Rapid urbanization, growing demands for security, increasing government initiatives, burgeoning smartphone and technology penetration to drive growth of India Biometrics Market through 2026.
According to TechSci Research report, “India Biometrics Market By Type (Fingerprint Recognition, Iris Recognition, Facial Recognition, Voice Recognition, Hand/Palm Recognition and Others), By End User (Government, Banking and Finance, Energy and Power, Consumer Electronics and Others), By Region, Competition, Forecast & Opportunities, 2026”, India Biometrics Market was valued at USD1643.91 million in FY2020 and is expected to grow at a CAGR of 21.38% during the forecast period FY2021 – FY2026. This growth is expected to the result of rising number of smart cities across various parts of the country, increasing government initiatives and growing demand for security, in addition to the growing purchasing power of Indian consumers. However, there are some factors which are likely to hamper the growth of market during the forecast period, such as high cost of deployment and data privacy concerns.
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India Biometrics Market is segmented based on type, end user, region and company. Based on type, the market can be fragmented into fingerprint recognition, iris recognition, facial recognition, voice recognition, hand/palm recognition and others including DNA recognition, vein recognition, gait recognition, etc. The facial recognition segment is expected to grow at a significant pace and will dominate the market during forecast period on account of their reliability and efficiency.
Based on end user, the market can be divided into government, banking and finance, energy and power, consumer electronics and others including retail, healthcare, offices, hotels, etc. The government segment dominates the market primarily due to increasing government initiatives such as Digital India, which started with Aadhar program and has now expanded with the introduction of e-visas, e-passports, e-travel tickets (e-yatra), etc.
Based on region, the market is expected to see anticipated growth in the North region of the country and have a majority of market share during the forecast period due to growing number of smart cities and also industrial sector growth in the region.
IDEMIA, SecuGen India Pvt. Limited, NEC India Pvt. Limited., 4G Identity Solutions Pvt. Limited., HID India Private Limited, eSSL Security, 3M India Limited., Honeywell Automation India limited., Zicom Electronic Security Systems limited. Mantra Softech (India) Pvt. Limited, AutoID Systems, Bioenable Technologies Pvt. Limited and others are some of the leading players operating in India Biometrics Market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
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“India Biometrics Market is anticipated to grow at a steady pace during the forecast period. However, the market saw a decline in the Y-o-Y growth due to the COVID-19 pandemic all over the globe, but the factors like worldwide adoption of digital revolution and mandatory digital identity law reforms, increasing concerns over security, rising industrial spending, increasing R&D, change in attitude of consumers, among others are anticipated to propel demand for biometrics across the country over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Biometrics By Type (Fingerprint Recognition, Iris Recognition, Facial Recognition, Voice Recognition, Hand/Palm Recognition and Others), By End User (Government, Banking and Finance, Energy and Power, Consumer Electronics and Others), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of India biometrics market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Biometrics Market.
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