Military Biometrics Market Projected to Register 7.4% CAGR through 2017 - 2025
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.
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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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Complicated Installation to Pose a Challenge for Military Biometrics Market
On the other hand, the complexity of military biometrics systems could be a challenge. The high cost may also be a deterring factor for large scale adoption. In addition to this, the installation of these systems is complicated and requires skilled personnel. The fact that it involves security of highly confidential data, necessitates for the system to never be compromised and as this system cannot be reset easily, it is a big factor for reduced adoption. However, the continuous technological advancements in this field is estimated to reduce the impact of this restraint.
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