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News

South East Asian and Australian biometric market forecast report

Research And Markets : 17 January, 2014  (New Product)
A new report examines the growth in the market for biometric technologies including face, fingerprint and iris recognition in the regions of South East Asia, Australia and New Zealand to 2018
South East Asian and Australian biometric market forecast report

Research and Markets has announced the addition of the "Biometrics Market in South East Asia and ANZ 2014-2018" report to their offering.

The analysts forecast the Biometrics market in South East Asia and ANZ to grow at a CAGR of 15.82 percent over the period 2013-2018. Commenting on the report, an analyst from the researchers' team said: One of the most prominent trends witnessed in the market is the increased mergers and acquisitions. The Biometrics market in Southeast Asia and ANZ is witnessing increasing consolidation, which is expected to continue in the future. Both existing vendors and new entrants are taking the acquisitive route to either enter the market or broaden their portfolio of offerings. For instance, French defence company Safran completed the acquisition of biometric solution provider L-1 Identity Solutions in the second quarter of 2011 for US$1 billion. The acquisition helped Safran become a leading player in the Global Biometrics market. 3M completed the acquisition of Cogent Inc. in December 2010 for US$943 million. Cogent manufactures biometric recognition systems that allow governments and businesses to identify individuals by their fingers, palms, faces, and irises.

According to the report, the growth of the Biometrics market in Southeast Asia and ANZ is driven by several factors, the most important of which is the high adoption of biometrics in the Government sector. There has been a substantial increase in the number of cyber-attacks on government departments and installations in Southeast Asia and ANZ over the past few years. Insider thefts are also increasing in government departments. As a result, the adoption of biometric solutions in the Government sector is increasing. This is in turn supporting the growth of the Biometrics market in Southeast Asia and ANZ.

One of the key challenges in the market is the strong competition from inexpensive non-biometric technologies. The presence of low-cost alternative technologies such as swipe cards, token-based two-factor authentication, and software authentication is a major challenge affecting the growth of the Biometrics market in Southeast Asia and ANZ.

The report can be purchased directly from the Research and Markets website here: "Biometrics Market in South East Asia and ANZ 2014-2018"

 

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