Biometrics market in South East Asia and ANZ to grow at double-digit CAGR: report
New research has found that the biometrics market in South East Asia and ANZ will grow at a CAGR of 15.82 percent from 2013-2018.
The report, Biometrics Market in South East Asia and ANZ 2014-2018 is now available in the Research and Markets library.
“one of the most prominent trends witnessed in the market is the increased mergers and acquisitions,” an unnamed analyst from the research team said. “The biometrics market in South East Asia and ANZ is witnessing increased consolidation, which is expected to continue in the future. Both existing vendors and new entrants are taking the acquisitive route to either enter the market or broaden their portfolio of offerings.”
According to the report, the growth of the Biometrics market in Southeast Asia and ANZ is driven by several factors — mainly the high adoption of biometrics in the Government sector. Also, notes the report, there has been an increase in the number of cyber-attacks on government departments and installations in Southeast Asia and ANZ over the past few years. Insider thefts are also increasing in government departments and as a result, the adoption of biometric solutions in the Government sector is increasing.
One of the key challenges in the market is the strong competition from inexpensive non-biometric technologies, the report says. The presence of low-cost alternative technologies such as swipe cards, token-based two-factor authentication, and software authentication is a major challenge affecting the growth of the Biometrics market in Southeast Asia and ANZ.
Biometric markets are growing across the board. According to separate research, the global market for biometric technologies is expected to reach $8.7 billion in 2013, to grow to $11.2 billion in 2014.