A recent study conducted by Research and Markets found that the current value of the biometrics-as-a service (BaaS) market is about 1.20 billion US dollars (2017) and is likely to see a rapid growth by 2023. This growth is driven by the fact that it is very much affordable, easy to integrate and no headache of maintenance associated with it. As a result, more and more small and medium-sized companies are going for it.
Let’s take for example the Safety Plus. They are high-quality loss control and safety management service provider for more than 150 companies nationwide. They were facing challenges to authenticate visitors within their premise and looking for an IAM (Identity & Access Management) system. They already had an access control solution of their own, so all they were interested in was to add biometric functionality to it. Also, they wanted portability without taking the burden of developing and maintaining a complete biometric system.
After a rigorous evaluation, they decided to go for a cloud-based solution and using biometric-as-a-service from M2SYS. After connecting to CloudABIS API, their risk of losing millions of dollars per year was minimized.
As industry-leading companies are starting to move toward the most secure way of human identification, a large number of small and medium scale companies are yet to adopt this technology. One of the main reason behind this is the required budget for implementation and maintenance of a biometric system.
How did biometrics-as-a-service become a reality?
Quickly after realizing the situation, the vendors of biometric industry have started offering the cloud-based biometric solution as a service at a very affordable price. This resulted in the implementation of biometric technology making it more accessible and convenient for the government and private organizations who were looking for security measures without pressurizing their operating cost. Read more…
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