India Biometrics Market to Reach USD4,987.94 Million until FY2026
Rapid urbanization, growing
demands for security, increasing government initiatives, burgeoning smartphone and
technology penetration to drive growth of India Biometrics Market through 2026.
According to TechSci Research report, “India Biometrics Market By Type (Fingerprint Recognition, Iris Recognition, Facial
Recognition, Voice Recognition, Hand/Palm Recognition and Others), By End User
(Government, Banking and Finance, Energy and Power, Consumer Electronics and
Others), By Region, Competition, Forecast & Opportunities, 2026”, India Biometrics Market was valued at
USD1643.91 million in FY2020 and is expected to grow at a CAGR of 21.38% during
the forecast period FY2021 - FY2026. This
growth is expected to the result of rising number of smart cities across
various parts of the country, increasing government initiatives and growing
demand for security, in addition to the growing purchasing power of Indian
consumers. However, there are some factors which are
likely to hamper the growth of market during the forecast period, such as high
cost of deployment and data privacy concerns.
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India Biometrics Market is segmented based on type, end user, region and
company. Based on type, the market can be fragmented into fingerprint recognition,
iris recognition, facial recognition, voice recognition, hand/palm recognition and
others including DNA recognition, vein recognition,
gait recognition, etc. The facial
recognition segment is expected
to grow at a significant pace and will dominate the market during forecast
period on account of their reliability and efficiency.
Based on end user, the market can
be divided into government, banking and finance, energy and power, consumer electronics
and others including retail, healthcare, offices, hotels, etc. The government segment dominates the market primarily
due to increasing
government initiatives such as Digital India, which started with Aadhar program
and has now expanded with the introduction of e-visas, e-passports, e-travel
tickets (e-yatra), etc.
Based on region, the market is expected to see anticipated growth in the
North region of the country and have a majority of market share during the
forecast period due to growing number of smart cities and also industrial
sector growth in the region.
IDEMIA, SecuGen India Pvt.
Limited, NEC India Pvt. Limited., 4G Identity Solutions Pvt. Limited., HID India
Private Limited, eSSL Security, 3M India Limited., Honeywell Automation India
limited., Zicom Electronic Security Systems limited. Mantra Softech (India)
Pvt. Limited, AutoID Systems, Bioenable Technologies Pvt. Limited and others are some
of the leading players operating in India Biometrics Market. The companies
operating in the market are using organic strategies such as product launches,
mergers and collaborations to boost their share.
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“India Biometrics Market is anticipated to grow
at a steady pace during the forecast period. However, the market saw a decline
in the Y-o-Y growth due to the COVID-19 pandemic all over the globe, but the factors
like worldwide adoption of digital revolution and mandatory digital identity
law reforms, increasing concerns over security, rising industrial spending,
increasing R&D, change in attitude of consumers, among others are anticipated
to propel demand for biometrics across the country over the next five years.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“India Biometrics By Type (Fingerprint Recognition, Iris Recognition,
Facial Recognition, Voice Recognition, Hand/Palm Recognition and Others), By
End User (Government, Banking and Finance, Energy and Power, Consumer
Electronics and Others), By Region, Competition, Forecast & Opportunities,
2026” has evaluated the
future growth potential of India biometrics market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. 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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