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 (BaaS) is an efficient solution to traditional biometric software models. The technology enables all type of organizations to deploy and use biometric in day-to-day operations. With BaaS, users can start practicing facial recognition and fingerprint scanning to enroll customers and employees to combat fraud as well as to streamline customer service without the use of expensive, time-consuming, and resource-intensive software acquisition and integration processes.
Key players in the market include Fujitsu, Thales, Lexis Nexis, Idemia, Microsoft, Google, Accenture, Fingerprints, Amazon, and Bayometric.
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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.