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APAC region share of biometric public security market forecast to grow

Plus MFA, computer vision, crowd analytics, identity authentication market outlooks
APAC region share of biometric public security market forecast to grow

Public security and safety biometrics are expected to grow over the next five years, with particular gains in immigration enforcement, transportation security, border security, critical infrastructure protection, private sector security, and access control, according to a new report.

The 612-page ‘Biometrics in Security & Public Safety Technologies & Market (with COVID-19 Impact) – 2021-2026’ report from Homeland Security Research Corporation breaks down the market by iris, fingerprint and face biometrics, multimodal and other technologies, as well as vertical and national markets.

The report suggests that the Asia-Pacific region’s market share will increase during the forecast period, while the share of other regions stays roughly stable.

The pandemic will boost demand for automated biometric systems, the report says, while putting greater emphasis on the balance between cost and performance.

Multi-factor authentication

The global multi-factor authentication market will grow from $11.1 billion in 2021 to $23.5 billion in 2026, a 16.2 percent CAGR, driven by the growth in biometrics and other technologies for two-factor authentication to prevent security breaches, according to MarketsandMarkets.

The ‘Multi-Factor Authentication Market by Component, Model Type, Organization Size, End User And Region – Global Forecast to 2026’ report indicates the services segment will have the highest growth rate amongst market segments. Financial services, healthcare and ecommerce are expected to be growth markets, due to the data breaches suffered in those industries.

Regulatory requirements are also contributing to MFA demand.

Major market players identified by the report include RSA Security, OneSpan, Thales and Entrust.

AI in computer vision

The global market for AI in computer vision will grow at a frenzied 26.3 percent compound annual growth rate to reach $51.3 billion in revenues in 2026, according to another new report from MarketsandMarkets.

Growth applications are expected to include medical imaging, optical character recognition, and augmented reality, among many others. Supervised learning is expected to make up roughly 84 percent of the market, boosted by growing adoption of facial recognition.

Consumer electronics are expected to make up the largest market share by end-use industry.

Crowd analytics

The market for crowd analytics is expected to reach $5.46 billion by 2028, according to a new report from Data Bridge Market Research, on a CAGR of 24.7 percent.

Opportunities are being created in the market by rising research and development expenditures, increasing demand for intelligent video security systems, and increased spending on analytical tools by small and medium-sized enterprises. The growth could be restrained by a shortfall in skilled professionals within the industry, however, the report authors warn.

The 350-page report breaks down the market by component type, application, deployment mode, organization size and end-user industry.

Identity authentication and access

The identity authentication and access market is expected to reach $28.5 billion this year, with authentication representing about a third of the market, and grow at a 14.9 percent CAGR to $49.5 billion.

The forecast is part of Omdia’s latest Identity Authentication Access Market Tracker, which also predicts the IoT identity segment will grow at the fastest rate over the next four years.

Okta is seen as a market leader, followed by Microsoft, but the market is highly fragmented, with over 200 vendors competing in the space.

Much of the market growth is anticipated to come from cloud-based IAM software.

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