India Biometrics Market to Grow at Over 35% through 2020
Growing need for data security coupled with extensive use of biometrics technology in government digitization projects to drive India biometrics market
According to a recently published TechSci Research report, “India Biometrics Market Forecast and Opportunities, 2020”, biometrics market in India is projected to grow at a CAGR of over 35% during 2015 – 2020. Growth in the market is anticipated on account of extensive use of biometric technology in the government sector. Ongoing government projects which include issuance of e-passports & visas, and unique identification cards under the Aadhaar System, have played a major role in boosting demand for biometric systems in India. Growing digitization in the government sector is expected to further propel use of biometric technology in the country over the next five years.
Mounting data security concerns are resulting in increasing demand for biometrics in BFSI and consumer electronics, for access control and authentication purpose. Integration of biometric technologies in security systems has been contributing significantly to the growth of biometrics market in India. Further, the mandatory use of time & attendance systems in public and private offices is expected to fuel market growth over the forecast period. Fingerprint biometrics is the largest segment in the market, in terms of revenue contribution, followed by iris and facial recognition segments. Voice recognition, on the other hand, is the fastest growing segment, on account of rising application in banking and growing integration in handheld devices.
“Biometric data has emerged as an important tool in identity management, helping various industries reduce fraud and integrity risks. Various biometric authentication systems are gaining increasing market traction in India, gradually replacing conventional security systems like password/PIN protection. The rationale behind increasing use of biometrics is high security and reliability. Consequently, the adoption of biometric systems in India is expected to continue growing in both public and private sector to ensure authenticated access and avoid security breaches.”, said Mr. Karan Chechi, Research Director with TechSci Research, a global management consulting firm.
“India Biometrics Market Forecast and Opportunities, 2020” has evaluated the future growth potential of biometric systems in India, and provides statistics and information on market structure, size, and shares. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India biometrics market.
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