Indian biometric market to be worth $3 billion by 2021
06 July 2016 15:26 GMT

A research group has predicted that the biometrics market in India will rise to a total value of $3 billion by 2021.

TechSci Research predicts this value based on a CAGR rate of around 31% during 2016 - 2021.

Growth in the market is anticipated due to wide deployment of biometrics technology across various government projects such as Aadhaar program (UIDAI), coupled with issuance of e-passports and visas, etc.

Moreover, rising technological advancements across various end user sectors such as banking and finance, energy and power and consumer electronics, are driving demand for biometric systems in the country.

A rising number of ATMs, coupled with growing number of smartphone and internet users are expected to have a huge positive impact on the country's biometrics market during the forecast period. In 2015, number of smartphone and internet users grew by 36% and 24%, respectively.

Rising security concerns, increasing deployment of fingerprint, iris and voice recognition systems, coupled with execution of various mega government projects such as National ID cards, e-passports, e-visas, voting processes, etc., is also underpinning growth in India biometrics market.

Additionally, growing consumer electronics sector is offering huge growth opportunities for integration of biometrics technology. South India dominates the Indian biometrics market due to increasing industrialization and presence of various IT/ITeS and manufacturing industries in the region. Moreover, western region of the country 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. Moreover, rising instances of data breaches and identification frauds is driving demand for biometric technologies in India," said Karan Chechi, Research Director with TechSci Research.

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