India Biometrics Technology Market Synopsis
India Biometrics Technology Market is estimated to register tremendous growth in the country owing to the rising adoption of biometric authentication in banking and financial services, especially iris scans and fingerprints have a high demand in the market. Additionally, the rising safety concerns across the industries due to a continuation of fraud practices, have driven the biometric authentication demand as it offers a higher level of safety & security than password-based biometrics. , the healthcare sector is also switching towards highly secured authentication systems, including biometric authentication to maintain hassle-free and secured patient’ identification. This is one of the growth proliferating factors for the India Biometrics Technology industry.
According to 6Wresearch, the India Biometrics Technology Market size is estimated to augment during the forecast period 2023-2029. The market growth is dependent on various growth factors such as financial inclusion, rising security concerns, and replacement of traditional security systems. Furthermore, AI and Machine Learning Integration have been seen in biometric systems, which allows faster and more accurate recognition processes, this is estimated to impact positively market growth in the coming years. The rising trend of the integration of multimodal biometrics such as facial recognition, fingerprints, and iris scans in order to enhance security, speed, and accuracy during identification. Additionally, The COVID-19 pandemic has impacted positively on the product demand, as there has been an increased adoption of contactless biometrics to decrease virus transmission. The growing integration of biometric authentications, such as fingerprint and facial recognition into mobile phones to maintain higher security with secured data is another significant development estimated to fuel the India Biometrics Technology Market growth in the country over the coming years.
Biometrics Technology Industry Trends in India
Some are the major trends ongoing in the market are leading to securing high market growth. Data Privacy Regulations, which includes the personal data protection bill. These regulations are built to govern how the biometric data is collected and used, with a focus on protecting data privacy. Startups and Innovations have been contributing to the availability of advanced range biometrics solutions for enhanced security for several industries such as banking, healthcare, and financial institutions. Moreover, the rising replacements of traditional biometric systems with advanced range biometric systems across various industries like retail, hospitality, and education to improve the accuracy during identification is likely to secure tremendous growth over the years in the country.
Key attractiveness of the report
- COVID-19 Impact on the Market.
- 10 Years Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022.
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
COVID-19 influence on the India Biometrics Technology Market
COVID-19 had a significant impact on the India Biometrics Technology Market which is a part of the Asia Pacific Biometrics Technology Market. The lockdown imposed by the government in the country to cease the virus spread had affected the product's adoption and integration, also the closure of several industries in the country had further reduced the product demand. Which, in turn, declined the India Biometrics Technology Market share at a massive rate. On the other hand, the market has seen a slight demand in the country with an increased adoption of biometrics in the healthcare sector for enhanced recognition and healthcare data privacy.
India Biometrics Technology Market - Company Names
India Biometrics Technology Market is highly competitive as several companies are dealing with the same progress, some of them are mentioned below in the list:
- Suprema Inc.
- HID Global
- Mantra Softech
- ZKTeco
- NEC Corporation
- Morpho (Safran Identity & Security)
Key Highlights of the Report:
- India Biometrics Technology Company Profiles
- Historical Data and Forecast of India Biometrics Technology Market Revenues & Volume By Iris / Retina for the Period 2023 - 2029
- Market Size of India Biometrics Technology Market, 2023
- Historical Data and Forecast of India Biometrics Technology Market Revenues & Volume By Vein for the Period 2023 - 2029
- India Biometrics Technology Market Outlook
- Historical Data and Forecast of India Biometrics Technology Market Revenues & Volume By Voice for the Period 2023 - 2029
- Forecast of India Biometrics Technology Market, 2029
- India Biometrics Technology Competitive Benchmarking By Technical and Operational Parameters
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