The Research and Markets analysts forecast the biometrics market in South East Asia (SEA) and ANZ to grow at a CAGR of 15.8% 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 Research and Markets analysts forecast the biometrics market in South East Asia (SEA) and ANZ to grow at a CAGR of 15.8% 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 SEA 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.
According to the report, the growth of the biometrics market in SEA 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 SEA 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 SEA 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.