TORONTO -- Bioscrypt Inc., a leading provider of identity verification technology, announced today that Bioscrypt has received Frost & Sullivan's 2005 Application Market Penetration Leadership Award 2005 for the World Non-AFIS Fingerprint Markets. This is the second consecutive time that Bioscrypt has proven to be the most successful vendor in the physical access control/time and attendance application market by Frost and Sullivan. With thirty five percent growth at the midway point of the year, the company is continuing to expand its presence.
The Frost & Sullivan Award for Application Market Penetration Leadership is bestowed each year upon the company that has been most effective in penetrating their industry's vertical markets. To choose the award recipient, the analyst team tracks application area trends. This is followed by collecting data - based on predetermined measurement criteria - from all the market participants through interviews and extensive secondary research. The collected data is analyzed, and rankings are ascertained from data results. Frost & Sullivan then presents the award to the company that received the highest industry rank.
"Bioscrypt has opted for a proactive approach and forward thinking strategy in the physical access control and time and attendance marketplace," said Sapna Capoor Frost and Sullivan Industry Analyst. "Bioscrypt's product offerings place the company in a leading position and continued market penetration into new geographies will hold it in good stead for continued growth."
"As the industry leader we have great confidence we will capture more than our share of a market that is projected to grow from 300 million this year to more than 3 billion over the next six years," said Robert L. Williams, President and CEO of Bioscrypt. "This award is evidence that we are approaching the market in a strategic manner that is allowing us to win more business in this application market than any of our competitors."