Concerns about terrorism continue to drive the military biometrics market, with growing demand from the Asia Pacific region, according to a new report from Transparency Market Research.
While concerns about terrorism have been a key market driver for many years, they’re now being exacerbated by mass migration, with several countries “reeling under increased distress over illegal infiltration with the help of forged identities,” as TMR asserts in a report synopsis. Echoing a recent argument from a senior official with the UN’s refugee agency, TMR says that biometric technology provides a highly effective countermeasure against such threats, with military demand on the rise.
Looking to regional demand, TMR says that North America and Europe accounted for 55 percent of the market last year and will continue to dominate the global market, but that “the growth rate in Asia Pacific is prophesized to be higher” over the course of the 2017 – 2025 forecast period. As for modalities, fingerprint recognition accounted for 45.4 percent of the market last year and, despite a marginal dip, will remain at the fore, according to TMR’s forecast.
Finally, TMR highlights 3M Cogent, Crossmatch, M2SYS Technology, Safran, and NEC as the key players in the global market, collectively accounting for 61 percent of the market share. That suggests rising revenues for those companies in the years to come, with TMR predicting that the overall market will grow at a CAGR of 7.4 percent over the forecast period.
April 19, 2017 – by Alex Perala