FAIRFAX, Va.--(BUSINESS WIRE)--Daon, the Digital Identity Trust company, was recognized by Frost & Sullivan as a leader in its “Frost Radar™: Biometric Authentication Solutions.” Daon’s top-tier biometric authentication solution was recognized for its accuracy, robust security, and match to customer demand.
The projections for the biometric solutions market are strong, with a $11.82 billion total global spending on new biometric solutions in 2021. Frost & Sullivan projects spending in this market to reach $41.27 billion by 2030, achieving a compound annual growth rate of 14.9%.
More than 100 companies offered some type of authentication capabilities as a part of their platform in 2022 – Only 19 companies, including Daon, made the Frost Radar. The short list of industry leaders serves a global client base, offer multimodal biometric options and include many key functions; automated documentation verification reviews, frictionless onboarding and enrollment, AI and machine learning (ML) integration for liveness checks, anti-spoofing measures, or flagging transactions, and simple integration processes.
“We’re proud to have our biometric authentication solutions recognized by Frost & Sullivan in its most recent Frost Radar analysis. Our customers are looking for next-generation biometric authentication solutions that can adapt to both the everyday and emerging threats like document fraud, account takeover, synthetic identity fraud, and others,” said Tom Grissen, CEO at Daon. “Daon has a long-standing presence in the market and being included in the Frost Radar further confirms our strong vision and commitment to innovation that are aligned to meet the needs of our customers.”
“Daon is among the highest-scoring vendors on the Innovation Index due to its comprehensive feature set and multiple platform offerings,” said Danielle VanZandt, Industry Manager for Commercial & Public Security at Frost & Sullivan. “Daon focus on building out highly scalable authentication platforms that conduct multimodal biometric enrollment, authentication, and convenient access to services through mobile devices enables them to focus its solutions to meet the specific use cases for multiple customers groups.”
Companies plotted on the Frost Radar are the leaders in the industry for growth, innovation, or both. The Growth Index measures a company’s growth performance and track record, along with how these are aligned with its strategy and vision. The Innovation Index is a measure of a company’s ability to develop products that are able to evolve and expand to serve multiple markets and are aligned with customers’ changing needs. Companies chosen based on these indexes are instrumental in advancing the industry into the future and are chosen because they are demonstrating excellence or have the potential to be excellent in the future.
To read more about the Frost Radar: Biometric Authentication solutions, click here.
About Daon
Daon, the Digital Identity Trust company, enables market-leading organizations worldwide to easily and accurately proof, verify, authenticate, and secure customer identities at every trust point across the entire customer lifecycle. With industry-leading identity proofing and biometric authentication technologies at its core, Daon’s technology ensures that customer identities are accurately verified, safely secured, and easily recovered. By mitigating fraud, reducing friction, and ensuring regulatory compliance, Daon helps businesses deliver a seamless customer experience, increase customer satisfaction, and reduce cost. Daon delivers these solutions through its AI and ML-powered platforms, available for on-premise or SaaS deployment. Leading companies in financial services, telco, travel & hospitality, and other industries choose Daon to secure and process hundreds of millions of digital identity transactions daily. Learn more at www.daon.com.
