Greater smart device penetration in Asia-Pacific expands the market for mobile biometrics
SINGAPORE, Aug. 22, 2019 /CNW/ -- Governments across Asia-Pacific are investing heavily in biometrics for national identification projects such as national ID cards and ePassports. This use of biometrics by the public sector, and the installation of facial recognition technology and cameras for surveillance are expected to play a huge role in driving the US$5.39 billion market towards US$21.19 billion in 2025.
Public biometrics contributed 79.4 percent of the revenue while the commercial segment generated the remaining 20.6 percent. The biggest technology sector in both segments was fingerprint recognition, which accrued US$2.50 billion in 2018 in public sector projects, and US$700.1 million in the commercial sector.
"Technology and solution providers will find significant opportunities in mobile biometrics. With the growing proliferation of mobile devices and wider acceptance of mobile transactions, device manufacturers are likely to make design changes to incorporate biometric features. Strategic partnerships between financial organizations, payment platform providers, and biometric technology providers will help expand the presence and use of biometric payment platforms," said Nandini Bhattacharya Industry Manager, Industrial Practice, Asia Pacific, Frost & Sullivan.
Frost & Sullivan's recent analysis, Asia-Pacific Biometrics Market, Forecast to 2025, covers biometric technologies across public and commercial applications. It analyzes vertical markets that have high demand and offer growth opportunities. It also studies emerging markets and technology trends across the markets of China, Japan, Australia-New Zealand, India, Singapore, Malaysia, Indonesia, the Philippines, Taiwan, South Korea, Thailand, and rest of APAC.
For further information on this analysis, please visit: http://frost.ly/3pd
"Meanwhile, the rising instances of identity thefts and cyber crimes are boosting the adoption of multifactor authentication and multimodal technology systems," noted Bhattacharya.
"These technologies will also receive a boost from the increasing penetration of Internet of Things (IoT) in industries and government departments, which, in turn, will lead to the growth of cloud-based biometric platforms," she explained.
The markets with the highest growth opportunities in Asia-Pacific are China and India. To find greater success across the region, biometrics vendors will aim to:
- Introduce mobile applications requiring biometrics data for logging in.
- Roll out cardless campaigns, such as cardless ATM withdrawal, encouraging customers to use mobile devices for banking transactions.
- Partner with a third-party provider to explore several ways to successfully deploy novel biometric solutions.
- Access the biometric data of citizens in a secure manner.
- Offer easy deployment and user convenience.
Asia-Pacific Biometrics Market, Forecast to 2025 is part of Frost & Sullivan's global Automatic Identification & Security Growth Partnership Service program.
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