APAC Biometrics Market to Reach US$19.7B by 2027
Asia Pacific Biometrics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027, the most recent research study from IMARC Group, states that. In 2021, the Asia Pacific biometrics market had a value of US$7.3 billion. Looking ahead, IMARC Group projects that the market will grow at a compound annual growth rate (CAGR) of 17.6% from 2022 to 2027, reaching US$ 19.7 billion.
Biometrics is the practise of using an electronic device to authenticate and recognise a user based on their distinctive behavioural and physical characteristics. They entail the use of automated methods, with the least amount of human participation, to identify and verify a person's identity based on their distinguishing characteristics, such as voice and iris recognition, fingerprints, and face images.
They are popularly used in offices to simplify a variety of procedures like user authentication, employee identification, and logical and physical access control while protecting cloud communication. They are secure and practical solutions. They also assist human resource (HR) staff in streamlining management procedures and lowering the time and expense related to employee attendance systems.
The increasing demand for highly effective security systems is the main factor driving the market in Asia Pacific.Additionally, the market is being stimulated by the increasing use of facial recognition technology by numerous industries and the use of voice biometrics solutions by a number of top contact centres to improve interactive voice response (IVR).
Also, the need in the region is being greatly supported by the growing integration of machine learning (ML) and artificial intelligence (AI) in biometric systems. In addition, the emergence of multimodal biometrics, which employ physiological traits and a variety of behaviours for authentication and help to improve security performance and recognition, is having a positive effect on the industry.
The market is being positively impacted by several factors, including the expanding use of biometrics in the retail and e-commerce sectors, as well as government and private sector and considerable research and development (R&D) initiatives