Government Biometrics Market To Garner Brimming Revenues By 2022
The worldwide government biometrics market is anticipated to fetch a valuation of US$8605.2 mn by 2022. This growth is expected to occur through an impressive CAGR of 11.5%. The initial valuation of this market in 2017 was US$4996.5 mn.
The overwhelming scope for working on developing advanced modalities depending on man’s unique physical characteristics is attracting many businesses, observes Transparency Market Research in a recently published report. Due to such a large scope, several avenues are being opened for companies who are trying to make it big in this market. Most of the market players are performing experiments with advanced biometric modalities to improve their accuracy as well as versatility. Some players are also trying to develop machines which cannot be tampered with, so that they can gain a competitive edge over others. Gemalto N.V., Fujitsu, Precise Biometrics AB, Daon Inc., BIO-Key International, Inc., Secunet Security Networks AG, Aware, Inc., NEC Corporation, and Thales SA are some of the key businesses operating in the global government biometrics market.
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Under the technology criteria, fingerprint recognition saw maximum usage in different facilities in the global government biometrics market. This is primarily due to wide applications of fingerprint recognition in e-visas, national IDs, e-passports, and other such personalized items of identification in numerous nations. Geography-wise, North America dominates the global government biometrics market in terms of revenue collected. A prime reason for positive growth observed in this segment involves the large number of trial programs and biometric system setups carried out in several businesses and federal agencies, which have significantly boosted the market.
Demand for Better Workplace Security Boosts Biometric Devices’ Sales
Establishing security in most organizations is of given a paramount importance by respective authorities. This is mainly done in order to keep maintain a veil of secrecy around most of the activities that take place in organizations such as government offices, federal agencies, defense establishments, and others from similar categories. Such rising demand for biometrics in order to avoid security attacks is a key driving factor for the global government biometrics market.
Request For COVID19 Impact Analysis Across Industries And Markets - Government Biometrics Market
Another factor that has bolstered the uptake of the government identification programs involves the rising initiatives by various governmental agencies to promote use of the biometric systems. These initiatives encourage organizations to adopt to advanced biometric systems, in the wake of better healthcare and welfare of citizens of a nation. A surging interest shown by people to get their social security linked with various identification programs has also managed to significantly raise the utilization of biometrics. Numerous governmental agencies all over the world are planning to set up a single, universal recognition system has acted as a catalyst for the global government biometrics market’s growth.
High Set Costs May Dampen Growth of the Market
In contrast to these pros and positive factors, the global government biometrics market is hindered by a few restraints. A chief restraint involves high costs needed to set up advanced biometric systems. Due to such costs, many agencies might get discouraged from using the systems. However, key players in the market are dabbling in several innovations and experimentations, which promises to lower down the costs with newer and better devices.
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