TMR report forecasts military biometrics market to reach $10.62B in 2025
Transparency Market Research (TMR) has published a new research report on the global military biometrics market, which forecasts the market will grow at a CAGR of 7.4 percent between 2017 and 2025.
At this pace, the global military biometrics market’s valuation is projected to increase from US$5.65 in 2016 to reach US$10.62 billion by the end of 2025.
The report emphasizes the highly competitive nature of the global military biometrics market, as several large global players occupy the vendor landscape.
TMR highlights five key players in the market — 3M Cogent, NEC Corporation, M2SYS Technology, Crossmatch, and Safran — which accounted for nearly 61 percent of the global military biometric market in 2016.
Most of the leading companies in the global military biometrics market have a global presence; are continuously engaged in product development with a high investment in research and development; and work closely with software integrators, resellers and end users to enable them to capitalize on the biometrics technology and accelerate return on investment.
The report also found that the fingerprint recognition segment is projected to dominate other biometric types in market share through the forecast period, with a 45.4 percent market share in 2016.
However, the accuracy of iris recognition is expected to drive the demand for this segment in the future. In addition, facial recognition is experiencing steady growth due to its wide use in border security and surveillance.
Regionally, North America and Europe together held a combined market share of over 55 percent in 2016. with North America holding the larger share.
This dominance is expected to remain unchallenged throughout the course of the forecast period, however, the growth rate in Asia Pacific is set to increase.
The report found that leading countries in Europe include Germany, France and the U.K. who are focusing on upgrading their defense capabilities by upgrading their authentication systems. In addition, these countries are trying to restrict the entry of illegal migrations from underdeveloped nations.
Middle East and Africa region is also expected to see steady demand for military biometrics due to countries such as Saudi Arabia and U.A.E. making significant investments to upgrade their defense and security.
This region also includes countries like Iraq and Syria which are witnessing constant terrorist activities, the report said.
Latin America has the smallest market share and is expected to witness minimal growth as a result of the weak economic conditions of the countries in this region.
“The demand for military biometrics is primarily rising to offer more technologically advanced methods of ensuring security against terrorist activities,” said a lead TMR analyst.
As nations become more aware of the many benefits of biometric technology, their investment toward military biometric will inevitably increase, the report said. This, in turn, will help to expand the military biometrics market in the coming years.
In a recent interview with Biometric Update, William Buhrow, author of Biometrics in Support of Military Operations: Lessons from the Battlefield, discusses the various considerations for large-scale biometric deployments beyond the collection and verification technology, including legal and privacy requirements, communications infrastructure, and strategy.
biometrics | market report | military | Transparency Market Research