Biometric-as-a-Service (BaaS) Market Report: Key Industry Participants | Historical Analysis | Future Prospects
A recent research study published by MarkNtel Advisors cited that the Biometric-as-a-Service (BaaS) Market is set to grow at a CAGR of around 19.78% during 2022-27. The report provides an in-depth analysis of the market size, consumption pattern, ongoing trends & challenges, and future prospects. Our research experts always strive to provide real-time insights to clients by thoroughly investigating all the facts, numbers, & other significant aspects like key drivers, potential restraints, growth opportunities, challenges, trends, & recent developments. As a group of diverse specialists, we guarantee that our insights are the culmination of numerous hours spent scrutinizing, staying objective, and illustrating the variables influencing the industry’s growth to help our clients find the right answers to their business queries.
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Our Research Report on the Biometric-as-a-Service (BaaS) Market Broadly comprises the following elements:
Market Outlook: This section provides an overview of the Biometric-as-a-Service (BaaS) market, equipping stakeholders with a comprehensive understanding of the industry. It encompasses growth factors, constraints, and relevant statistics from reputable organizations to provide a concise market outlook. Additionally, the section projects the market’s growth rate through accurately calculated CAGR (Compound Annual Growth Rate).
Market Dynamics: This segment encompasses the market’s drivers, challenges, opportunities, and key trends. By examining the historical scenario, stakeholders may meticulously analyze the current market and make informed decisions for the future, thereby gaining a competitive edge in the Biometric-as-a-Service (BaaS) Market.
Key Trends in the Global Biometri-as-a-Service (BaaS) Market – Rising Government Initiatives toward Integrating BaaS into Prominent Industrial Verticals
Integration of biometric services with cloud-based platforms, such as Biometric-as-a-Service (BaaS), is presently the keen focus area of the eminent end-user industries & small vendors due to burgeoning instances of payment frauds & data breaches worldwide. Cloud-based security services offer organizations various advantages like lowered costs, enhanced flexibility, better disaster recovery related to data breaches, and agility without involving any complex infrastructure.
-19 of the 24 US government agencies use biometric security services like facial recognition systems across their respective organizations, cites the Government Accountability Office (GAO). These include the US Department of Defense (DOD) & Department of Homeland Security (DHS) that maintain in-house systems and other smaller agencies with access to high-security locations across the US.
-In November 2020, the Ministry of Russia announced to build a database of fingerprint, DNA, & face biometric data collected from Russians & foreigners. This software that will identify people by face, voice, iris, & even gait biometrics is expected to go live for the new Federal Information System of Biometric Accounting (FISBA) by the end of 2023.
Several initiatives by governments worldwide to tackle identity-related frauds, specifically for strengthening e-KYC to authenticate identities of different citizens at airports, banks, healthcare, & other economic sectors, shall increase the revenue of BaaS providers during the forecast period.
Market Segmentation: We present at least two prominent segments from the report’s table of contents, along with the elaboration of their sub-segments, and explain why these segments are worth considering and investing in, as they have the potential to fuel rapid growth in the Biometric-as-a-Service (BaaS) Market, i.e., segmented as follows:
By End Users
-Banking and Financial Services
-Energy & Utilities
-Others (Transport, Entertainment, etc.)
By Organization Size
-Small & Medium Enterprises
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-Middle East & Africa
Kindly note that the Biometric-as-a-Service (BaaS) Market research report can be customized as per the client’s specific needs, wherein our analysts & industry experts will work directly with them to understand their requirements and provide them with personalized insights in order to fulfill their strategic plans and help them stay ahead of the competition.
Geographical Landscape: Based on geography, the Biometric-as-a-Service (BaaS) Market is divided into different regions & countries, each of which has been explored individually for a comprehensive understanding of the market’s regional dynamics.
Competitive Scenario: This section of the Biometric-as-a-Service (BaaS) Market report cites the intense competition among the key players striving to expand their market share. The market is highly fragmented, with numerous regional & international players, including Thales Group (Gemalto N.V.), Leidos Holdings, Inc., Fujitsu Ltd., NEC Corporation, BioEngagable Technologies Pvt. Ltd, ImageWare Systems, Inc., M2SYS Technology – KernellÓ Inc., Mobbeel Solutions, S.L.L., Aware, Inc., etc., operating across different segments & geographies and focusing on R&D activities and strategic initiatives like product innovation, mergers & acquisitions, partnerships, as well as collaborations to gain a competitive edge.
Key Questions Answered in the Biometric-as-a-Service (BaaS) Market Research Report (2022-27)
- What was the value of the Biometric-as-a-Service (BaaS) Market in the historical period?
- What is the estimated CAGR & size of the Biometric-as-a-Service (BaaS) Market for 2022-27?
- What patterns, obstacles, and trends will affect the growth of the Biometric-as-a-Service (BaaS) Market in the coming years?
- Which region/country is projected to attain the largest share of the Biometric-as-a-Service (BaaS) Market in the next five years?
- Which of the examined ‘segments‘ would provide remunerative opportunities to the leading players operating in the Biometric-as-a-Service (BaaS) Market?
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MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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