Clear Secure, Inc. (NYSE:YOU) focuses on operating as a holding company for Alclear Holdings LLC that provides a member-centric secure identity platform using biometric data in the United States. The company’s secure identity platform uses biometrics to automate the identity verification process through CLEAR lanes in airports. Its secure identity platform is a multi-layered infrastructure consisting of front-end, including enrollment, verification, and linking; and robust, secure, and scalable back-end. The company also offers CLEAR Plus, a consumer aviation subscription service, which enables access to predictable and fast experiences through entry lanes in airport security checkpoints across the nation, as well as a broader network; CLEAR app, a consumer-facing digital product that facilitates new user enrollment and member engagement from their mobile device; and CLEAR Pass for CBP Mobile Passport Control, a mobile app that enables digital submission of U.S. Customs and Border Protection forms and U.S. entry through the mobile passport control lane. Clear Secure, Inc. was incorporated in 2021 and is headquartered in New York, New York.
Clear Secure’s biometric security service is well known among frequent flyers, who buy subscriptions for $179 a year. The business is expected to grow as more people are vaccinated and sporting events, concerts, and conferences return. Its main offerings include CLEAR Plus, a consumer aviation subscription service, and its two mobile applications. The company’s technology can be found at 38 airports and 26 sports and entertainment partners across the U.S. This technology might be useful for any event that requires confirmation of identification.
About 61 million customers have subscribed to Clear Secure’s platforms. The company’s top line could get a boost by partnerships with airports and government agencies. The airport security market is poised to grow rapidly. The demand for biometric security demand will rise not only at airports but also at sporting events, concerts, and conferences year over year. According to the global biometric system, the market size will grow from $36.6 billion in 2020 to $68.6 billion by 2025, which implies a CAGR of 13.4 percent. In 2019 and 2020, airports drove 62 percent and 72 percent of the new subscriptions, which provides the company with a steady stream of revenues. The expansion to non-airport use cases is one of the potential high growth areas for the company.