Military Biometrics Market - Global Industry Analysis and Forecast | 2025
The
competitive scenario of the global military biometrics market is
intense and extremely competitive and Transparency Market Research
(TMR) in its latest report predicts that the competition will gain
more momentum in the years to come on account of new players entering
in the market. These new players could possibly cause ripples among
the large pool of existing global players. The top five companies
within the global military biometrics market are: Crossmatch, Safran,
M2SYS Technology, 3M Cogent, and NEC Corporation. These five
companies collectively held a whopping 61% of the market in 2016.
Leading players are engaging in the development of new products so as
to gain competitive advantage among other players. Players are
increasingly investing in research and development so as to come up
with products that are technologically advanced. Players are also
working closely with end users, software integrators, and resellers
so as to make most of the opportunity in hand and enhance the return
on investment.
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Report:
According
to a TMR, the global market for military biometrics will be worth
US$10.62 bn by 2025, expanding at a 7.4% CAGR from 2017 to 2025. By
geography, Asia Pacific will emerge as a lucrative region. Europe and
North America collectively accounted for 55% of the market in 2016.
North America is anticipated to lead in the market for the rest of
the forecast period driven by the growing concerns over illegal
migration in the U.S. On the basis of type, the market is expected to
be led by the fingerprint recognition segment. Facial recognition
segment is also anticipated to witness a steady growth in the years
to come.
Growing
Infiltration and Identity Threats to Drive Demand for Military
Biometrics
A
TMR analyst said that, “the demand for military biometrics is
anticipated to increase in the coming years on account of the growing
demand for advanced technology so as to fight terrorism. With growing
need for addressing infiltration and similar security issues, it has
become utmost important to adopt military biometrics. The growing
number of nations struggling with forged identities, identity thefts,
and illegal immigrations will spur a heightened demand for military
biometrics. More and more airports and borders across countries are
making use of biometrics authentication systems in a bid to reduce
terrorism and terror attacks.
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