overview
18.1.16.5.1. Marketing Strategy
19. Assumptions & Acronyms Used
20. Research Methodology
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