Biometrics market in Asia-Pacific region to surpass $21B by 2025
Growth in the market for biometrics in the Asia-Pacific region is being driven by public sector investment and the deployment of facial recognition technology to surveillance cameras, according to a new report from Frost & Sullivan. The ‘Asia-Pacific Biometrics Market, Forecast to 2025’ suggests that the market will grow from $5.39 billion in 2018 to $21.19 billion in 2025, a CAGR of 21.6 percent.
The market was split between 79.4 percent for the public sector and only 20.6 percent for the commercial sector, with fingerprint recognition the modality most heavily invested in by both public and private organizations. Unsurprisingly, the report finds the countries offering the greatest market opportunity are the world’s two most populous countries, China and India.
“Technology and solution providers will find significant opportunities in mobile biometrics. With the growing proliferation of mobile devices and wider acceptance of mobile transactions, device manufacturers are likely to make design changes to incorporate biometric features. Strategic partnerships between financial organizations, payment platform providers, and biometric technology providers will help expand the presence and use of biometric payment platforms,” said Nandini Bhattacharya Industry Manager, Industrial Practice, Asia Pacific, Frost & Sullivan.
Bhattacharya also notes that identify theft and cybercrime are motivating the adoption of multifactor authentication and multimodal technology systems. These technologies will be boosted by increasing IoT penetration in industry and government, which will spur growth in cloud-based biometric platforms.
Biometrics vendors will chase success in the region by introducing mobile applications requiring biometric log-in, encouraging the use of mobile devices for cardless transactions such as ATM withdrawals, and partner with third-party providers to explore novel biometric solutions. They should also be prepared to access citizen’s biometric data in a secure way, and offer convenience both to deploying organizations and end-users, according to the report.
Frost & Sullivan’s analysis covers the demand and opportunities in different vertical markets, as well as emerging markets and technology trends in the region.