The global contactless biometrics technology market size was worth around USD 11.24 billion in 2022 and is predicted to grow to around USD 50.42 billion by 2030 with a compound annual growth rate (CAGR) of roughly 20.64% between 2023 and 2030.
The advent of contactless biometrics technology is a powerful technology used in the identification and authentication of users. Apart from fortification of security, user experience has become a central concern across several domains. Recent advancements in the area of contactless biometrics technology include the use of fingerprint, iris, or face recognition. Not only is contactless biometrics technology highly reliable, efficient, and accurate, it is witnessing escalating demand during the Covid-19 pandemic, when a great emphasis is being laid on hygiene and contactless practices in the social scenario.
Contactless biometrics technology is increasingly being adopted by the corporate and the government sectors as a user-friendly solution that can perform time attendance, registration, and management of personnel. It does not only save resources, but also assures accuracy in the process. Even during the quarantine period, the contactless biometrics technology offers work at home tracking. Several other applications such as e-payments, using personal computer or mobile device, vehicle or person recognition for video surveillance systems, and identification of individuals by voice or eye iris also use contactless biometrics technology. Furthermore, the contactless biometrics technology is easy to install and does not require highly skilled expertise in the process of system setup.
Contactless biometrics technology such as voice biometrics can be adopted across several important applications such as authentication of high-risk sessions like unusual transactions, password changes, and remote login. The demand for robust theft & fraud detection and prevention systems has risen significantly worldwide, especially across the BFSI sector. It ensures safety, transparency, and reliability to the users. Therefore, the global contactless biometrics technology market is expected to soar over the next few years.
The components such as sensors used in contactless biometrics technology can be quite expensive. The installation costs of the contactless biometrics technology are also high. The progress of the market can also be hampered by lack of awareness and technical education. These can be some restraining factors for the contactless biometrics technology market. However, the market for contactless biometrics technology will continue to expand despite the restraints, by credit of reduction in intrusiveness of biometric authentication. Oftentimes, authentication processes such as entering PIN numbers can cause annoyance and wastage of time due to high frequency of failed attempts. This can be prevented and the user experience enriched through the deployment of contactless biometrics technology in authentication.
The global contactless biometrics technology market can be segmented in terms of components, end-user, type, and region. The major component segments of the contactless biometrics technology market are software and hardware. Iris recognition, face recognition, voice recognition, and fingerprint recognition are some segments based on type.
By end-user, the global contactless biometrics technology market has been categorized into corporate, government, BFSI, healthcare, e-commerce, transport & logistics, education, and defense & security. The BFSI sector is expected to lead the market during the projection period, prompted by the high incidence of cybercrimes such as frauds and thefts.
NEC, Thales, Fujitsu, ASSA ABLOY, Fingerprint Cards AB, Touchless Biometric Systems AG, nVIAsoft Corporation, IDEMIA SAS, and Safran are some of the leading market players in the global contactless biometrics technology market. Strategic partnerships and acquisitions are being initiated by the companies in the global contactless biometrics technology market.
The contactless biometrics technology market in North America is expected to be at the forefront, impelled by rising implementation of advanced technology. Telecom, banking, and financial service providers are some of the topmost adopters of contactless biometrics technology. The Asia Pacific region will also bring in substantial revenue in the global contactless biometrics technology market. The high popularity of smartphones, mobile apps, and web portals across emerging economies such as India is fueling the growth of the Asia Pacific contactless biometrics technology market. During the forthcoming times, the proliferation of machine learning and artificial intelligence will also boost further growth in this region.
Report Attributes | Report Details |
---|---|
Report Name | Contactless Biometrics Technology Market Size Report |
Market Size in 2022 | USD 11.24 billion |
Market Forecast in 2030 | USD 50.42 billion |
Growth Rate | CAGR of 20.64% |
Number of Pages | 188 |
Forecast Units | Value (USD Billion), and Volume (Units) |
Key Companies Covered | NEC, Thales, Fujitsu, ASSA ABLOY, Fingerprint Cards AB, Touchless Biometric Systems AG, nVIAsoft Corporation, IDEMIA SAS, and Safran |
Segments Covered | By Type,By end-user, By components And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA) |
Countries Covered | North America: U.S and Canada Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific Latin America: Brazil, Argentina, Chile The Middle East And Africa: South Africa, GCC, Rest of MEA |
Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2023 - 2030 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
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Contactless Biometrics Technology
Contactless Biometrics Technology
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