India Biometric Market to Cross $ 3 Billion by 2021: Says TechSci Research
NEW YORK, July 5, 2016 /PRNewswire/ --
Growing Technological Advancements, Increasing Security Concerns Across Various End User Sectors and Favorable Government Policy Initiatives to Drive India Biometrics Market
According to TechSci Research report, "India Biometrics Market By Type, By End Use Sector, Competition Forecast & Opportunities, 2016-2021", the country's biometrics market is projected to grow at a CAGR 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 & visas, etc. Moreover, rising technological advancements across various end user sectors such as banking & finance, energy & power, consumer electronics, etc., is driving demand for biometric systems in the country. Rising number of ATMs, coupled with growing number of smartphone and internet users is also 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.
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India Top 10 State/UT wise Aadhaar Enrollments by Number of Aadhaar Assigned, April 2016
State/UT Numbers of Aadhaar Enrollments
Uttar Pradesh 149,640,062
Maharashtra 106,062,582
West Bengal 74,273,129
Bihar 67,904,075
Madhya Pradesh 64,981,428
Tamil Nadu 62,509,750
Rajasthan 58,048,422
Karnataka 54,916,052
Andhra Pradesh 49,989,892
Gujarat 48,658,019
Source: Unique Identification Authority of India, As on 30 Apr 2016
Browse 18 market data Tables and 29 Figures spread through 133 Pages and an in-depth TOC on
"India Biometrics Market"
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 India 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 Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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"India Biometrics Market By Type, By End Use Sector, Competition Forecast & Opportunities, 2016-2021" has evaluated the future growth potential of biometrics market in India and provided statistics and information on market structure, consumer behaviour and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India biometrics market.
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