- The key vendors in the Biometrics Market in India 2015-2019 are 3M Cogent Inc., NEC Corp., Safran SA and Suprema Inc.
London, 18 November 2014: TechNavio, an independent tech-focused global research firm, has announced the publication of its market research report on the Biometrics Market in India 2015-2019. One major trend emerging in this market is advances in technology. With continuous advances in technology, it is important to upgrade biometric solutions to the latest standard that meets the needs and expectations of end-users. Traditional biometric systems such as fingerprint recognition and signature are old and are being overtaken by newly developed facial recognition, iris recognition, palm vein recognition, and DNA recognition technologies. These technologies are gaining popularity as they are highly accurate and reliable. The Biometrics Market in India is expected to grow at a CAGR of 33.6 percent during the period 2014-2019.
Currently, the Biometrics market in India is in its growth stage, with a high adoption rate of biometric solutions. The need for high-level border security is encouraging the Indian government to adopt biometric solutions. This increased adoption has resulted in high competition among vendors, which has led to a reduction in the price of biometric systems. Furthermore, increased deployment of advanced biometrics technologies such as facial recognition, palm vein, and DNA is expected to contribute to the growth of the Biometrics market in India.
“The Government sector is witnessing the adoption of biometrics in projects such as Aadhaar cards to avoid the duplication of identity cards and to prevent identity thefts,” says Faisal Ghaus, Vice President of TechNavio Research.
“The adoption rate in the financial sector is high because of the need for high security for network access and financial transactions.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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