Demand for Security Solutions in BFSI and Government Sectors Driving Biometrics Middleware Market: Fact.MR
NEW YORK, April 8, 2021 /PRNewswire/ -- The biometrics middleware market has registered a temporary slump in demand through 2020 owing to restrictions on industrial activities and limited applications in commercial establishments due to the unprecedented COVID-19 outbreak. However, potential applications of touchless biometric solutions have helped to partially nullify the effects of the pandemic on the biometric middleware prospects through 2021.
The rising use of biometric software solutions in consumer electronic devices for identification and authentication applications, the demand for security and surveillance products for domestic and international threats are important aspects discussed in the biometrics middleware study by consulting firm Fact.MR. The study recalibrates pre-COVID-19 estimates, in terms of broader developments across BFSI, government and healthcare industries.
According to Fact.MR, the biometrics middleware market is estimated to reflect positive growth prospects through 2031, with a decent rate of growth since 2016. Insurance providers and financial services have emerged as major contributors to the global economy, indicating new opportunities for biometric manufacturing companies. These changes in security solutions are anticipated to fuel developments for manufacturers towards flexibility in technology integration and ease of deployment.
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Multi-Application Integration and Modular Interfaces Gain Ground
Modules of biometrics middleware are designed to provide functionality in terms of respective application areas thereby, allowing user access to biometric capture, ID documents, and verification components to external and internal systems.
The base technologies being used in these tools are integrated into middleware with plug-in mechanisms. This is important, as middleware can now integrate optimal technology combinations available in terms of application-wise settings. As a result, biometrics middleware solutions meet individual requirements of the respective applications. The introduction of interchangeable plugins, and the expandability and flexibility of the overall system is sustained.
"Biometric systems are increasingly being considered as more secure and convenient security solutions over conventional alternatives that rely heavily on passwords, smart cards, and more. Biometrics have helped in tackling important security challenges including organized crime, international terrorism, identity theft, and document forgeries. Furthermore, biometric middleware is easy to integrate and do not require high levels of expertise for operations. These biometric industry trends will remain key to long-term developments in the industry," says a Fact.MR analyst.
Key Takeaways from Fact.MR's Biometrics Middleware Study
Prominent biometric system market developers profiled by Fact.MR include Aerendir Mobile Inc., Daon Inc., Fischer International Identity LLC, Aware Inc., Crossmatch Technologies Inc., Precise Biometrics AB, Imageware Systems Inc., Centrify Corporation, and Identity Automation.
An important aspect of key manufacturers is an expanding product portfolios. For instance, in February 2021, ZTE the China-based consumer electronics manufacturer announced the launch of a new under-display facial recognition system for smartphone applications.
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Further, in March 2021, Samsung joined hands with Mastercard to launch a new biometric payment card including new security chipsets, for applications at Mastercard payment terminals. Also, NEXT Biometrics has announced the development of a new fingerprint sensor solution in collaboration with Broadcom meeting Microsoft SecureBIO requirements for PC applications.
More Insights on the Biometrics Middleware Market
Fact.MR, in its latest offering, provides an unbiased analysis of the global biometrics middleware market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of product type (software and services), and end use industry (BFSI, government sectors, retail, healthcare, and others), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
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