Indian biometrics market fueled by govt projects, expected to grow at 44.22% CAGR: research
The Indian biometrics market is expected to grow at a CAGR of 44.22 percent between 2013-2018, according to new research.
The report, Biometrics Market in India 2014-2018, is now available in the Research and Markets library, the company announced this week.
According to Research and Markets, the market in India has witnessed strong competition from cheap non-biometric technologies, which pose a challenge to growth. On the other hand, an increasing number of government-initiated projects is contributing significantly to growth in the market.
The report covers India in its current state, but it also includes growth prospects and a list of key vendors in the space.
“The integration of biometrics and smart cards for projects such as rural banking and upgradation of the driver’s license is one of the major trends witnessed in the market. In addition, the UID project will result in the issuance of smart cards for Indian citizens once the overall registration of data is completed,” an analyst from the research team said. “Besides the aforementioned projects, biometrics is being used as a stand-alone authentication device for various purposes. Biometrics integrated in smart cards offers the advantage of offline authentication, which is especially beneficial for end-users in remote locations without a proper communication infrastructure. In addition, smart cards have the added advantage of storing multiple applications for multiple purposes. Thus, a smart card integrated with biometrics enables physical and logical access while being able to store all the necessary data. Individuals can also keep track of their access histories with the help of a smart card terminal.”