According to Global Biometrics Market Forecast & Opportunities, 2020, the biometrics market is garnering attention from various governments for large scale implementation and review of biometric management systems. The study also highlights that the market is forecast to cross US$21 billion by 2020, the year when Asia Pacific markets are anticipated to overtake North America. The demand for biometric systems is increasing at a much higher rate in countries like China, India, Japan and Indonesia when compared with US and Canada due to an increasing focus on identity management and the need to curb security breaches.
The demand for iris recognition systems is increasing in developed countries such as US, Germany and Russia while the developing countries are still relying on fingerprint technology. That said, developing countries are also implementing advanced technologies such as iris recognition, facial recognition, and vein scanners.
The demand for iris recognition systems is increasing in developed countries such as US, Germany and Russia while the developing countries are still relying on fingerprint technology. That said, developing countries are also implementing advanced technologies such as iris recognition, facial recognition, and vein scanners.
The study further highlights that the government sector has been the biggest revenue contributor to the sales of biometrics devices globally in 2014, followed by banking and finance institutions. However, sale of biometrics devices in the healthcare sector is expected to grow fastest till 2020 due to all types of biometrics technologies such as hand/palm recognition, vein scanning, and iris recognition deployed to manage the medical records of patients and other applications.
The government programmes in multiple countries such as e-passports, national identity cards, youth ID cards and biometric driving licenses are set to attract investments which will benefit global players such as 3M Cogent, NEC, Morpho, Smartmatic, and Suprema.
Saudi Arabia is one of the fastest growing markets for biometric devices in the Middle East, TechSci adds. In Saudi Arabia Biometric Systems Market Forecast & Opportunities, 2020, the company notes that an increasing number of government projects plus increasing security and authentication concerns in various verticals including banking and financial services, healthcare, oil & gas, and defense are driving interest in biometrics.
The need for more secured authentication and verification is increasing in Saudi Arabia to counter time-theft*, security breaches, and financial fraud in the country. Interest in Saudi Arabia is around cost-efficient products that are more accurate, as well as for new technologies.
“The government segment, which includes both defense and non-defense applications, is expected to continue its dominance in Saudi Arabia biometric systems market over the next five years. Increasing adoption of iris technology in defense segment, fingerprint technology and other biometric technologies in public as well as private offices, and increasing use of biometrics in government projects in education and the travel & immigration sectors, are the major factors driving biometric systems sales in the country,” said Karan Chechi, Research Director, TechSci Research.
*Time that an employee is paid for but for which no work was actually done.
The need for more secured authentication and verification is increasing in Saudi Arabia to counter time-theft*, security breaches, and financial fraud in the country. Interest in Saudi Arabia is around cost-efficient products that are more accurate, as well as for new technologies.
“The government segment, which includes both defense and non-defense applications, is expected to continue its dominance in Saudi Arabia biometric systems market over the next five years. Increasing adoption of iris technology in defense segment, fingerprint technology and other biometric technologies in public as well as private offices, and increasing use of biometrics in government projects in education and the travel & immigration sectors, are the major factors driving biometric systems sales in the country,” said Karan Chechi, Research Director, TechSci Research.
*Time that an employee is paid for but for which no work was actually done.
No comments:
Post a Comment