TechSci report projects India biometrics market to surpass $3B by 2021
TechSci Research has published a new report titled, “India Biometrics Market By Type, By End Use Sector, Competition Forecast & Opportunities, 2016-2021“, which projects that the country’s biometrics market will grow at a CAGR of around 31% during 2016 – 2021.
The report evaluates the future growth potential of India’s biometrics market, along with providing statistics and information on market structure, consumer behaviour and trends.
According to the report, the market’s growth will be driven by the wide deployment of biometrics technology across various government projects such as Aadhaar program (UIDAI), combined with issuance of e-passports and visas, and other identification documents.
Additionally, the rising technological advancements across various end user sectors such as banking & finance, energy and power, and consumer electronics, is driving demand for biometric systems in India.
The growing number of ATMs, as well as smartphone and Internet users, is also expected to further drive the country’s biometrics market during the forecast period. In 2015, the number of smartphone and internet users grew by 36% and 24%, respectively.
The report also highlights rising security concerns, increasing deployment of fingerprint, iris and voice recognition systems, combined with the emergence of mega government projects such as national ID cards, e-passports, e-visas, and voting processes as other key market drivers.
Growing consumer electronics sector is offering significant growth opportunities for integration of biometrics technology, the report said.
South India is currently dominating India biometrics market due to increasing industrialization and the presence of various IT/ITeS and manufacturing industries in the region.
The report also states that the western region of India is forecast to emerge as the fastest growing region for biometrics over the next five years.
“In addition to government projects, adoption of biometric systems across various end user sectors on account of their ability to provide accurate authentication to users, coupled with increasing number of online financial transactions is projected to drive growth in India biometrics market in the coming years,” said Karan Chechi, research director with TechSci Research. “Moreover, rising instances of data breaches and identification frauds is driving demand for biometric technologies in India.”
Previously reported, TechSci Research released a report entitled “Global Biometrics Market By Type, By End Use Sector, By Region, Competition Forecast and Opportunities, 2011 – 2021“, in which it projects that the global biometrics market will surpass $24.8 billion by 2021.