Strong growth is anticipated for India’s biometrics market. According to a new report from TechSci Research, the market will grow at an annual rate of 35 percent (CAGR) until the year 2020.
The market research company attributes the growth to increasing demand from both the government and the BFSI sectors.
The market is also being helped along by rising demand for time and attendance tracking systems in various sectors, as well as for IT / ITeS authentication applications.
In a synopsis, TechSci Research noted that biometrics technology has already “been constantly rising in India” over the last few years, citing government applications revolving around the Aadhaar biometric ID card as having been “hugely boosting the use of biometric technology.”
We have indeed seen this through numerous examples, with the Aadhaar system having been linked with biometric attendance tracking for government staff, citizens’ bank accounts, and the administering of healthcare services.
While fingerprint recognition has led the way, TechSci Research notes that other modalities are rapidly gaining traction in the country, largely due to diverse data security interests; but we’ve also seen how government security forces have also embraced other kinds of biometric technology in their security efforts.
The rising popularity of biometric technologies appears to be trending across a range of sectors and actors in the country, with no sign of slowing down yet.