Biometric as a Service (BaaS) provides security solutions by utilizing physical characteristics like a fingerprint, face, iris, etc., of an individual. With rapid technological advancements & the mounting shift toward digitalization, several end-users like Banking & Financial Services, Government Agencies, IT/ITES companies, Healthcare, Manufacturing, Energy & Utilities, Retail industries, etc., are actively adopting BaaS models.
The Rise of Biometric as a Service
With the growing adoption of BaaS solutions to attain a secure way of human identification, industries from small, medium & large size organizations are swiftly inclining toward these services. However, small & medium enterprises across some regions are still not entirely opting for these solutions, primarily due to the high setup costs associated with the service & the maintenance of biometric systems.
Nonetheless, several Biometric service providers are addressing these issues to reduce costs by offering cloud-based biometric services at reasonable prices. Hence, different enterprises can now access biometric technology and attain security measures without worrying about operational costs. A recent research study has cited 19.78% CAGR (compounded annual growth rate) for the Global Biometric as a Service Market during 2022-27, mainly due to the growing number of cyberattacks & identity thefts worldwide.
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Biometric-as-a-Service: Top Advantages
BaaS brings a plethora of perks to organizations. However, one of the most prominent advantages is the search & roll capabilities that eliminate the worries of organizations to build these systems externally or manage information since the service provider does it all.
Besides, BaaS solutions efficiently enroll customers, employees, & business partners in the identification system. Once registered, users can attain the data collected by the biometric machine and display the scans on a computer screen.
It just requires taking a picture from the camera for facial recognition using which, Biometric system quickly searches & identifies customer fingerprints & faces and, as a result, helps curb fraud & strengthen customer service.
The Significance of Biometric as a Service Solutions
Biometric as a Service is playing a crucial role, especially in organizations working around KYC (Know Your Customer) authentication. For instance, if a person is trying to open a bank account in an existing user’s name, the biometric system, by scanning fingerprints, would know that the person is not who they claim to be. As a result, a customer service agent can terminate the request.
On the other hand, biometric systems are also beneficial in voting booths since they ensure that the same person is not voting twice, thereby eliminating the possibilities of ballot stuffing.
Furthermore, banks can ask for fingerprint authentication for every transaction, either at the branch or online, from customers (who only want themselves to perform transactions) willing to transfer money across their domestic & foreign accounts.
Biometric as a Service creates a medium for organizations to identify & authenticate the identities of people without developing any necessary infrastructure. Besides, with rapid technological advancements and increasing instances of cyberattacks, the demand for robust biometric services is propelling across different verticals worldwide to strengthen security & eliminate potential threats beforehand.
Furthermore, Biometric-as-a-Service allows organizations to automate their processes, eliminate the need for manual documentation, & increase accountability, thereby helping them save money since everything is stored in cloud databases and delivered via an internet connection. Hence, based on these aspect, the coming years are likely to bring a pool of lucrative growth opportunities for the Global Biometric as a Service (BaaS) Market.