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Face matching software to grow at 35.9% CAGR in 2024

Cloud deployment dominates market

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Cloud deployment dominates market

NEC.

The Indian face matching and authentication software market is projected to grow to US$4,336 million by 2024, exhibiting a CAGR of 35.9%. It was US$700.6 million in 2018.

Growth in the market can be attributed to increasing use of multimodal biometric adoption, the growing demand for cloud-based face matching and authentication software and the increasing demand in banking & financial sector.

Moreover, rising use of face matching and authentication software in smartphones is further fueling growth in the market, according to a ResearchAndMarkets report “India Face Matching And Authentication Software Market By Deployment Type, By Authentication type, By Verticals (Office Workspace, Banking & Telecom, Construction, Manufacturing & Others), Competition Forecast & Opportunities, 2024”, dated 31 July 2019.

Cloud deployment is expected to be the fastest growing deployment type during the forecast period owing to its various benefits such as reduced IT staffing/administration, increased flexibility and on demand scalability and reduced total cost of ownership. It dominated the market in 2018.

Among verticals, office workspaces dominate the Indian face matching and authentication software market as it requires facial recognition for various applications including physical access to workplace, attendance tracking and user provision to corporate networks.

Moreover, increasing acceptance of facial recognition for attendance tracking and access control applications is further contributing to the growth of this segment.

South region garnered the highest market share in 2018 and is expected to continue its dominance throughout the forecast period as well owing to the region being the IT hub of India coupled with the growing government initiatives in the region.

NEC Technologies India Private Limited accounts for the largest share in the Indian face matching and authentication software market.

Key players in the Indian face matching and authentication software market are NEC Technologies India Private Limited, Videonetics Technology Private Limited, Matrix Comsec Private Limited, Gemalto Digital Security Private Limited and AllGoVision Technologies Pvt Ltd, Mantra Softech (India) Pvt Ltd, Prama Hikvision India Pvt Ltd, IDEMIA – Identity and Security, ESSL Biometric Solutions Private Limited and Herta Security. fiinews.com

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