Global biometrics revenues to approach $43B by 2025: market research briefs
New market research reports suggest major gains ahead for the biometrics industry as a whole, automatic identification and data capture technologies, and the Indian market. A white paper has also been published on the impact regulation has on demand for security entrances.
Overall market to grow 16.3 percent
The global biometrics market will grow from $14.9 billion in 2018 to $42.9 billion in 2025, a CAGR of 16.3 percent, with the low price and easy installation of fingerprint authentication, and its use in travel and other government applications, according to a new report from 360iResearch.
The 111-page report suggests that Thales Group, which now includes Gemalto, Idemia, and Assa Abloy, which owns HID Global are well positioned by their business strategies and product satisfaction. The report examines the market by functionality and authentication type, components, industry, and region, and examines a number of top companies in the space.
Automatic identification and data capture
Increasing use of biometric authentication devices at border crossings will also boost the global market for automatic identification and data capturing (AIDC) technologies, which will grow by 12.6 percent CAGR from 2019 to 2025 to reach $100.5 billion, Meticulous Research forecasts. Demand in the market will be supported by an increasing need to eliminate data capture and entry errors, increasing government legislation supporting or encouraging the use of AIDC technology, growing e-commerce use, and advancements in the technology.
Healthcare is expected to be a major growth area, which the Asia-Pacific region will lead the market in growth during the forecast period. The market is considered according to its use of barcode, RFID, biometric, smart card, magnetic strip, or OCR technology, as well as by product, including biometric scanners, end-user, and geography.
Indian biometrics market to double
The market for biometrics in India will grow by 15 percent CAGR to $3.8 billion from 2019 to 2024, starting at a 2018 base of $1.7 billion, according to a new report available from ResearchAndMarkets.com.
The report outlines the market, details of industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, and value chain analysis. It suggests consumers are increasingly following government and private entities in adoption of biometrics, for identity verification and payment authentication. Government initiatives including the use of biometrics for Aadhaar, e-passports, RSBY (Rashtriya Swasthya Bima Yojna), and driving licenses, while the market is also being impacted by rising smart phone use, increasing internet connectivity, and growing security concerns.
Key players identified in the report include Idemia, SecuGen India Pvt. Ltd, NEC India Pvt. Ltd., 4G Identity Solutions Pvt. Ltd., HID India Private Limited., eSSL Security, 3M India Ltd, Honeywell Automation India Ltd., Zicom Electronic Security Systems Ltd., and Matrix Comsec Pvt. Ltd.
White paper on physical access control for compliance
Boon Edam has published a white paper exploring the regulations that relate to physical access control, how to avoid costly fines, why security entrances are appropriate to maintaining compliance, and how to assess organizational needs.
“The Role of Security Entrances in Regulatory Compliance” argues that organizations can benefit from better security and lower costs with security solutions like its biometric gates and turnstiles.