Biometric middleware market to quadruple over next decade
The global market for biometric middleware is projected to grow by 17.4 percent CAGR from just over $1 billion to $4.3 billion as enterprises adopt multimodal biometrics and governments drive airport deployments, according to new research from Fact.MR.
The “Biometric Middleware: Global Market Insights 2018 to 2027” report shows that the market grew by 20 percent year-over-year in 2018, and growth opportunities remain in the foreseeable future with the biometrics-as-a-service (BaaS) model gaining traction. Fact.MR also observes an increase in biometric middleware vendors, trailing the increase in multimodal systems. The report compares the market positioning of Daon, ImageWare, Aware, Crossmatch, BioCatch, Precise Biometrics, and others.
Driven by the evolving requirements of customers in the banking, financial services, and insurance (BFSI) sector, biometric middleware revenues increased by an estimated nearly $150 million from 2017 to 2018. A range of services, communications and media companies, institutions, and manufacturing businesses collectively account for nearly 60 percent of the biometric middleware market this year, according to the research.
The biggest regional changes expected are a 2.3 percent increase in the Asia Pacific (except Japan) market, and a 1.9 percent decrease in the market share of North America, though the latter will remain the largest market, at 36.6 percent of the total share. An analyst from the company comments that large organizations continue to supply the bulk of biometric system revenue, and that limitations in technology infrastructure are a constraint on the adoption of biometric technologies, and therefore biometric middleware.
Aware VP of Marketing and Product Dave Benini emphasized the lower barriers to adoption of cloud-based biometric services in conversation with Biometric Update earlier this year.