Govt Spending To Boost India's Biometrics Market
India is one of the fastest growing biometrics markets of the world, where majority of the market revenues are generated by government, travel and transportation application, according to 6Wresearch. According to market research firm, India’s fingerprint biometrics market is projected to grow at a CAGR of 35.1 percent during 2014-20. Biometrics is a technology that measures and analysis physiological or behavioral patterns of humans for authentication or identification purposes.
6Wresearch sees the growth is very optimistic in the entire Asia Pacific region. According to the research firm, the global biometrics market is projected to reach $21.9 billion by 2020. North America leads the overall biometrics market, where the US is the major revenue generating country in this region. However, in Asia, countries such as China, Japan, South Korea and India are the prime revenue generating countries in Asia-Pacific biometrics market. Other countries such as Australia, The Philippines, Sri Lanka, Bangladesh, Thailand and Malaysia are also expected to play vital role in the growth of overall Asia-Pacific’s biometrics market, it says.
What is driving this market is government spending towards IT security and biometric projects (National ID Program, Biometric Passports & Visas etc), as well as increasing cybersecurity threats and a shift from traditional smart card based systems towards biometric based systems across various countries in Asia-Pacific region. In the next one year, Asia Pacific region is expected to gain a leadership position in this market, says the research firm.
In India’s biometrics market, fingerprint biometrics technology has led the market and is likely to maintain its lead in the forecast period as well. “Ease of usage and higher affordability are the factors which have spurred the market for fingerprint biometrics technology in the country,” said the report.
The key companies in global biometrics market include - Morpho Safran, 3M Cogent, NEC, Suprema, Nuance, Hitachi, Crossmatch Technologies, Iris ID, ZK Technologies and others.
Another report by Reportstack also sees a huge growth in the country’s biometrics market and expects the segment to grow at a CAGR of 33.6 percent by 2019 .
The research firm sees an increasing penetration and adoption in markets such as healthcare, banking and financial, retail and commercial offices, apart from government in the coming months. Fingerprint biometrics segment accounts for majority of market share in the overall biometrics technologies market, in terms of both revenue and volume. Service providers from telecom operators to banks and government agencies are also increasingly experimenting with voice biometrics as an additional layer of security for remote transactions, which also sees a huge growth in the coming years, says the Reportstack research.
India’s government plans to make the biometrics-based Aadhaar unique ID number and a criminal background check mandatory for the issuing of new passports before the end of this year. The government is reportedly compiling a biometric registry of citizens connected to identification cards, according to a Bloomberg Businessweek article. According to sources, the goal is to get an identity card to every Indian citizen by June of next year, as part of an effort on PM Modi’s part to come up with a budget surplus for next year. Experts believe at this rate, it may not take very long for PM’s “Digital India” vision into a reality.
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