ALBANY, New York, April 19, 2017 /PRNewswire/ --
The global military biometrics market is highly competitive, as its vendor landscape is marked by the presence of several large global players. The dominance in the market is however held by five major players - 3M Cogent, NEC Corporation, M2SYS Technology, Crossmatch, and Safran. Together these companies accounted for nearly 61% of the global military biometric market in 2016. A majority of the leading companies in the global military biometrics market boast global presence, which has catapulted them at the market's fore, finds Transparency Market Research (TMR) in a new study.
In order to gain competitive advantage, these companies are continuously engaged in product development. The investment in research and development is thus high, as these companies focus on gaining traction by offering advanced technologies. Also they work closely with software integrators, resellers, and end users to enable them capitalize on the biometrics technology and in turn accelerate return on investment.
According to TMR, the global military biometrics market is expected to report a CAGR of 7.4% between 2017 and 2025. At this pace, the market's valuation will reach US$10.62 bn by the end of 2025, from US$5.65 in 2016.
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Asia Pacific to Emerge as Lucrative Market for Military Biometrics in Future
By type, dominance is forecast to remain with the fingerprint recognition segment through the forecast period. While in 2016, the segment held 45.4% of the overall market, a marginal loss in the share is predicted during the forecast period. Nevertheless, on being one of the most authentic technologies of verifying an individual, fingerprint recognition will continue remaining at the market's fore.
Regionally, North America and Europe together held over 55% of the global military biometrics market in 2016. Among these regions, North America held the larger share. Through the course of the forecast period, the dominance of North America and Europe is expected to remain undisputed. However, the growth rate in Asia Pacific is prophesized to be higher.
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Demand for Better Security against Terror Attacks to Fuel Demand for Military Biometrics
"The demand for military biometrics is primarily rising to offer more technologically advanced methods of ensuring security against terrorist activities," said a lead TMR analyst. Illegal immigration has been identified as major threat to any country's security. Several nations are currently reeling under increased distress over illegal infiltration with the help of forged identities. One of the most effective methods of curbing the same is by creating biometric authentication across borders and airports. In addition, the rising terrorist activities worldwide have bolstered the need for stronger security in order to eliminate the risk of fatal attacks on countries and citizens. On account of this, it is highly pertinent to grant right person access.
Using biometrics helps in giving access to a person on the basis of his or her retinal, fingerprint, or face scan. Furthermore, several advanced military biometric devices are designed to identify people with past criminal records. Such integration has fostered stronger protection against unauthorized access. As nations become more aware of the benefits of biometric technology, their investment toward military biometric is forecast to increase. This will aid in the expansion of the military biometric market in the coming years.
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Underlying Integration Complexities in Military Biometrics could Hamper Growth
Despite recent innovations, integration complexities still prevalent in military biometric technologies are hindering the market's trajectory. It is very important to correctly configure any biometric system and feed it with proper data for it to function correctly. Any loophole in the integration process can cost organizations big time. Also if the system gets compromised with at any point, it could result in security breach, for it is highly time- and labor-consuming to reset the whole system. Such integration complexities pose big risk to the defense sector as it involves highly confidential data related to their country. This could be a major deterrent for the military biometrics market.
Nevertheless, governments and related institutions are hopeful that these concerns can be mitigated with technological advancements on cards. The ongoing research and development of behavioral biometrics can steer radical changes by offering highly secure access. Such innovations are likely to fuel the demand for military biometrics in the coming years.
This review is based on a TMR report, titled "Military Biometrics Market (Type - Fingerprint Recognition, Facial Recognition, and Iris Recognition) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017-2025."
The report segments the global military biometrics market as:
- Fingerprint Recognition
- Facial Recognition
- Iris Recognition
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Latin America
- Rest of Latin America
Other Research Reports by TMR:
- Military Vetronics Market: http://www.transparencymarketresearch.com/military-vetronics-market.html
- Commercial Aviation Crew Management System Market: http://www.transparencymarketresearch.com/commercial-aviation-crew-management-system-market.html
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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