Precise Biometrics will focus on biometric payment cards, smartphone fingerprint scanning, and multi-modal digital identity for the foreseeable future, with its new YOUNiQ solution being key to the latter over 2019, suggests its newly-published Annual Report.
A glossier, more in-depth publication than Precise Biometrics’ year-end results, which were published in February, the Annual Report offers a glimpse at the company’s internal strategic planning and its message to shareholders. This year’s report confirms that in the mobile sector, “the value of the market for capacitive sensors is falling”, though Precise Biometrics insists it is strongly positioned to provide software, particularly with respect to increasingly popular in-display fingerprint sensors.
It also reaffirms that Precise Biometrics, among others, is expecting a major boom in the biometric payment cards market, which the report says “is expected to take off during 2019.”
But it’s Precise Biometrics’ new focus on multimodal digital identity that could emerge as the dark horse of its business strategy. Its new offering, YOUNiQ, is still very much under wraps, but the company has made clear that it will combine facial, fingerprint, and iris recognition as well as behavioral biometrics and geo-data. And its Annual Report asserts that YOUNiQ will be “aimed at sectors such as finance, betting, health care and transport.”
“During the first half of 2019 we will be initiating pilot tests in the field of digital identity, which will involve conducting tests for Precise YOUNiQ together with customers up to and including the summer, before moving into a commercial phase during the second half of 2019,” explains CEO Stefan K. Persson in a section devoted to his outlook. “We do not, however, expect this to generate any significant revenues in 2019. The focus will be on preparing the product ahead of 2020.”
That suggests Precise Biometrics could be in for a particularly dramatic expansion of its business beyond 2019, especially if it’s able to build on the success anticipated from biometric payment cards.
(Originally posted on FindBiometrics)