Government Biometrics Market 2024 Demand for Better Workplace Security Boosts Biometric Devices’ Sales

Biometrics have emerged as a vital component of identity management world over as these are considered better than various traditional knowledge-based systems, notably password systems. There is a rising adoption of various biometric technology for border control, public safety, voter registration, latent print matching, and healthcare and welfare. A number of government programs on biometrics pertaining to e-passports and national IDs for citizens in several developing countries in recent years is a key factor accentuating the market. The demand for biometrics by law and security enforcement agencies in numerous developed nations to thwart security attacks is a key factor boosting the implementation. The concerted efforts of government agencies in transitioning to advanced biometrics system in for a universal identification of the individuals has bolstered the uptake. A growing number of government agencies are adopting biometrics to foster healthcare and welfare of the citizens by linking them to social security schemes.

The global government biometrics market is expected to be valued at US$4,996.5 Mn by 2017 end. Rising at a CAGR of 11.5% during 2017–2022, the market is expected to reach US$8,605.2 by the end of 2024.

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Fingerprint Recognition Most Attractive Technology Segment

The major biometrics technologies are fingerprint recognition, facial recognition, iris/retinal recognition, signature recognition, voice recognition, and hand recognition. Of these, fingerprint recognition is projected to be most lucrative biometric technology segment over the forecast period. The segments is projected to hold the dominant share of 31.8% by 2017 end representing US$1,589.5 Mn of the market. Rising at a healthy CAGR of 12.8%, the segment is expected to be worth US$2,901.3 Mn by the end of 2024. This represents a share of 33.7%. The segment is growing at an annual rate of US$ 262.4 Mn from 2017 to 2024. The dominance of this segment is attributed to its wide application in e-passports, e-visas, driving licenses, and national IDs in various parts of the world, mainly in the travel and immigration sector.

The extensive use of fingerprint biometrics for controlling access to security-restricted buildings is further expected to accentuate the market.

North America Estimated to be Major Revenue Producing Region

The major regional markets profiled in the report are North America, Latin America, the Middle East and Africa (MEA), Europe, Asia Pacific excluding Japan (APEJ), and Japan. Of these, North America is projected to be the dominant regional market, in terms of revenue. The regional market is projected to rise from US$1,494.9 Mn in 2017 to US$2,510.4 Mn by the end of 2024. The North America market is estimated to rise at a compound annual growth rate of 10.9% during 2017 – 2024. A large number of trials in biometrics and program implementation cases among federal agencies in the U.S. are substantially boosting the regional market.

Meanwhile, the Europe government biometrics market is projected to embark on a healthy annual growth, estimated to be US$ 745.9 Mn during 2017 – 2024.

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APEJ and MEA to Offer Promising Growth Avenues

Asia Pacific excluding Japan and the Middle East and Africa are expected to rise at a promising pace, each registering a CAGR of 13.1% from 2017 to 2024. The APEJ government biometrics market is expected to reach a valuation of US$2,548.1 Mn by the end of the forecast period. The MEA being a relatively smaller market is projected to reach US$ 768.9 Mn by the end of the same year.

Competitive Analysis

Some of the leading players profiled in the report are Daon Inc., Gemalto N.V., Safran Electronics & Defense SAS, NEC Corporation, Fujitsu, BIO-Key International, Inc., Precise Biometrics AB, Secunet Security Networks AG, Thales SA, and Aware, Inc. Several players are keen on developing advanced biometrics modality that are error-free, accurate, and cannot be fudged, in order to gain a competitive edge over others.

Read TMR Research Methodology at: https://www.transparencymarketresearch.com/methodology.html