Digitization in government driving India biometrics market

|September 2, 2015 0
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MUMBAI, INDIA: The biometrics market in India is projected to grow at a CAGR of over 35 percent during 2015 – 2020.

Growing need for data security coupled with extensive use of biometrics technology in government digitization projects will be the chief drivers, said a report by TechSci Research titled, India Biometrics Market Forecast & Opportunities, 2020.

According to the report, on-going government projects like e-passports & visas, and unique identification cards under Aadhaar have boosted demand for biometric systems. Growing digitization in the sector is expected to further propel use of biometric technology in the country over the next five years.

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Mounting data security concerns are also resulting in increasing demand for biometrics in BFSI and consumer electronics verticals. Further, the mandatory use of time and attendance systems in public and private offices is expected to fuel market growth over the forecast period.

The report noted that fingerprint biometrics is the largest segment in the market in terms of revenue contribution, followed by iris and facial recognition. Voice recognition, on the other hand, is the fastest growing segment, on account of rising application in banking and growing integration in handheld devices.

“Biometric data has emerged as an important tool in identity management, helping various industries reduce fraud and integrity risks. Various biometric authentication systems are gaining increasing market traction in India, gradually replacing conventional security systems like password/PIN protection. Consequently, the adoption of biometric systems is expected to continue growing in both public and private sector,” noted Karan Chechi, Research Director, TechSci Research.

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