Nichols Martin
A Transparency Market Research report projects the global market for military biometric systems to experience a 7.4 percent compound annual growth rate over the next eight years due to growing national security challenges worldwide.
The research firm said Tuesday it estimates that the military biometrics sector to grow from $5.6 billion in 2016 to $10.6 billion by 2025.
A spike in the number of illegal migration cases and fear of terrorism are among the factors that will influence market growth during the forecast period.
The Defense Department reported 30,000 illegal migration activities involving terrorism-linked countries in 2015.
North America and Europe currently share more than 55 percent of the entire military biometrics market during 2016 and are projected to continue market dominance through 2025, the report noted.
The report added that Latin America, the Middle East, Africa and the Asia-Pacific region collectively account for 45 percent of the market.
Transparency Market Research categorizes the industry into fingerprint recognition, facial recognition and iris recognition segments.
Key industry players mentioned in the report include 3M Cogent, Crossmatch, M2SYS Technology, NEC and Safran Identity and Security.
