The biometric security systems are new and progressive products in India. With the rapidly escalating industrialization and huge population the demand for biometric systems in India is much higher than many developed nations.
According to "India Biometrics Market Forecast & Opportunities, 2018", the biometrics market in India is expected to cross USD 2 Billion revenues by 2018.
The unique capabilities of biometric identification technologies provide solutions to a range of security issues for both military and civilian markets. With technological advances now ensuring greater effectiveness, and multi-modular identification systems able to integrate several methods of identification, biometric technology systems are increasingly vital components for the digital age. Visiongain values the global Biometrics Market in 2012 at $7.59bn.
global biometrics market revenues are anticipated to reach USD 20 Billion by 2018.However, the vein recognition technology is gaining acceptance globally which is expected to grow rapidly in years to come. Regionally, North America & Europe together contributed 61% of the total revenues of global biometrics market in 2012.
Imaging devices continued to face competition from substitute products such as smartphones in 2011. This had a negative impact on retail volume sales. Imaging Devices in Denmark report offers a comprehensive guide to the size and shape of the in-home, portable and in-car consumer electronics products markets at a national level.
Customers increasingly want payments to be seamless. New developments in biometrics, instant cross-border payments, and the Internet of Things (IoT) are all part of the larger trend towards more convenient payments. However, seamlessness for consumers means complexity for merchants, creating challenging market conditions.