Biometric Market in India Likely To Cross $3 Billion by 2021
Yes; you are right; the sale of biometric devices in India is soaring in leaps and bounds, and it is no wonder that an up and coming business unit in Bhubaneswar, WEFE Technologies (P) Ltd has gone whole hog in pursuing the sale and services of these highly effective products.
Introduction to Biometrics
Recognition plays a very important part in our life. Right from the day a child is born, it recognizes its mother. Why; infants recognize their parents and other siblings, regardless of whether they wear unfamiliar dresses or talk in strange voice. Examinees are recognized by their Admit Cards, while employees are recognized by the employer by reading their faces. But how to recognize each of these people when thousands of them report for duty in factories at odd hours? The same is true with recognizing a criminal when he tries to rob a house. However, the problem is solved by use of biometric devices. The earlier by the use of Biometric Employee Payroll Time Clock Facial Recognition Terminal with Fingerprint access and PIN/Password with AMG Employee Attendance Software, while latter is taken care of by Outdoor Surveillance cameras, also known as CCTV cameras.
What Causes Indian Biometric Market To Soar?
Growing technological advancements, increasing security concerns across various end user sectors and favourable government policy initiatives help 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 on account of wide deployment of biometrics technology across various government projects such as Aadhaar program (UIDAI), along with issuance of e-passports & visas, etc.
In addition, increasing technological progression across various end user sectors such as banking & finance, energy & power, consumer electronics and many more is driving demand for biometric systems in the country. Rising number of ATMs, as also growing number of smartphone and internet users is also expected to have a tremendous 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 Concern is Also a Contributing Factor
Rising security concerns (to counteract wide scale terrorism), increasing deployment of fingerprint, iris and voice recognition systems, along with implementation of various mega government projects such as National ID cards, e-passports, e-visas, voting processes, etc., is also reinforcing growth in India biometrics market. Moreover, fast growing consumer electronics sector all over the country is also contributing to massive growth opportunities for integration of biometrics technology.
Incidentally, South India dominates India biometrics market due to high degree of industrialization and presence of various IT/ITes and manufacturing industries in the region. At the same time, western region of the country is believed to emerge as the fastest growing region for biometrics over the next five year period.
**About TechSci Research
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