According to a recent market study published by Growth Market Reports, titled, “Global Contactless Biometrics Technology Market by Component, Application, End Use Industry, and Regions: Size, Shares, Trends and Opportunity Analysis, 2016-2031”, the market was valued at USD 11,622.1 Million in 2022 and is expected to grow at a CAGR of 19.1% by the year 2031. The overall incremental opportunity is estimated to be USD 43,554.23 Million from 2022 to 2031.
As per Growth Market Reports industry analyst Akash Vedpathak, “The Contactless Biometrics Technology Market” is anticipated to witness significant growth during the forecast period 2023-2031.
Get Sample Report @ https://growthmarketreports.com/request-sample/6017
Key factors that are anticipated to fuel the demand for the global contactless biometrics technology market during the forecast period are increasing demand for secure and convenient authentication methods and high adoption rate in healthcare industry. Conversely, high cost of installation and maintenance of contactless biometric technology hampers the growth of the contactless biometrics technology market. Growing implementation of the Internet of Things (IoT) is expected to create numerous opportunities for market’s growth during the forecast period.
Contactless biometrics technology is a type of biometric identification or verification that does not require physical contact with a scanner or device. It uses sensors, cameras, or other methods to capture the unique biological features of a person, such as fingerprints, face, iris, voice, or palm veins without requiring them to touch a surface or device.
Contactless biometrics technology can offer advantages such as convenience, speed, hygiene, and accuracy over traditional biometric methods. Application of contactless biometrics technology include unlocking smartphones, gaining access to secure areas, making payments, and more. The technology aims to provide a seamless and secure user experience while minimizing physical interaction with devices.
Supply chain management is a pivotal part of any business. A supply chain contains a series of steps to get products from their original state to the customers. It is a network of producers, suppliers, software developers, and service providers who work together to create and deliver the product to end-users. This network consists of various individuals, entities, information, and resources. End use industries of contactless biometrics technology include BFSI, Retail, Healthcare, Travel & Transportation, Government, Consumer Electronics, Defense & Security, and Others.
The primary, as well as secondary research methodology, is used for keen observation and study of the Contactless Biometrics Technology market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects.
Primary interviews were conducted with the stakeholders across industry verticals at regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, and current and future trends done by the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess experience of around 10-20 years in the industry.
On the other hand, the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape.
Regional government and statistical databases were analyzed for macro & microanalysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.
In 2020, the COVID-19 pandemic had a positive impact on the global contactless biometrics technology market as hygiene concerns grew. The market experience high adoption owing to social distancing trends, which provided a hygienic alternative to contact-based biometric technology. Industries like healthcare, finance, and retail witnessed increased demand for touchless authentication solutions, driving in the contactless biometrics technology market.
Facial recognition terminals quickly became the most prevalent type of security identification device used for biometric access control systems during the COVID-19 pandemic. This was mostly because facial recognition terminals do not require any physical interaction and offer a wide variety of capabilities.
Key Takeaways from the Study:
-
Based on Components, the global contactless biometrics technology market is fragmented into Hardware, Software, and Service. The Software segment held a significant market share in 2022 and is projected to expand at a substantial CAGR during the forecast period, due to advancements in algorithm development, enhanced security protocols, and the integration of AI. These innovations contribute to more accurate and reliable contactless biometrics solutions, driving increased adoption across several industries.
-
On the basis of Application, the global contactless biometrics technology market is divided into Face Recognition, Fingerprint Capturing, Palmprint/ Palm vein Capturing, Iris/ Retina Identification, Voice Recognition, and Others. The Face Recognition segment accounted for a substantial market share in 2022 owing to its non-intrusive nature, ease of use, and advancements in facial recognition technology. It offers a convenient and secure way for identity verification without physical contact, aligning with the increasing demand for contactless solutions in different industries.
-
In terms of End Use Industry, the global contactless biometrics technology market is divided into BFSI, Retail, Healthcare, Travel & Transportation, Government, Consumer Electronics, Defense & Security, and Others. The Government segment held a substantial market share in 2022. Governments are increasingly investing in contactless biometrics for enhanced security, efficiency, and convenience. It helps prevents identity fraud, streamline processes, and adapt to the evolving technological landscape.
Contactless Biometrics Technology Market Report Scope:
Report Metric |
Details |
Market Value in 2022 |
USD 11,622.4 Million |
Market Growth Rate (from 2023 to 2031) |
19.1% |
Historical Data |
2016 to 2021 |
Base Year |
2022 |
Forecast Period |
2023 – 2031 |
Units Considered |
Value (USD Million) |
Market Segments |
By Component, By Application, By End Use industry, and By Region |
Key Companies Profiled |
NEC Corporation, Thales, Fujitsu, IDEMIA, HID Global Corporation, M2SYS Technology, Veridos GmbH, Suprema Inc., DERMALOG Identification Systems GmbH, Daon Inc., Fingerprint Cards AB, Innovatrics s.r.o. |
Customization Scope |
Report customization available on request |
Pricing and Purchase Options |
Avail of tailor-made purchase options to meet your research requirements. |
Target Audience:
Contactless Biometrics Hardware Manufacturers, Software Developing Firms, Contactless Biometrics Service Providers, Consulting Firms, Private Research and Development Firms, and Investment Firms.