Biometric-as-a-Service (BaaS) Market Opportunities: Exploring 19.78% CAGR Growth (2022-27)
The Global Biometric-as-a-Service (BaaS) Market is projected to grow at a CAGR of around 19.78% during the forecast period, i.e., 2022-27.
Global Biometric-as-a-Service (BaaS) Market Insights Report Overview
According to the latest market study by MarkNtel Advisors titled “Global Biometric-as-a-Service (BaaS) Market: Industry Size, Share, Trends, Growth, Opportunity Analysis 2022-2027” presents a thorough examination of market drivers, opportunities and challenges.
Utilizing a quantitative approach, it offers precise insights into market size, share, and growth. Crafted by industry experts, the report delves into consumption patterns, geographical analysis, and competitive landscapes. Its objective is to furnish valuable insights for clients seeking to comprehend and leverage market dynamics. With a dual focus on historical achievements and future projections, it furnishes a nuanced understanding of the market terrain.
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Global Biometric-as-a-Service (BaaS) Market Overview:
The Global Biometric-as-a-Service (BaaS) Market is projected to grow at a CAGR of around 19.78% during the forecast period, i.e., 2022-27.
Possible Growth Restraint: Increasing Security & Privacy Concerns Due to Data Theft Incidences
Service providers need to be careful regarding the biometric authentication methods they use in order to prevent violations of customers' privacy or exposure of their personal information since this information could be stolen or lost if the cloud isn’t well-secured. Due to these reasons, consumers & enterprise organizations hesitate while adopting BaaS solutions.
According to Varonis, a US-based data security & insider threat detection company, around 10 million identities have got stolen since 2013, and nearly 64% of them occurred in the United States. Hence, increasing concerns over the security of biometric data stored in the cloud might challenge the Biometric as a Service Market growth during 2022-27.
Competitor Insight: Biometric-as-a-Service (BaaS) Market
This report focuses on major market participants like:
- 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.
- IDEMIA France SAS
- Clearview AI, Inc.
- Bayometric
- Amazon Inc
- Microsoft Corporation
- CERTIBIO
- Others
Explore Our Comprehensive Study: https://www.marknteladvisors.com/research-library/biometric-as-a-service-market.html
Market Geographical Reach:
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
Segmentation Summary: Biometric-as-a-Service (BaaS) Market
This segmentation analysis outlines prominent sections in the report's table of contents. Each segment undergoes thorough analysis, including sub-segments, to showcase both current and historical market sizes. The analysis underscores investment opportunities for rapid growth, particularly in the Biometric-as-a-Service (BaaS) Market, with notable highlighting on:
-By Component
- Services
- Solutions
Of them all, the Services segment is expected to gain significant momentum in the Global Biometric as a Service (BaaS) Market during 2022-27. With the growing digitalization and increasing use of IoT in industries like manufacturing, agriculture, logistics, banking, etc., there exists a need for these sectors to deploy enhanced security services to help reduce those security breaches which could cause operational losses.
Increasing cyberattacks & internet scams across these sectors have contributed extensively to an increasing demand for advanced biometrics solutions & services to ensure data security and the smooth functioning of business operations. Government organizations globally have adopted significant initiatives to curb data security losses.
-By End Users
- Banking and Financial Services
- Government
- IT/ITES
- Healthcare
- Manufacturing
- Energy & Utilities
- Retail
- Others (Transport, Entertainment, etc.)
-By Trait
- Physiological
- Behavioral
-By Organization Size
- Small & Medium Enterprises
- Large Enterprises
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Key Questions Addressed:
- Factors Driving Market Growth: Understand the primary drivers propelling the Biometric-as-a-Service (BaaS) market forward.
- Access to Reliable Reports: Learn where to access dependable market reports for informed decision-making.
- Growth Projections: Gain insights into anticipated growth projections for the coming years.
- Geographical Hotspots: Identify geographical poised for significant market growth soon.
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