HOME Research Insight New Product Launches and Partnerships/Collaborations are Some of the Significant Strategies Embraced by the Biometrics as a Service Market

New Product Launches and Partnerships/Collaborations are Some of the Significant Strategies Embraced by the Biometrics as a Service Market

The growing use of mobile devices for banking and high security requirements is expected to positively impact the growing demand of biometrics-as-a-service offerings all over the globe. The biometrics-as-a-service market is expected to witness significant growth, owing to the growing requirements of these services in both Small and Medium-sized Enterprises (SMEs) and large enterprises. The global biometrics-as-a-service market is projected to reach USD 2,972.8 Million by 2022 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 28.82% during the forecast period.

The biometrics-as-a-service market includes various vendors, such as Fujitsu (Japan), BioID (Switzerland), HYPR (US), Aware, Inc. (US), M2SYS (US), OT-Morpho (France), SUPREMA (South Korea), Leidos (US), CERTIFY GLOBAL (US), ImageWare Systems (US), IriTech (US), SkyBiometry (Lithuania), Polygon Innovation (Portugal), RightPatient (US), VoiceIt Technologies (US), Athena Sciences Corporation (US), SmilePass (UK), BYTES TECHNOLOGY GROUP-Bytes SI (South Africa), SecurAX (India), Accenture (Ireland), Fulcrum Biometrics (US), AimBrain (UK), Certibio (Brazil), VoicePIN.com (Poland), and SpeechPro (US). These players have embraced different strategies to expand their worldwide presence and increase their market shares. New product launches and partnerships/collaborations are some of the significant strategies embraced by the market players to accomplish developments in the biometrics-as-a-service market. Companies such as Fujitsu, OT-Morpho, Aware, and IriTech have adopted these strategies to expand their product portfolios.

Fujitsu is one of the major providers of biometrics-as-a-service offerings. The company provides a wide range of technology products, solutions, and services worldwide. The company’s long-term strategy in the biometrics-as-a-service market is focused on organic and inorganic growth strategies. In June 2017, Fujitsu launched PalmSecure ID Login, which is a biometric authentication solution that uses the palm vein authentication technology to secure networks against unauthorized access. Moreover, in June 2017, Fujitsu partnered with Nok Nok Labs to leverage the Nok Nok solution as a part of its Online Biometric Authentication Service. These strategic initiatives further support the fact that Fujitsu is focused on adopting organic and inorganic growth strategies to reinforce its market leader position in the biometrics-as-a-service market.

Aware is another leading provider of biometrics-as-a-service solutions. The company is one of the leading providers of software products, services, and solutions in the biometrics market. The company’s long-term strategy is focused on organic and inorganic growth. As a part of its organic growth strategy, the company focuses on sustaining its brand value by offering innovative products and solutions. For instance, in April 2017, Aware launched Indigo Onboard, a cloud-based biometric identity solution for better onboarding. Moreover, in September 2015, Aware partnered with Certisign to build a cloud-based biometrics services platform.

Related Reports:

Biometrics as a Service Market by Modality Type (Unimodal (Fingerprint, Facial, Iris, Voice, Palm and Vein Recognition) and Multimodal), Application, Deployment Model, Organization Size, Industry, and Region - Global Forecast to 2022

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