The world is witnessing a surge in demand for biometric data management systems, propelled by advancements in biometric technologies and growing security and privacy concerns. Industries like healthcare, finance, and law enforcement are rapidly adopting these systems. The market, valued at $5.83 billion in 2019, is ready to reach $21.91 billion by 2027, growing at a CAGR of 18.4%, according to Allied Market Research. In this blog, we dive into the market outlook, highlighting key players such as Aware, Thales, and NEC Corporation.
The Market’s Growth Trajectory
The biometric data management systems market has seen impressive growth and shows no signs of slowing down. The demand for robust identity verification and authentication solutions is driving this growth across various industries. In healthcare, biometrics play a crucial role in enhancing patient identification, minimizing medical errors, and safeguarding patient information. Meanwhile, the finance industry is adopting biometric technologies for secure and user-friendly contactless payment authentication.
Aware: A Market Leader
Aware stands out as a leading force in the biometric data management systems market. The company’s portfolio spans software products and services for fingerprint, facial, and iris recognition. In 2020, Aware’s revenue from biometric software and services hit $25.7 million, marking a 22% increase from the previous year. With the biometric technology demand on the rise, Aware is ready to continue its upward trajectory.
Thales: Innovating Across Industries
However, Thales, a French multinational giant, also plays a pivotal role in the biometric data management systems market. The company offers cutting-edge biometric solutions for identity management, border control, and secure payments. In 2020, Thales joined forces with the European Union Agency for Cybersecurity, aiming to develop biometric-enabled authentication solutions for the EU.
NEC Corporation: Leading the Way in Biometric Solutions
Also, NEC Corporation, a Japanese multinational, is a key player in this market. The company’s biometric solutions include facial recognition, fingerprint recognition, and iris recognition. In 2020, NEC secured the top spot in the National Institute of Standards and Technology’s Face Recognition Vendor Test, showcasing the superiority of its facial recognition technology.
Conclusion: A Market on the Rise
In conclusion, the biometric data management systems market is set for a period of rapid growth. Key players such as Aware, Thales, and NEC Corporation are poised to drive this growth, bringing innovative solutions to the table. The biometric technology field is evolving, and its applications are expanding, making this market an exciting space to watch in the future.