Frost & Sullivan projects biometrics revenue growth in Asia-Pacific
Market research from Frost & Sullivan suggests that the biometrics market, specifically in the government vertical within the Asia-Pacific region will grow at a compound annual growth rate (CAGR) of 12.6 percent until 2016.
According to Frost’s analysis, rising crime rates and terrorism around the globe will force governments in Asia to increase monitoring and introduce reliable border control systems. These security concerns and government regulations aimed at criminal identification and automated immigration at all entry points, whether air, land or sea, will drive biometrics adoption in the government vertical across the Asia-Pacific region.
With many emerging economies in the region, there is a strong need for building infrastructure in terms of national identification and border security. Therefore, the Asia-Pacific biometrics market will witness faster growth than those in North America, the Middle East, and Europe.
“National ID programs have been implemented in many countries in the region to identify residents and track insurgents,” said Frost & Sullivan Research Analyst Susan Sahayan. “However, due to the global financial crisis, tight government budgets and the high initial investments needed to implement full-fledged biometric systems, many projects have been delayed, postponed, or shelved.”
To overcome these barriers, companies must facilitate the convergence of various biometric modalities into a single offering, as multiple authentication methods for identifying an individual will enable higher accuracy and greater security. They must be able to integrate biometrics with other electronic access control technologies such as video surveillance to meet the need for more intelligent and robust security systems.
“For companies looking to offer advanced technologies and secure large-scale government projects, good credentials are critical,” noted Sahayan. “This raises entry barriers for potential market participants.”
To stay ahead of their peers, participants are likely to resort to consolidation. Although this move will further intensify competition among the key players, it will also catalyze the development of innovative and superior products.