Monday, May 05, 2014: Research and Markets in its recent Biometrics Market in India 2014-2018 report has forecasted that the Indian biometrics market is expected to grow at a CAGR of 44.22 per cent over the period 2013-2018. The report is based on an in-depth market analysis in the country with inputs from industry experts.
The report reveals that while fierce competition from inexpensive non-biometric technologies posed as a major deterrent to growth, the increasing number of government-initiated biometrics projects was breathing fresh life into its growth prospects. Further, the Biometrics market in India has also been witnessing the gradual integration of biometrics in smart cards, also one of the driving forces in its growth story. “The integration of biometrics and smart cards for projects such as rural banking and upgradation of the driver’s license is one of the major trends witnessed in the market. In addition, the UID project will result in the issuance of smart cards for Indian citizens once the overall registration of data is completed,” an analyst from the research team was quoted by Biometric Update as saying.
Besides covering India in its current state, the report also includes growth prospects and a list of key vendors in the space. Key vendors currently dominating this space include 3M Cogent Inc., NEC Corp., Safran SA, and Suprema Inc.
Earlier, Research and Markets’ Biometrics: Market Shares, Strategies, and Forecasts to 2019 report revealed tht worldwide markets are poised to achieve significant growth. As people use electronics in their personal life more, protection of individual information becomes a more compelling problem. Biometrics devices protect individual information. India, Mexico and Russia are driving the extraordinary growth of biometric systems, it said.