The rise in the complex IoT landscape, growing number of cyber-attacks, an increase in demand for cost-efficient biometric solutions among different industry verticals, and an increase in the adoption of cloud-based biometrics are the factors that mainly drive the biometrics-as-a-service (BaaS) market growth.
However, privacy concerns and security issues pertaining to the data stored on the cloud hinder market growth. Moreover, advanced technology integrations in cloud-based biometric solutions and the growing cloud industry in developing economies are expected to offer lucrative opportunities for the biometrics-as-a-service industry during the forecast period.
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The large enterprise’s segment dominated the biometrics-as-a-service market in 2018 and is projected to maintain its dominance during the forecast period, owing to the high usage of connected devices and increased number of cyber-attacks, which has raised the necessity of advanced and cost-efficient biometrics solutions among these enterprises.
Furthermore, small & medium enterprises are expected to grow at a significant CAGR during the forecast period, owing to the growing usage of BYOD and increasing IT security spending. In addition, several key benefits of cloud-based biometrics, such as cost-efficiency, ease of implementation, high flexibility, and unlimited accessibility are shifting the attention of SMEs toward cloud-based adoption.
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The global biometrics-as-a-service market share was led by the government and public sector segment in 2018 and is projected to maintain its dominance during the forecast period.
The major factors that drive the adoption of BaaS in this sector include significant adoption among the public and government sectors for different applications such as airport security, prisoner identification, and traveler identification at the borders.
However, the healthcare sector is expected to grow at the highest rate during the forecast period, owing to the rise in the need to maintain secure access to protected health information and prevent high-risk workflows from any cyber-attacks.
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Region-wise, the biometrics-as-a-service market size was dominated by North America in 2018 and is expected to maintain during the forecast period. The major factors that drive the growth of the BaaS market in this region include a rapid surge in online transactions, a rise in advanced cyber-attacks, and high IT security spending. In addition, the adoption of advanced biometrics in various IoT-based devices in this region has also contributed to the demand for biometrics-as-a-service in this region.
However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to the increase in investments by several governments in biometric projects such as national ID cards and e-passports and the development of smart cities and connected devices is expected to influence the growth of the biometrics-as-a-service market in Asia-Pacific.
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The key players profiled in the biometrics-as-a-service market analysis are Fujitsu Limited, Accenture Plc., Aware Inc., Leidos Holdings, Inc., BioID, M2SYS Technology – KernellÓ Inc, Fulcrum Biometrics, LLC, IDEMIA, Imageware Systems Incorporated, and Iritech, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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