Growing demand for security, increasing government initiatives, burgeoning smartphone and technology penetration are driving the growth of India Facial Recognition Market during forecast period, FY2024-FY2028.
According to TechSci Research report, “India Facial Recognition Market – Industry Size, Share, Trends, Competition, Opportunity and Forecast, FY2018-FY2028F”, the India Facial Recognition Market stood at USD280.06 million in FY2022 and is projected to grow at a CAGR of 18.71% in the forecast period. The India Facial Recognition market is projected to expand in the coming years as the facial recognition technology is very versatile in its usage and therefore is rapidly being adopted by various end-users. It provides an automatic, quick, and effortless verification experience because no physical interaction, such as fingerprint or other security measure, is required. It also does not address any key or ID card that could be stolen or lost. Other benefits of facial recognition include people being able to access their wallets without having to pull out credit cards or cash due to verification enabled by face recognition. Moreover, the increasing adoption of facial recognition technology across various applications is a driving force for the market growth. The border authorities are using technology to verify a traveler's identity, particularly in airlines Police agencies are also employing face recognition software to scan faces recorded on CCTV and identify the desired individual. Another application where technology has gained prominent adoption is smartphones. On smartphones, the software finds applications in unlocking the phone, signing into mobile apps, and for payment verification.
The market for facial recognition in India is expanding rapidly, driven primarily by the desire to increase productivity while minimizing human interference. From social media and mobile technology to airport security, law enforcement, and targeted marketing campaigns, the deployment of facial recognition technology is unquestionably a part of our future. For example, the travel industry has begun to investigate the advantages of facial recognition. It helps with maintaining restricted access to sensitive areas and identifying security threats by speeding up the documentation and authentication process.
Browse over 26 market data Figures spread through 70 Pages and an in-depth TOC on "India Facial Recognition Market"
The India Facial Recognition Market is segmented into Component, Deployment, End User Industry, region, and competitive landscape.
Among the End User Industry, the Government & Transportation segment is expected to hold a considerable market share, due to increasing government initiatives such as Digital India, which started with Aadhar program and has now expanded with the introduction of e-visas, e-passports, e-travel tickets (e-yatra), etc. The facial recognition system is increasingly being used to facilitate or control access by governments and law enforcement agencies to identify and authenticate a person for better security and safety of valuable assets and therefore fuel its demand in the market. The rising adoption of a multi-factor authentication system which includes fingerprints, retina scans, and facial recognition has boosted the India Facial Recognition Market.
On the basis of regional analysis, the South India dominates the market and held a market share of 31.06% in FY2022 and is expected to retain its position during the forecast period, due to growing number of smart cities and also industrial sector growth in the region. Moreover, the use of facial recognition technology by law enforcement agencies, IT companies, and other public sector industries is expected to drive the market for facial recognition technology during the forecast period.
Major market players operating in the India Facial Recognition Market are:
- NEC Corporation India Pvt Ltd.
- N-TECH.LAB LTD
- Intellvisions Software Limited
- CamfyVision Innovationd Pvt. Ltd
- Herta Security
- True Face Ai
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“India Facial Recognition Market is expected to grow at a robust pace on account of technological advancements. Factors like the worldwide adoption of the digital revolution and mandatory digital identity law reforms, increasing concerns over security, rising industrial spending, increasing R&D, and change in the attitude of consumers, among others, are anticipated to propel the demand for facial recognition across the country ovIer the next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Facial Recognition Market By Component (Software, Services), By Deployment (2D Face Recognition, 3D Face Recognition, Thermal Face recognition), By End User Industry (Government & Transportation, Military & Defense, BFSI, Retail, Hospitality), By Region, Competition, Opportunity and Forecast, FY2018-FY2028F”, has evaluated the future growth potential of India Facial Recognition market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Facial Recognition Market.
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