The Biometrics-as-a-Service (BaaS) market is expected to reach $3 billion by 2025. That figure comes courtesy of a new report from Adroit Market Research, and reflects a CAGR of 19 percent for the entire forecast period.
Adroit credits much of that anticipated growth to the expanding IoT ecosystem and the rising popularity of cloud-based biometric authentication options, although the firm does note that many people still have lingering privacy and security concerns about information that is stored in the cloud. That could have a slight dampening effect on the BaaS market.
The evolving regulatory environment is also expected to drive BaaS market growth. Government-mandated security standards will force many organizations to update their cybersecurity infrastructure to guard against cyberattacks, and many will turn to biometric authentication solutions like behavioral biometrics or face, fingerprint, or voice recognition.
The Asia-Pacific region will display the most growth, thanks in large part to significant government investment in biometric projects and smart city initiatives in India and China. However, North America will still represent the largest portion of the market. Much of that can be credited to the high number of cyberattacks and corporate investments in IT infrastructure.
The Adroit number is comparable to previous predictions. MarketsandMarkets recently predicted that the BaaS market would hit $2.7 billion by 2024, while Allied Market Research placed the figure at $5 billion by 2026. All three firms reported that the CAGR would be somewhere between 17 and 19 percent.
Adroit identified Accenture, Fujitsu, IDEMIA, NEC, and ImageWare as some of the key players in the BaaS space. Earlier this year, the research firm predicted that the facial recognition market would be worth $12 billion in 2025, while the market for video analytics technology would climb to $11 billion in the same timeframe.
April 9, 2020 – by Eric Weiss