Biometrics research brief: smart airports, global biometrics, smart speakers
Smart airport market growth is expected to exceed more than US$19 billion by 2024, growing at a CAGR of more than 10 percent, according to Market Research Engine. The smart airports market is composed of smart workplace processes, smart airport processes, smart transport and parking, smart retail, hospitality and entertainment, and smart business-to-business services. Key players in the space include Amadeus IT Group SA, IBM Corporation, Vision-Box, Siemens AG, Honeywell International, Inc., CISCO System, Inc., Thales Group, SITA, QinetiQ Group PLC, and Raytheon Company.
According to a new market report published by Credence Research Inc., the global biometrics technology market is expected to reach US$34.5 billion by 2022. The report claims that the primary factor influencing the growth of biometrics systems is government adoption. Governments across the world are adopting biometrics technologies for access authorization, identification and verification, e-passport management and national border control projects. The Asia-Pacific region expected to see the fastest growth, with increasing adoption of biometrics technologies particularly in India and China. North America accounted for the largest revenue share followed by Europe.
ResearchAndMarkets notes that the smart speaker market was valued at US$2.68 billion in 2018 and is expected to reach US$11.79 billion by 2023, at a CAGR of 34.44 percent between 2018 and 2023. The growth of this market can be attributed to rapid proliferation of multifunctional devices, growing trend of personalization, rising disposable income, and increasing number of smart homes. However, issues related to connectivity range, compatibility, and power restrain the growth of the smart speaker market. The market for Siri is expected to grow at the highest CAGR between 2018 and 2023. This growth can be attributed to Apple’s established market for its smart devices. Siri’s main advantage is its virtual surround sound technology and deep integration with Apple’s product line. The company’s strong brand and consumer base are expected to fuel the market for Siri-enabled smart speakers.