Adoption of biometrics has grown exponentially over last few years. Biometrics have been proved to be a faster, more efficient, and securer method as compared to traditional identification practices like ID cards, access cards, PINs and passwords. Modern biometric systems have capability to get adjoined with the information systems and the network. They can share data with a remote server having centralized biometric database over the internet. This ability enables biometrics to be offered as a service over the internet. Moreoevr, increasing applications within finance industry would also help the market to grow further. For instance, AimBrain Solutions Ltd. has received $5.1 million funding for expansion of its Biometrics-as-a-service (BaaS) for financial services businesses.
Biometrics-as-a-Service Market Determinants
Rising usage of mobile devices and increasing demand for cost-effective BaaS solutions are prime factors driving the growth of global baas market. Further, need for enhanced security for organizations and evolutions of e-voting in government sector will also fuel the market growth. Security and privacy of biometric data and limited availability of cloud-based biometric solutions are major factors restraining the market growth. Growing demand of BaaS in ecommerce and emergence of mobile cloud-based biometrics is expected to offer lucrative opportunities to the market in upcoming years. According to Cisco Systems, Inc., by 2016, almost 56% of enterprises are expected to store mission-critical workloads and applications on the public cloud platform.
Biometrics-as-a-Service Market Segment Analysis
Global BaaS market is segmented on the basis of deployment model, organization size, end user, and region. By deployment model it is divided as public cloud, private cloud, and hybrid cloud. By organization size the market is bifurcated as large enterprises and small & medium enterprises (SME). On the basis of end user the market is categorized as BFSI, Telecom & IT, defense and government, healthcare, travel, retail, education, media, and others. Geographically, global BaaS market is segmented into North America, Europe, Asia-Pacific, and Rest of the world. Cloud based deployment model is one of the fastest growing market segment and fueled by new service launch within market. For instance, on September 2017, Fujitsu launches scalable cloud-based biometrics as a service offering.
The market can be identified by a niche market with presence of very few vendors and low competition. The market is expected to experience many mergers and acquisitions in coming years due to healthy growth potential and new opportunities of the market. For instance, Gemalto N.V. acquired 3M Cogent Inc., a leader in finger, palm, face and iris biometric systems, to expand company’s Biometric Security Solutions, on December 2016. Key players of the market are Accenture, Aware, Inc., Certibio, Fujitsu, Hypr Corp., Iritech, Leidos, M2sys, Ot-Morpho, and Smilepass Ltd.
Biometrics-as-a-Service (BaaS) Market Segmentation
By Deployment Model
• Public Cloud
• Private Cloud
• Hybrid Cloud
By Organization Size
• Large Enterprises
• Small & Medium Enterprises
By End User
• Telecom & IT
• Defense and Government
• North America
• Rest of the World
Biometrics as a Service Market Key Players
• Aware, Inc.
• Hypr Corp.
• Smilepass Ltd