Biometric Middleware Sales Up 20% y-o-y in 2018, with BFSI Leading the Rally
The trend of digitalization has created a lucrative revenue stream for the biometrics middleware market, where data privacy, security, and access continues to be a key agenda among all digitally-driven businesses.
[USPRwire, Fri Nov 30 2018] Biometric middleware has gained paramount importance as an integral component of the integrated security apparatus. Biometric middleware is perceived as a key enabler of the plug-in mechanism that delivers enhanced security. As growing traction of biometrics-as-a-service (BaaS) model creates demand for biometric systems in trail, lucrative growth opportunities are imminent for the biometrics middleware in the foreseeable future.
According to a new Fact.MR research, biometric middleware continues on its upward spiral, with a revenue difference in 2018 over 2017 estimated at nearly US$ 150 Mn. Growth of the biometric middleware market will remain influenced by myriad factors ranging from adoption of convenient security solutions to demand for real-time data processing that influences prospects of the end-to-end biometric service landscape.
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BFSI - Fast Adopter of Biometric Middleware
Evolving requirements of end-users in the banking, financial services, and insurance (BFSI) sector have led biometric service providers to focus on the provision of BaaS model to clients. The prominent challenge of high upfront capital investment, which constrains adoption of biometric technologies in the BFSI sector, is offset by focus of service providers to offer subscription-based and predictable model.
Fact.MR study opines that, albeit revenues from sales of biometric middleware in the BFSI sector have been relatively low, demand and adoption are likely to fast gain momentum in 2018. A revenue growth of over 20% is foreseen for the biometric middleware sales in the BFSI sector in 2018.
As vendors put more efforts on the improvement of security apparatus, cyberthreats apropos of BaaS are likely to be ebbed in the foreseeable future. Prospects of BaaS model are expected to be promising, which in turn will boost the adoption of biometric technologies, thereby creating remunerative opportunities for the biometric middleware developers.
Multimodal Middleware Gains Increased Palpability
Enterprises operating in myriad industrial domains have increased their reliance on the biometric technology wherein implementation of multi-modal biometric systems is gaining rapid momentum. Multimodal biometric systems are witnessing widespread acceptance among end-users, owing to their convenience and greater security, despite involvement of relatively more resource- and time-intensive. The market is now witnessing a spur in number of biometric middleware vendors, trailing the rise in incorporation of the multimodal biometric systems.
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Biometric middleware market is estimated to grow on the triumvirate of services, communication & media, institutions, and manufacturing sector. These end-use industries are collectively estimated to account for nearly three-fifth share of the biometric middleware market in 2018.
“Conglomeration of exponential technologies, biometric systems involve significant investments, which in turn deem relevant services cost-intensive. While large organizations have retained their supremacy in terms of revenues from biometric systems, adoption of the technology in small and medium-sized enterprises (SMEs) has remained sluggish, despite their widespread global occupancy,” says a lead analyst at Fact.MR.
“Digitalization is underway, however deficiency in the technology infrastructure continues to be a yet-to-be-achieved milestone, confining the penetration of biometric technologies, and thereby biometric middleware,” adds the analyst.
Government sector has remained a key growth area for the biometric middleware vendors. Growing emphasis on security has led to rapid adoption of biometric technologies in airports, thereby driving sales of biometric middleware. Adoption of biometric middleware is also gaining ground in the military and law enforcement, with advancements in the facial recognition technology resulting in more efficient policing. With the interest and adoption of biometric authentication increasing at a notable pace, it is highly likely that future prospects will be bright for biometric middleware market.
Fact.MR’s report also offers insights and forecast of the biometric middleware market for the period between 2018 and 2027. The report envisages the biometric middleware market to record a spectacular CAGR of over 17% through 2027.
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