India Biometrics Market had reached a value of US$ XX Bn in 2018. Looking forward, the market is projected to grow at a CAGR of around XX% during forecast period reaching a value of US$ 4.1 Bn by 2026.
The report covers all the Indian trends and technologies playing a major role in the growth of the biometrics market over the forecast period. It highlights the drivers, restraints, opportunities, and challenges expected to influence the market growth during 2019-2026. Development in the market is projected because of the wide deployment of biometrics technology across various government projects like the Aadhaar program (UIDAI), coupled with the issuance of visas and E-passports, etc.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Additionally, increasing technological advancements through various end-user sectors such as energy & power, banking & finance, consumer electronics are driving demand for biometric systems in India. A growing number of ATMs, together with the rising number of smartphone and internet users is also likely to have a massive positive impact on the Indian biometrics market during the forecast period. In 2018, a number of smartphone and internet users grew by ~40% and ~28%, respectively.
As for the major challenges standing in the way of the Indian market for biometrics growth, the report analyzes that the fear of privacy intrusion & high cost of systems are greatly impacting vendors. However, there are various opportunities for voice and face biometrics systems in the E-commerce and cloud computing space, according to the MMR report. The report also includes profiles of some major Indian market players along with challenges this industry is currently facing.
The report covers the segments in the biometrics market such as functionality, technology, authentication, component, and end-user. Based on functionality, contact is expected to grow at the largest CAGR of XX% during the forecast period. Contact biometric systems contain fingerprint, palm, and signature recognition systems. Of these, fingerprint recognition systems have been in the India biometrics market for the longest period. Widespread adoption of fingerprint recognition systems is driving the market for a system of contact-based biometric.
Indian Government for Biometrics:
The Indian government is also adopting biometric technologies for Verification and identification of individuals in many E-Governance applications Like RSBY (Rashtriya Swasthya Bima Yojna), UIDAI (Aadhar), E-Passport, Driving License, etc. The Indian Government is acquiring a major XX% share of the market as most of the biometrics devices are deployed in local security, law enforcement, and travel & immigration sectors. Consumer Electronics are expected to have high potential growth by the end of 2020 because of the demand for biometrics integrated devices and increasing concern for security and privacy among users.
Indian Biometrics: Trends
Faced with document identity theft and fraud, new threats like cybercrime or terrorism, and the changes in worldwide regulations, new technological solutions are progressively being implemented. One of these technologies, biometrics, has rapidly established itself in India as the most pertinent means of identifying & authenticating individuals in a reliable and fast way, over the use of unique biological characteristics.
The objective of the report is to present comprehensive analysis of India Biometrics Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
The report also helps in understanding India Biometrics Market dynamics, structure by analyzing the market segments, and project the India Biometrics Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the India Biometrics Market make the report investor’s guide.
Scope of the India Biometrics Market
India Biometrics Market, by Technology
• Face Recognition
• Hand Geometry
• Voice Recognition
• Signature recognition
• Iris recognition
India Biometrics Market, by Functionality
India Biometrics Market, by Authentication
• Multifactor Authentication
India Biometrics Market, by Component
India Biometrics Market, by End-User
• Defense Services
• Banking and Finance
• Consumer Electronics
• Commercial Safety and Security
Key players operating in the India Biometrics Market
• SecuGen India Pvt.Ltd
• NEC India Pvt. Ltd
• 4G Identity Solutions Pvt.Ltd
• HID India Private Limited
• eSSL Security
• 3M India Ltd
• Honeywell Automation India Ltd
• Zicom Electronic Security Systems Ltd
• Matrix Comsec Pvt. Ltd
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