Our client, a technology vendor, was keen to build a substantive business with the key technologies and trends in major economies in the Middle East. With the help of our engagement model, the senior management was able to make crucial decisions. Few of the key problems solved were-
Our analyst hours helped in better understanding of the client’s ecosystem. This, in turn, helped in the identification of key trends in terms of biometrics solutions adoption that were changing the revenue mix of our client’s clients. These insights were assessed across different application areas such as law enforcement, healthcare, human resources, government and defense, and others across the Middle East. We also interviewed a host of potential customers in these potential application areas to understand their unmet needs, possible use cases & benefits from biometrics as a service and what they looked for in a technology partner.
This helped the leading global technology company assess the market potential & high impact use cases of solutions such as facial verification, fingerprint scanning, voice recognition, and others across these application areas. Further, our client services helped the client build an understanding of the competitive landscape, varying business models & strategies of different players in biometric as a service market. This helped them devise a differentiated offering & forge suitable alliances to help them win in this market.
With the help of our market intelligence platform, KnowledgeStore, access to all high-growth niche market survey reports was offered. New revenue sources and unknown adjacencies impacting revenue growth were identified in connected ecosystems of our client, client’s clients, and their clients.
Revenue Shifts Identified
Increasing implementation of multimodal biometrics is likely to fuel demand for the said services. Also, offerings related to cloud-based biometrics or SaaS models are supposed to drive market growth. Increasing applications across mobile banking and e-commerce has boosted demand for biometrics, right from customer identification to payments. In addition, increasing use of biometrics for developing national identity cards is also fuelling growth of the market.
Growing use of video surveillance and Identity Access Management (IAM) is expected to open new growth avenues in the market. Advancements in biometrics systems, rising popularity of cloud computing and SaaS, etc. are other few factors anticipated to influence the market.
Increasing research activities regarding the use of biometrics in manufacturing smart automobiles for applications such as voice recognition for smart unlocking holds immense growth potential. Also, increasing research and development for touchless 3D printing technology is poised to fuel growth. Vertical specialized biometrics solutions such as M2Sys Right Patient for healthcare uses fingerprint, finger vein, iris, palm vein, and face recognition for effective patient monitoring. Such applications are likely to expand the use of the product across end-use industries. Ongoing trends such as biometrics based sigle sign on is also gaining traction.
Revenue Impact (RI)
Our actionable insights resulted in the client tapping into a $384 Mn market growing almost 17%, with a projected revenue of close to $50 Mn in 3 years from our recommendations.
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