India Biometric Authentication Identification Market: Industry Analysis and Forecast (2021-2027) by Offering, Functionality Type, Technology and, End Users.

India Biometric Authentication Identification market size was valued at US$ 2.06 Billion in 2020 and the total India Biometric Authentication Identification revenue is expected to grow at 9.2% through 2021 to 2027, reaching nearly US$ 3.81 Billion.
India Biometric Authentication Identification Market Overview:
All techniques used to recognize, authenticate, and identify people based on physical or behavioral features are referred to as biometric technology. The Indian biometrics market is growing at a rapid rate, owing to the requirement to address escalating security concerns. Biometrics are expected to play a larger role in the future digital world, with fingerprint and face recognition applications leaking down to the consumer market via smartphones. Because biometric technologies are extensively applicable, linked to key political and security concerns, and have a high reliance on other security technologies, they are of great economic importance.

In this report, the India Biometric Authentication Identification market's growth reasons, as well as the market's many segments (Offering, Functionality Type, Technology and, End Users), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the India Biometric Authentication Identification market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global India Biometric Authentication Identification market situation.



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India Biometric Authentication Identification Market Dynamics:
A major driver of the market is the increasing use of biometrics technology in enterprises. Given the large quantity and diversity of prospective private industry clients and consumers, private sector demand may potentially outstrip demand in public market sectors in the long run. Biometrics is expected to emerge rapidly in India due to the widespread usage of biometric devices in both the public and private sectors. Biometric devices are now required for improved organization performance due to the necessity for increased security and authentication of access to private data.

The high deployment cost of biometric systems is one of the major restraints of the market. When choosing and installing a biometric system, the cost is an important consideration. Multi-factor authentication is required for applications with higher quality security features, whereas single-factor biometric solutions are required for applications with lower-level security features.

The key opportunity in the Indian biometrics market is the rapid advancements in biometric authentication technologies. Advances in sensing technology, as well as the ubiquitous usage of devices like computers and cellphones, have opened up new possibilities for recording physiological and behavioral aspects of humans introducing new options for identifying any odd behavior intelligently and automatically, as well as providing an additional layer of verification if necessary, to increase behavioral biometrics.

Many individuals are hesitant to use biometrics technology regarding concerns about hygiene and a lack of understanding of the system. Inadequate awareness of how biometric systems work, as well as the potential of the data leak, causes anxiety among users, impacting their acceptance and adoption of biometric systems. The accuracy of a biometrics system and its subsequent adoption can be harmed by a lack of collaboration or even hostility to utilizing these technologies. The absence of technological knowledge and public awareness are seen as key obstacles to the introduction of biometric systems.
India Biometric Authentication Identification Market Segment Analysis:
By Offering, the software segment is expected to witness a CAGR of 9.8% in the forecast period (2021-27). Software plays a critical role in maintaining biometric device compatibility. The use of cloud devices is predicted to increase the need for related software to assure device and operating system compatibility for various applications. By upgrading the software, clients may integrate add-on functionalities into current hardware. Biometrics software enhances the functionality of hardware by remembering geographical data, as well as allowing real-time data streaming.

By End Users, the Banking and Finance segment is expected to grow at the CAGR of 7.9% in the same forecast period. This can be attributed to the biometric developments being implemented in the finance industry. For example, Biometrics is also used in the online banking and payment industries. In addition to fingerprint authentication, MasterCard has introduced a payment authentication solution based on face recognition and a special mobile app called pay-by-selfie.

Biometric devices are steadily making their way into consumer electronics, BFSI, defense, criminal identification, transportation, and most crucially, banks to keep a watch on verifying access to secret data. Time and attendance systems have also been implemented in both public and private offices. While the majority of them are carried out via cellphones and fingerprints, voice recognition is also gaining popularity, particularly in banking to combat fraudulent calls.

Biometric solutions are primarily aimed towards the B2B sector, allowing businesses to better manage employee identity and authentication, as well as assisting governments in improving public security and administration. Biometrics are combined with other authentication methods such as passwords, PINs, and physical identification cards to create strong multi-factor authentication systems. Facial recognition is expected to be the most popular biometric in India, thanks to rising demand from the government and consumer electronics, and will be followed by fingerprint biometric devices. Government measures encouraging biometrics usage include Aadhaar, as well as digital passport attempts and the RSBY health insurance scheme, all of which are projected to contribute gradually to the market growth.

The objective of the report is to present a comprehensive analysis of the India Biometric Authentication Identification market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the India Biometric Authentication Identification market dynamics, structure by analyzing the market segments and projecting the India Biometric Authentication Identification market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the India Biometric Authentication Identification market make the report investor’s guide.
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Global India Biometric Authentication Identification Market


Report Coverage
Details


Base Year:
2020
Forecast Period:
2021-2027


Historical Data:
2016 to 2020
Market Size in 2020:
US $ 2.06 Bn.


Forecast Period 2021 to 2027 CAGR:
9.2 %
Market Size in 2027:
US $ 3.81 Bn.


 Segments Covered:
by Offering
• Hardware
• Software


by Functionality Type
• Contact
• Noncontact
• Combined


by End Users
• Government
• Military & Defense
• Healthcare
• Automotive
• Banking & Finance
• Consumer Electronics
• Travel& Immigration
• Security


by Technology
• Face Recognition
• Hand Geometry
• Voice Recognition
• Signature recognition
• Iris recognition
• AFIS
• Non-AFIS
• Others



India Biometric Authentication Identification Market, by Region
• North India
• West India
• East India
• South India
India Biometric Authentication Identification Market Key Players
• FRS Labs
• SecurAX Tech Solutions Pvt. Ltd.
• ESSL
• Biomax
• Bioenable Technologies Pvt Ltd.
• Signzy Technologies
• Strides Software Solutions
• Uniphore
• Mantra Softech (India) Private Limited
• Lokpal Industries
• Matrix Comsec Private Limited
• Kalkasoft Infotech Private Limited
• Perennial Code IT Consultants Private Limited
• Unique Services Private Limited
• Thales Group
• Safran

FAQs:

1. Which is the potential market for the India Biometric Authentication Identification in terms of the region?
Ans. South India considered as the Indian silicon valley is the potential market for India Biometric Authentication Identification in terms of the region

2. What are the restraints for new market entrants?
Ans. The high deployment cost of biometric systems is one of the major restraints of the market

3. What is expected to drive the growth of the India Biometric Authentication Identification market in the forecast period?
Ans. A major driver of the market is the increasing use of biometrics technology in enterprises.

4. What is the projected market size & growth rate of the India Biometric Authentication Identification Market?
Ans. India Biometric Authentication Identification market size was valued at US$ 2.06 Billion in 2020 and the total India Biometric Authentication Identification revenue is expected to grow at 9.2% through 2021 to 2027, reaching nearly US$ 3.81 Billion.

5. What segments are covered in the India Biometric Authentication Identification Market report?
Ans. The segments covered are Offering, Functionality Type, Technology and, End Users.