Biometrics Market in India to Witness 26% CAGR until 2022: TechSci Research Study

Rising number of digitalization initiatives by the government coupled with growing demand for enhanced security, access control, prevention of data loss & identity theft to drive India biometrics market during forecast period
According to a recently released TechSci Research report, “India Biometrics Market By Type, By End Use Sector, Competition Forecast & Opportunities, 2012-2022”, India biometrics market is projected to grow at a CAGR of 26% during 2017 - 2022. Anticipated growth in the market can be attributed to the wide deployment of biometric technology across various government projects such as Aadhaar program under UIDAI coupled with the issuance of e-passports & visas, etc. Moreover, increasing technological advancements across various end user sectors such as banking & finance, energy & power, consumer electronics, etc., are also anticipated to emerge as other major factors contributing to the growth of biometrics market in the country. Increasing security concerns across various end user sectors is also adding to the demand for biometric systems in India. Moreover, with the mandatory deployment of biometrics technology for time & attendance purposes in private as well as public offices, demand for biometrics systems is likely to increase during the forecast period as well.
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On account of huge presence of IT/ITeS and manufacturing facilities coupled with rising industrialization, the country’s southern region accounted for the largest share in India biometrics market in 2016. However, it is anticipated that the country’s western region would emerge as the fastest growing region during the forecast period owing to increasing number of government initiatives aimed at providing enhanced security & protection in cities like Mumbai and Surat. There has been an increase in the integration of fingerprint recognition systems across various end user sectors over the past few years, predominantly due to its low cost and easy deployment. Owing to this reason, fingerprint biometrics segment was recorded as the largest biometric technology segment in 2016, and the segment is expected to continue its dominance during the forecast period as well. Further, deployment of iris, facial and voice recognition systems is also expected to rise in the coming years owing to increase in their adoption across various end use sectors. Increasing implementation of biometric technology across government projects such as National ID cards, e-passports, e-visas, voting processes, etc., makes the government sector the largest end user sector in India biometrics market. Among various global players operating in India biometrics market, IDEMIA emerged as the leading player in 2016.
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“There has been an increase in adoption of biometric systems across various end user sectors over the past few years and this trend is likely to increase in the coming years as well on account of rising demand for accurate authentication among diverse user segments. With the growing data and identification frauds, there has been an increase in the need for some reliable technology which could efficiently tackle these growing attacks. These ongoing developments are expected to propel demand for different biometrics technologies across various sectors in India over the next five years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Biometrics Market By Type, By End Use Sector, Competition Forecast & Opportunities, 2012-2022” has evaluated the future growth potential of the India biometrics market and provides statistics and information on market structure, size, share and future growth of India biometrics market. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India biometrics market.
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Rising number of digitalization initiatives by the government coupled with growing demand for enhanced security, access control, prevention of data loss & identity theft to drive India biometrics market during forecast period

Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017

Tel: +1-646-360-1656

This release was published on openPR.