Biometrics-as-a-service market size to grow by USD 2,353.46 million from 2022 to 2027, Increasing need for surveillance and security to boost the market- Technavio

NEW YORK, March 9, 2023 /PRNewswire/ -- According to Technavio, the global biometrics-as-a-service market size is estimated to grow by USD 2,353.46 million from 2022 to 2027. The market is estimated to grow at a CAGR of 15.93% during the forecast period. Moreover, the growth momentum will accelerate. The increasing need for surveillance and security is driving the market growth, although factors such as privacy concerns related to the use of biometric systems may impede the market growth. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

Biometrics-as-a-service market – Market dynamics
Key factor driving market growth

• The increasing need for surveillance and security is driving the market growth.
• It is crucial to protect critical and confidential data and information across various sectors such as finance, government, transportation, healthcare, and defense.
• Technological advances have made it easier for cybercriminals to target retail POS transactions.
• Hence, credit card companies and BFSI departments use BaaS to protect sensitive user data.
• Organizations in the finance, government, transportation, healthcare, and defense sectors are implementing security measures such as fingerprint recognition, face recognition, and iris recognition.
• Such initiatives are expected to increase the use of biometric security and monitoring technologies, which, in turn, will fuel the growth of the global biometrics-as-a-service (BaaS) market during the forecast period.

Major challenges hindering the market growth

• Privacy concerns related to the use of biometric systems are challenging market growth.
• Biometrics can be misused for spoofing, identity theft, and individual profiling.
• Biometric information is collected by numerous end-users, such as banks, government agencies, and hospitals.
• There have been several cases of database breaches, which have exposed user credentials.
• Such factors are expected to hinder the growth of the global BaaS market during the forecast period.

Insights on market drivers and challenges, historic period, (2017 to 2021), and forecast
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What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial  - buy the report!

Biometrics-as-a-service market - Segmentation assessment
Segment overview
Technavio has segmented the market based on application (site access control, time recording, mobile application, and web and workplace) and modality (unimodal and multimodal). 

• The site access control segment will account for a significant share of the market growth during the forecast period. The growth of this segment is attributed to factors such as the rise in the number of security threats, data breaches, and criminal activities across the world. Rising surveillance and security activities have also increased the demand for biometric site access control systems.

Geography Overview
Based on geography, the global biometrics-as-a-service market is segmented into North America, APAC, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global biometrics-as-a-service market.

• North America is estimated to account for 35% of the growth of the global market during the forecast period. The growth of the market in the region is attributed to factors such as the adoption of biometrics due to the importance of security in the BFSI sector. The increasing number of cyberattacks and data thefts in enterprises is also driving the growth of the market in the region. As a result, governments are increasing their spending on biometric technologies.

Insights on the market contribution of various segments, including country- and region-
wise historic data (2017 to 2021) and forecast market size (2023 to 2027) - Download a
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Biometrics-as-a-service market – Leading trends

• The rise in popularity of face and voice recognition biometrics in the BFSI sector is a key trend in the market.
• Usernames and passwords are being replaced by facial recognition biometrics in banking operations.
• The popularity of facial recognition 3D biometrics is increasing in online banking services, ATMs, and mobile payments.
• Banks in India, such as the State Bank of India, HDFC Bank, and ICICI Bank, provide voice biometrics in addition to two-factor authentication.
• Therefore, the growing adoption of biometrics is expected to significantly benefit the BFSI sector during the forecast period.

What are the key data covered in this biometrics-as-a-service market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the biometrics-as-a-service market between 2023 and 2027
• Precise estimation of the size of the biometrics-as-a-service market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the biometrics-as-a-service market across North America, APAC, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of biometrics-as-a-service market vendors

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Modality
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global biometrics as a service market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global biometrics as a service market 2017 - 2021 ($ million)

• 4.2 Application Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.3 Modality Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Modality Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments 
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Site access control - Market size and forecast 2022-2027
• Exhibit 34: Chart on Site access control - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Site access control - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Site access control - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Site access control - Year-over-year growth 2022-2027 (%)

• 6.4 Time recording - Market size and forecast 2022-2027
• Exhibit 38: Chart on Time recording - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Time recording - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Time recording - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Time recording - Year-over-year growth 2022-2027 (%)

• 6.5 Mobile application - Market size and forecast 2022-2027
• Exhibit 42: Chart on Mobile application - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Mobile application - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Mobile application - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Mobile application - Year-over-year growth 2022-2027 (%)

• 6.6 Web and workplace - Market size and forecast 2022-2027
• Exhibit 46: Chart on Web and workplace - Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Data Table on Web and workplace - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Chart on Web and workplace - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Web and workplace - Year-over-year growth 2022-2027 (%)

• 6.7 Market opportunity by Application 
• Exhibit 50: Market opportunity by Application ($ million)
• Exhibit 51: Data Table on Market opportunity by Application ($ million)

7 Market Segmentation by Modality

• 7.1 Market segments 
• Exhibit 52: Chart on Modality - Market share 2022-2027 (%)
• Exhibit 53: Data Table on Modality - Market share 2022-2027 (%)

• 7.2 Comparison by Modality 
• Exhibit 54: Chart on Comparison by Modality
• Exhibit 55: Data Table on Comparison by Modality

