Positioning strategy of biometrics companies not effective, Acuity white paper says
The majority of companies offering face recognition technology are pursuing a strategy of showing a unique value proposition, which is unlikely to be effective, according to a new market assessment of the business opportunities for facial recognition has been published by Acuity Market Intelligence.
The “Strategic Market Assessment: Face Recognition” white paper explores the effect of new market entrants being attracted by the rapid expansion of opportunities for facial biometrics, even while existing technology and solution vendors seek to establish a foothold. The digital onboarding and remote authentication categories are driving the highest-growth and most desirable market sectors, but also the most crowded ones, according to Acuity.
Unfortunately for many companies, attempting to position their technology as a unique value proposition is challenging, as their case can often not be proven, and technology performance and capabilities do not make up sustainable differentiation from the rest.
The result is a market landscape with no established leading brand, but a number of biometric players positioned to leverage innovations to make a market-breaking or category-creating move. Current market dynamics make the next 12 to 18 months a good opportunity for companies to make such a move to establish a sustainable “moat” for their brand, according to the white paper.
The report is available for free download by using the code “WP2020” at checkout.
Acuity noted last year that despite an expected 27 percent CAGR in airport biometric deployments over the next several years, the total addressable market will remain largely unaddressed.