The latest publication from Report Ocean, titled “Biometrics-as-a-Service Market”: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024 to 2032,” delivers a thorough evaluation of the industry, providing valuable insights into market trends. This report encompasses competitor and regional analyses, along with the latest market developments, serving as a valuable resource for investors, researchers, consultants, marketing strategists, and individuals looking to enter the markets.
The Biometrics-as-a-Service (BaaS) market report provides a comprehensive 360-degree overview of the Biometrics-as-a-Service industry, aiding in identifying and defining opportunities and challenges in the market. The report supports the generation, evaluation, and refinement of marketing actions, monitors market performance, and enhances understanding of the factors driving and restraining the market.
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Biometrics-as-a-Service involves a centralized biometric database on the internet, used for authenticating individuals based on unique and verifiable data. The technology is widely utilized for its ability to lower costs and enable the blending of different modalities for various organizations. BaaS offers benefits such as high reliability, cost-efficiency, and rapid integration with existing business intelligence and systems, making it attractive to different industries, including government, fintech, and private companies.
Factors Driving Market Growth:
- Increase in Adoption of Cloud-Based Biometrics: The growth of BaaS is driven by the rising adoption of cloud-based biometrics due to factors such as growing cyber-attacks, stringent government regulations for data security, and demand for cost-efficient biometrics.
- IoT Landscape Growth: The growth of the Internet of Things (IoT) landscape and increased adoption of Bring Your Own Device (BYOD) among enterprises contribute to the market’s expansion.
- Security and Privacy Concerns: Despite the growth, security and privacy concerns related to biometric data stored on the cloud pose challenges to market growth.
- Integration of Advanced Technologies: The integration of advanced technologies, such as artificial intelligence, provides opportunities for the market’s expansion.
Market Segmentation: The market is segmented based on component, organization size, modality, industry vertical, and region.
- Component:
- Solution
- Services
- Organization Size:
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- Modality:
- Unimodal Biometrics
- Multi-Modal Biometrics
- Industry Vertical:
- BFSI
- Retail and E-commerce
- Healthcare
- Government & Defense
- IT & Telecom
- Education
- Others
- Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- North America
Key Players: Key players in the Biometrics-as-a-Service market include Fujitsu Limited, Accenture Plc., Aware Inc., Leidos Holdings, Inc., BioID, M2SYS Technology – KernellÓ Inc, Fulcrum Biometrics, LLC, IDEMIA, Imageware Systems Incorporated, and Iritech, Inc.
Key Benefits for Stakeholders:
- In-depth analysis of the global BaaS market size, current trends, and future estimations.
- Insight into key drivers, restraints, and opportunities, with impact analysis.
- Porter’s five forces analysis illustrating the potency of buyers and suppliers.
- Quantitative analysis of the industry from 2019 to 2026 to determine market potential.
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Who Should Buy? Or Key Stakeholders
- Investors
- Environment, Health and Safety Professionals
- Research Organizations
- Electrical & electronics industry
- Marine industry
- Shipping industry
- Manufacturing industry
- Regulatory Authorities
- Others
COVID-19 Impact on the Market:
The pandemic led to significant disruptions in global supply chains and trade flows. Lockdowns, restrictions, and factory closures in various countries affected the production and movement of goods. This initially resulted in reduced demand for dry van containers, as many businesses scaled back operations.
As consumer demand shifted during the pandemic, certain types of cargo saw increased demand. Dry van containers were used to transport essential goods such as medical supplies, personal protective equipment (PPE), pharmaceuticals, and groceries. At the same time, containerized shipments of non-essential items declined.
The pandemic exposed imbalances in the availability of dry van containers. Shipping disruptions, port congestion, and uneven trade flows led to shortages of containers in some regions while causing surpluses in others. This imbalance affected container pricing and availability.
The disruptions in global trade, coupled with increased demand for essential goods, resulted in rising shipping costs. Freight rates soared, affecting the overall cost of containerized shipping and logistics.
The pandemic affected the maintenance and repair schedules for dry van containers. Lockdowns and travel restrictions hindered maintenance activities and inspections, potentially leading to longer-term maintenance challenges.
Companies and industries recognized the need for greater supply chain resilience in the face of future disruptions. This led to discussions and investments in strategies that may involve more robust container logistics, redundancy in supply chains, and digital solutions for better supply chain visibility.
The pandemic accelerated the adoption of digital solutions in logistics and supply chain management, including the use of digital platforms for container booking and tracking. E-commerce also surged, driving demand for containerized shipments of goods ordered online.
Governments implemented various regulations and safety measures in response to the pandemic, impacting shipping practices and container handling. This included health and safety protocols at ports and terminals, affecting container operations.
As COVID-19 vaccines were developed and distributed, dry van containers played a vital role in the transportation of vaccine doses and related supplies, highlighting their importance in global health crises.
The pandemic prompted businesses to reevaluate their supply chain strategies, prioritize risk mitigation, and explore alternatives to ensure resilience against future disruptions. This may influence decisions related to container procurement, storage, and redundancy.
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Note from the Analysts:
“The streaming analytics industry is undergoing a transition driven by technical improvements and an increased need for real-time information. Innovation, scalability, and strategic alliances are transforming the environment and opening up new growth opportunities. As it relates to effective data processing and resource consumption, sustainability is developing as a critical concern, coinciding with a global push toward responsible data management,” opines at Report Ocean analyst.
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