India Facial Recognition Market to Grow with a CAGR of 18.71% through FY2028
Growing demand for security,
increasing government initiatives, burgeoning smartphone and technology
penetration are driving the growth of India Facial Recognition Market during forecast period, FY2024-FY2028.
According to TechSci Research
report, “India Facial Recognition
Market – Industry Size, Share, Trends, Competition, Opportunity and Forecast, FY2018-FY2028F”, the India Facial
Recognition Market stood at USD280.06 million in FY2022 and is projected to
grow at a CAGR of 18.71% in the forecast period. The India Facial Recognition
market is projected to expand in the coming years as the facial recognition
technology is very versatile in its usage and therefore is rapidly being adopted
by various end-users. It provides an automatic, quick, and effortless verification
experience because no physical interaction, such as fingerprint or other
security measure, is required. It also does not address any key or ID card that
could be stolen or lost. Other benefits of facial recognition include people
being able to access their wallets without having to pull out credit cards or
cash due to verification enabled by face recognition. Moreover, the increasing
adoption of facial recognition technology across various applications is a
driving force for the market growth. The border authorities are using
technology to verify a traveler's identity, particularly in airlines Police
agencies are also employing face recognition software to scan faces recorded on
CCTV and identify the desired individual. Another application where technology
has gained prominent adoption is smartphones. On smartphones, the
software finds applications in unlocking the phone, signing into mobile apps,
and for payment verification.
The market for facial
recognition in India is expanding rapidly, driven primarily by the
desire to increase productivity while minimizing human interference. From
social media and mobile technology to airport security, law enforcement, and
targeted marketing campaigns, the deployment of facial recognition technology
is unquestionably a part of our future. For example, the travel industry has
begun to investigate the advantages of facial recognition. It helps with
maintaining restricted access to sensitive areas and identifying security threats
by speeding up the documentation and authentication process.
Browse
over 26 market data Figures spread through 70
Pages and an in-depth TOC on "India Facial Recognition Market"
The India
Facial Recognition Market is
segmented into Component, Deployment, End User Industry, region, and competitive
landscape.
Among the End User Industry, the Government
& Transportation segment is expected to hold a considerable market share, 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. The
facial recognition system is increasingly being used to facilitate or control
access by governments and law enforcement agencies to identify and authenticate
a person for better security and safety of valuable assets and therefore fuel
its demand in the market. The rising adoption of a multi-factor authentication
system which includes fingerprints, retina scans, and facial recognition has
boosted the India Facial Recognition Market.
On the basis of
regional analysis, the South India dominates the market and held a market share
of 31.06% in FY2022 and is expected to retain its position during the forecast
period, due to growing number of smart cities and also industrial sector growth
in the region. Moreover, the use of
facial recognition technology by law enforcement agencies, IT companies, and
other public sector industries is expected to drive the market for facial
recognition technology during the forecast period.
Major
market players operating in the India Facial Recognition Market are:
·
NEC Corporation India Pvt Ltd.
·
IDEMIA
·
N-TECH.LAB LTD
·
Intellvisions Software Limited
·
CamfyVision Innovationd Pvt. Ltd
·
Herta Security
·
True Face Ai
·
AnyVision
·
Affectiva
·
face++
Download Free Sample Report
Customers
can also request for 10% free customization on this report.
“India Facial Recognition
Market is expected to grow at a robust pace on account of technological
advancements. Factors like the worldwide adoption of the digital revolution and
mandatory digital identity law reforms, increasing concerns over security,
rising industrial spending, increasing R&D, and change in the attitude of consumers,
among others, are anticipated to propel the demand for facial recognition
across the country ovIer the next five years.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“India
Facial Recognition Market By Component (Software, Services),
By Deployment (2D Face Recognition, 3D Face Recognition, Thermal Face
recognition), By End User Industry (Government & Transportation, Military
& Defense, BFSI, Retail, Hospitality), By Region, Competition, Opportunity
and Forecast, FY2018-FY2028F”, has evaluated the future
growth potential of India Facial Recognition 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 Facial Recognition Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com