Technavio report forecasts global biometrics market in education to grow 26% CAGR from 2017-2021
Technavio has released a new report that forecasts that the global biometrics market in the education sector to grow at a CAGR of more than 26 percent during the forecast 2017-2021.
In the report, “Global Biometrics Market in Education Sector 2017-2021”, Technavio covers the market outlook and growth prospects of the global biometrics market in the education sector for 2017-2021.
Technavio further segments the market into three types, including fingerprinting technology, iris recognition technology, and facial recognition technology.
Fingerprinting technology was found to have the highest market share of the three with more than 67 percent in 2016.
“The emergence of multimodal biometrics is another factor increasing the use of biometrics in the education sector,” Jhansi Mary, a lead education technology research expert from Technavio. “The incorporation of multimodal biometrics will make it difficult for miscreants to access information of institutions or student, as this feature recognizes artificial and original sample. The use of single sign-ons and multifactor authentication in biometrics provides better security to students in institutions.”
Technavio’s research analysts segment the global biometrics market in the education sector into the regions of APAC, North America, Europe, and ROW (rest of the world).
Educational institutions are investing in biometrics solutions to improve the overall infrastructure. In developed economies in the APAC region, such as in Singapore and Japan, the demand for biometrics systems is already prevalent owing to the stable digital infrastructure.
In India and China, Technavio analysts found that rising privatization of education will result in higher investment to improve the quality of the learning environment in these countries.
All these developments will ensure significant revenue potential for vendors that design and develop biometrics solutions for the education market, the report said.
The necessity to provide greater security and safety for students in the K-12 and higher education segments will drive the growth of the biometrics market in North America.
Meanwhile, in the higher education segment, biometrics is extensively used to reduce the rate of truancy among students.
“Many school districts in the US have included biometrics solutions in their annual budgetary expenditure, which indicates the potential market vendors,” Jhansi said. “Also, the sustained interest to digitize the overall learning environment is also contributing to the robust demand for biometrics in schools and colleges in this region.”
In Europe, the major factor responsible for the growing demand for biometrics systems in the education sector is the Europe 2020 strategy that was proposed in 2010 to improve the economy of the European Union (EU).
In addition to addressing aspects such as climate change and employment, the Europe 2020 strategy emphasizes education and training, which will contribute to a sustainable economic growth in the region.
The need for educational improvements will successively lead to developments in the education sector, which, in turn, will result in the adoption of advanced systems such as biometrics technology.
Various GCC countries such as Saudi Arabia, Qatar, Kuwait, and the UAE have allocated a significant percentage of the budget for education.
This budgetary expenditure includes the development of education projects, which implies the demand for all the required infrastructure products and services in the education market.
As a result, investments will also be made in biometrics systems to provide refined learning as well as safe environment, with many educational institutions in the region starting to implement and install biometrics systems for attendance management of students.
The report also highlights the top vendors in the global biometrics market in the education sector market including BIO-key, BioLink Solutions, BioStore, Capture Innovative Solutions, and SMI Global.
Two months ago, Technavio published a new research report on the global multi-factor authentication market which analyzes key trends expected to impact the market outlook from 2017-2021.