• 7.3 Unimodal - Market size and forecast 2022-2027
• Exhibit 56: Chart on Unimodal - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Unimodal - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Unimodal - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Unimodal - Year-over-year growth 2022-2027 (%)

• 7.4 Multimodal - Market size and forecast 2022-2027
• Exhibit 60: Chart on Multimodal - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Data Table on Multimodal - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Chart on Multimodal - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Multimodal - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Modality 
• Exhibit 64: Market opportunity by Modality ($ million)
• Exhibit 65: Data Table on Market opportunity by Modality ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 67: Chart on Market share by geography 2022-2027 (%)
• Exhibit 68: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 69: Chart on Geographic comparison
• Exhibit 70: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 71: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 APAC - Market size and forecast 2022-2027
• Exhibit 75: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027
• Exhibit 79: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027
• Exhibit 95: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027
• Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027
• Exhibit 103: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027
• Exhibit 107: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 108: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 109: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 111: Market opportunity by geography ($ million)
• Exhibit 112: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 113: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 114: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 115: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 116: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 117: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 118: Matrix on vendor position and classification

• 12.3 Accenture Plc 
• Exhibit 119: Accenture Plc - Overview
• Exhibit 120: Accenture Plc - Business segments
• Exhibit 121: Accenture Plc - Key news
• Exhibit 122: Accenture Plc - Key offerings
• Exhibit 123: Accenture Plc - Segment focus

• 12.4 Aware Inc. 
• Exhibit 124: Aware Inc. - Overview
• Exhibit 125: Aware Inc. - Product / Service
• Exhibit 126: Aware Inc. - Key offerings

• 12.5 BioID AG 
• Exhibit 127: BioID AG - Overview
• Exhibit 128: BioID AG - Product / Service
• Exhibit 129: BioID AG - Key offerings

• 12.6 Fujitsu Ltd. 
• Exhibit 130: Fujitsu Ltd. - Overview
• Exhibit 131: Fujitsu Ltd. - Business segments
• Exhibit 132: Fujitsu Ltd. - Key news
• Exhibit 133: Fujitsu Ltd. - Key offerings
• Exhibit 134: Fujitsu Ltd. - Segment focus

• 12.7 HYPR Corp. 
• Exhibit 135: HYPR Corp. - Overview
• Exhibit 136: HYPR Corp. - Product / Service
• Exhibit 137: HYPR Corp. - Key offerings

• 12.8 IDEMIA France SAS 
• Exhibit 138: IDEMIA France SAS - Overview
• Exhibit 139: IDEMIA France SAS - Product / Service
• Exhibit 140: IDEMIA France SAS - Key offerings

• 12.9 Imageware Systems Inc. 
• Exhibit 141: Imageware Systems Inc. - Overview
• Exhibit 142: Imageware Systems Inc. - Product / Service
• Exhibit 143: Imageware Systems Inc. - Key offerings

• 12.10 Iritech Inc. 
• Exhibit 144: Iritech Inc. - Overview
• Exhibit 145: Iritech Inc. - Product / Service
• Exhibit 146: Iritech Inc. - Key offerings

• 12.11 Leidos Holdings Inc. 
• Exhibit 147: Leidos Holdings Inc. - Overview
• Exhibit 148: Leidos Holdings Inc. - Business segments
• Exhibit 149: Leidos Holdings Inc. - Key offerings
• Exhibit 150: Leidos Holdings Inc. - Segment focus

• 12.12 M2SYS Technology 
• Exhibit 151: M2SYS Technology - Overview
• Exhibit 152: M2SYS Technology - Product / Service
• Exhibit 153: M2SYS Technology - Key offerings

• 12.13 Milestone systems AS 
• Exhibit 154: Milestone systems AS - Overview
• Exhibit 155: Milestone systems AS - Product / Service
• Exhibit 156: Milestone systems AS - Key offerings

• 12.14 NEC Corp. 
• Exhibit 157: NEC Corp. - Overview
• Exhibit 158: NEC Corp. - Business segments
• Exhibit 159: NEC Corp. - Key news
• Exhibit 160: NEC Corp. - Key offerings
• Exhibit 161: NEC Corp. - Segment focus

• 12.15 Nuance Communications Inc. 
• Exhibit 162: Nuance Communications Inc. - Overview
• Exhibit 163: Nuance Communications Inc. - Business segments
• Exhibit 164: Nuance Communications Inc. - Key offerings
• Exhibit 165: Nuance Communications Inc. - Segment focus

• 12.16 Phonexia Sro 
• Exhibit 166: Phonexia Sro - Overview
• Exhibit 167: Phonexia Sro - Product / Service
• Exhibit 168: Phonexia Sro - Key offerings

• 12.17 Thales Group 
• Exhibit 169: Thales Group - Overview
• Exhibit 170: Thales Group - Business segments
• Exhibit 171: Thales Group - Key news
• Exhibit 172: Thales Group - Key offerings
• Exhibit 173: Thales Group - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 174: Inclusions checklist
• Exhibit 175: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 176: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 177: Research methodology
• Exhibit 178: Validation techniques employed for market sizing
• Exhibit 179: Information sources

• 13.5 List of abbreviations 
• Exhibit 180: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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