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Asia Pacific Biometrics Markets - Investment Analysis and Growth Opportunities
Frost & Sullivan, July 2006
The Frost & Sullivan research service titled Asia Pacific Biometrics Market - Investment Analysis and Growth Opportunities provides financial benchmarking analysis of the biometrics industry including ratio analysis, year-to-date performance of Frost & Sullivan Biometrics stocks, and valuation multiples for biometric companies. It further includes the growth monitor that ranks companies based on prospective revenue growth and industry growth outlook and discusses market estimates until 2008. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: non-automated fingerprint identification systems automated fingerprint identification systems facial recognition, hand geometry, voice verification, and signature verification.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
By Application:
- Non-automated fingerprint identification system
- Automated fingerprint identification system
- Facial recognition
- Hand geometry
- Voice verification
Technologies
The following technology is covered in this research:
- Biometrics: The technique of studying physical characteristics of a person such as finger prints, hand geometry, eye structure or voice patte
Market Overview
Fewer Regulatory Issues Favor the Emergence of the Asia Pacific Biometrics Market
In the wake of increasing security concerns, biometrics is gaining tremendous importance as a means of identifying individuals, particularly in the government vertical. In line with this trend, the Asia Pacific biometrics market is witnessing expansion in all applications, across all verticals. A prominent factor encouraging this growth is the significantly fewer regulatory issues in the Asia Pacific as compared to other markets such as the U.S. and the U.K. Furthermore, there is an urgency to catch up with the western markets and the low cost of labor as well as the huge population base provide a distinctive competitive edge for the growth and development of the Asian biometrics market.
Contrary to the popular belief that there is lack of funding from governments in the Asia Pacific countries, it has been observed that these governments favor the adoption of biometric technologies. Governments in the Asia Pacific have allocated around $100 million for facial recognition biometrics and another $120 million for fingerprinting biometrics. Governments’ projects are predominantly pilot studies and evaluations as against large scale deployments and the allocations for biometric projects are expected to increase significantly during 2006-2008, when the technologies stabilize. notes the analyst of this research service.
Prominence of Conventional Technologies could Facilitate Entry of Novel Systems
The Asia Pacific biometrics market is characterized by the dominance of conventional technologies such as automated fingerprint identification system (AFIS) and non-AFIS, which were the largest revenue generators, accounting for market shares of 40.4 percent and 35.9 percent respectively in 2005. This overwhelming dominance is largely due to the maturity of these technologies, which are well understood by the public. Their presence and prominence is expected to facilitate the entry of more innovative and novel technologies into the market. For instance, segments such as voice verification and signature verification are likely to record impressive growth and being in the early growth stage, voice verification promises to be a lucrative segment for investors. Additionally, the facial recognition segment experienced strong uptake between 2003 and 2005 and the largest current demand for facial recognition biometrics is in Australia, Singapore, and Thailand. In future, China and India are expected to be the most promising markets for face recognition biometrics between 2006 and 2008.
The primary reason why biometrics volume expectations are very high in the Asia Pacific market is that the technologies are targeted more toward the mass-consumer market than large-scale government applications. This trend, though expected to continue for some time, is likely to change over the next 2-3 years because of the greater number of projects being undertaken by the various Asia Pacific governments. With not many technology vendors present in the Asia Pacific biometrics market, there is currently a heavy dependence on licensing of technologies, says the analyst. With respect to investment opportunities, multimodal biometrics, which is expected to see a growth rate of over 52 percent during the 2005-2010 period, promises better returns on investments for venture capitalists (VCs) than conventional single technologies.
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