2014-04-30 08:05:01 - Biometrics Market in India 2014-2018 - a new market research report on companiesandmarkets.com
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. Besides the aforementioned projects, biometrics is being used as a stand-alone authentication device for various purposes. Biometrics integrated in smart cards offers the advantage of offline authentication, which is especially beneficial for end-users in remote locations without a proper communication infrastructure. In addition, smart cards have the added advantage of storing multiple applications for multiple purposes. Thus, a smart card integrated with biometrics enables physical and logical
access while being able to store all the necessary data. Individuals can also keep track of their access histories with the help of a smart card terminal.
The growth of the Biometrics market in India is driven by several factors, of which the most important is the increasing number of government-initiated biometrics projects. Both the central and state governments in India have initiated several large-scale biometrics projects to control security threats and identity thefts. Moreover, an increased number of insider theft cases in government departments is resulting in the high adoption of biometric solutions in the Government sector. This is in turn supporting the growth of the Biometrics market in India.
Further, one of the key challenges in the market is the strong competition from inexpensive non-biometric technologies. The presence of low-cost alternative technologies such as swipe cards, token-based two-factor authentication, and software authentication is a major challenge affecting the growth of the Biometrics market in India.
The key players operating in the biometrics market in India include 3M Cogent Inc., NEC Corp., Safran SA, and Suprema Inc.
The biometrics market in India is forecast to increase at a CAGR of 44.22 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing number of government-initiated biometrics projects. The Biometrics market in India has also been witnessing the integration of biometrics in smart cards. However, the strong competition from inexpensive non-biometric technologies could pose a challenge to the growth of this market.
Other vendors operating in the market are 4G Identity Solutions Pvt. Ltd., Arya ITES Pvt. Ltd., BioEnable Technologies Pvt. Ltd., Precision Biometric India Pvt. Ltd., Smart Identity Devices Pvt. Ltd, and Systematic Communications Ltd.
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