Biometric Identity Solution has quickly become a common and, in some cases, preferred method of identification. Almost everyone has a unique biometric pattern that identifies them, and unlike an ID card or smart phone, it cannot be lost or forged. The ISG offers proven solutions from partner M2SYS for a wide range of applications, ranging from standard fingerprint biometrics to more advanced technologies such as iris, face, vein, voice, and hand geometry biometrics.
|Unit||Value (USD Million)|
|Key Companies Profiled||Imageware (United States), CyberArk Software Ltd. (United States), HID Global Corporation (United States), Identity Automation (United States), Fischer International Identity, LLC (United States), M2SYS Technology (United States), IDEMIA (France), Argus TrueID (Australia), HSB identification B.V. (Netherlands) and Princeton Identity (United States)|
|Customization Scope||Avail customization with purchase of this report. Add or modify country, region or narrow down segments in the final scope subject to feasibility|
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics of major and emerging geographies across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Key Vendors of Biometric Identity Solutions Market Study:
Imageware (United States), CyberArk Software Ltd. (United States), HID Global Corporation (United States), Identity Automation (United States), Fischer International Identity, LLC (United States), M2SYS Technology (United States), IDEMIA (France), Argus TrueID (Australia), HSB identification B.V. (Netherlands) and Princeton Identity (United States)
Biometric Identity Solutions Market Segment Analysis
|Application / End User||Academics, Healthcare Systems, Law Enforcement Agencies, Government Agencies, Corporations and Others|
|Type||Fingerprints, Facial, Voice, Iris and Palm|
|Organization Size||Large Enterprise,SMEs|
|Authentication Type||Single-Factor Authentication,Multi-Factor Authentication|
Biometric Identity Solutions Market Changing Dynamics
- Rising Identity and Authentication Frauds
- Integration of Biometrics Identity in Smartphones
- Increased Focus to Enhance End to End Customer Experience
- Wide Adoption of Authentication across Verticals
- Higher Cost Involved in Deploying Biometric Identity Solutions
- Lack of Information Security of Consumer Data
|Road Blocks / Challenges|
- Threat of Privacy and Data Breach
- Lack of Skilled Security Professionals
|Gaps & Opportunities|
- Integration of AI, ML, and Block chain Technologies to Enhance Biometric Identity Solution
- Increased Adoption of the Cloud-Based Biometric Identity Solutions
Some of the other players that are also part of study are GenKey (Netherlands), DERMALOG Identification Systems GmbH (Germany) and IBM (United States). The Global Biometric Identity Solutions market is gaining huge competition due to involvement of United States companies that constantly invest in research & development to meet market expectation with new innovation.
Latest Industry Highlights:
On 29th June 2022, Moqi, an innovative AI company and a leading provider of cutting-edge biometric enrollment and authentication technologies, has launched a new suite of solutions designed to enable contactless scanning at a time when the spread of COVID-19 and other pathogens is causing concern. The solutions were unveiled at the Milipol Asia-Pacific event in Singapore this year.
On 4th May 2022, LexisNexis Risk Solutions has acquired BehavioSec to expand its identity verification and fraud prevention portfolio. LexisNexis Risk Solutions intends to integrate BehavioSec's behavioral biometrics technology into its existing Threat Metrix solution to provide clients with a higher level of passive security.
The potential for data breaches and fraud grows as technology removes the human element from authentication efforts. Governments all over the world have passed legislation to protect how consumer data is collected, processed, and used. These new regulations will consume corporate boards and add to executives' workloads with compliance challenges such as vetting new hires, avoiding regulatory fines, mitigating fraud risk, and maintaining customer trust.
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Biometric Identity Solutions market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Biometric Identity Solutions market.
Identification of total players or companies operating in the global market which is further concentrated to fewer or most impacting players which are considered under the reports scope. In order to make a priority list sorting is done based on revenue generated based on the latest reporting with the help of paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Biometric Identity Manufacturers, Biometric Identity Solution Suppliers & Distributors, Government Bodies, End-Users and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases etc.