Pune, July 16, 2024 (GLOBE NEWSWIRE) -- Contactless Biometrics Market Size Analysis:
“According to SNS Insider research, The Contactless Biometrics Market size was valued at US$ 20.02 in 2023 and is projected to reach US$ 81.61 by 2032 with an increasing CAGR of 16.9% Over the Forecast Period of 2024-2032.”
This growth indicates the growing adoption of contactless biometrics technology like fingerprint popularity, facial recognition, iris recognition, palm vein recognition, voice recognition, and contactless cards throughout diverse sectors.
Market Growth and Scope
The contactless biometrics industry is expanding as a result of heightened concern related to security, and increased application in government, healthcare, and consumer technology. Facial recognition and iris recognition are important in healthcare and access control. Smartphones with facial recognition for secure app access and payments are another driver. Financial institutions are using it for secure transactions. Airports are adopting contactless solutions for faster processing, with examples like Etihad Airways. The market growing with the widespread adoption of contactless solutions for identity verification, payments and transactions, and access control. The integration of artificial intelligence (AI) with biometrics algorithms is anticipated to significantly contribute to market expansion. This powerful combination is expected to deliver remarkable advancements in accuracy, security, and user experience.
However, there are some challenges such as High costs and data theft concerns. Facial recognition needs to adapt to facial changes and varying conditions, limiting growth in some cases. Data privacy issues are also present, as seen with India's Digi Yatra program. Despite these challenges, advancements are being made. July 2024, IDloop, a German company, recently introduced a contactless fingerprint scanner with advanced 3D imaging for high-traffic areas. This scanner offers enhanced detail and accuracy, ensuring identification regardless of lighting, motion, or skin conditions.
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Major Players Analysis Listed in this Report are:
The key players are HID Global, Touchless Biometric Systems, Fingerprint Cards AB, M2SYS Technology, Fujitsu, IDEMIA, NEC Corporation, Aware, nVIAsoft, Thales, Neurotechnology, Veridium, BioConnect, DERMALOG Identification Systems, Cognitec Systems, SecuGen, Shufti Pro, NVISO, Noldus, Innovatrics, Blue Biometrics, Fidentity, Daon, and Others Players
Recent Developments
IDloop's contactless fingerprint scanner Launched in June 2024, this 3D scanner uses blue light to capture high-detail fingerprints for secure identification in airports, regardless of lighting or skin conditions.
In January 2022, IDEMIA introduced two innovative touchless fingerprint readers named MorphoWave XP and MorphoWave SP. Both devices boast software integrations with access control platforms and physical integrations with leading gate and turnstile manufacturers.
Contactless Biometrics Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 20.02 Billion |
| Market Size by 2032 | US$ 81.61 Billion |
| CAGR | CAGR of 16.9% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Rising demand for identity verification, payments, and transactions, and access control solutions. • After the Pandemic, contactless biometric technology has become more prevalent. |
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Segment Analysis
By Technology
In 2023, facial recognition technology held the largest revenue share within the contactless biometrics market, exceeding 26%. This popularity is attributed to its widespread adoption in Facial recognition is used in airports, government buildings, and private organizations for secure identification and activity monitoring. Facial recognition offers a touchless and user-friendly experience for access control and identification.
Furthermore, iris recognition technology is anticipated to experience significant growth in the coming years due to Iris patterns are highly unique and offer a more accurate form of identification compared to fingerprints or facial features. Iris recognition is less susceptible to forgery, making it ideal for applications like preventing payroll fraud.
By Component
Based on Components, the software segment led the market in 2023 and held 43% of the share. This dominance is fueled by the growing demand for Secure cloud storage facilitates centralized processing and management of biometric data. Advanced algorithms improve the accuracy, efficiency, and security of biometric identification.
By End-Use
The government sector leading consumer of contactless biometrics in 2023, accounted for a revenue share of over 24%. This dominance can be attributed to government programs in technology along with facial recognition and iris scanning are used to verify the identities of passengers and locate fraudulent documents. Biometrics help in investigations of criminals and improves standard security measures.
The retail and e-commerce sectors is projected to experience significant growth within forecast period. This fashion is fuelled by the adoption of Retailers utilizing facial reputation to identify recognized shoplifters and deter organized retail crimes. Biometric payment solutions offer a secure way for customers to conduct transactions. For instance, Walmart leverages facial recognition to discover shoplifters, highlighting how advanced contactless biometrics are contributing to reduced losses within the retail industry. As the point of interest on stable and convenient transactions will increase, retail and e-commerce are poised to be the major drivers of market increase in the future.
Contactless Biometrics Market Key Segmentation:
By Component
- Hardware
- Software
- Service
By Services
- Professional Services
- Managed Services
By Application
- Access Control
- Onboarding & KYC
- Criminal Identification & Forensics
- Other Applications
By Software
- Contactless Fingerprint Recognition
- Face Recognition
- Iris Recognition
- Palm Vein Recognition
- Voice Recognition
- Contactless Biometric Cards
By End-use
- Government
- Banking & Finance
- Consumer Electronics
- Healthcare
- Transport & Logistics
- Defense & Security
- Others
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Regional Analysis
North America accounted for the highest revenue share over 38.5% in 2023, due to the early adoption of advanced technologies in numerous sectors. Rising protection concerns due to terrorist activities and illegal immigration drive demand for contactless biometric solutions for border safety and access manipulation. The U.S. Federal Trade Commission's consciousness of preventing identification theft further propels the adoption of advanced authentication strategies.
Asia Pacific region is projected to grow with a significant annual growth rate extensive increase because of the Increasing demand for public surveillance and tracking. Companies like Moqi are responding to hygiene worries with innovative contactless scanning solutions, showcasing the region's consciousness on adapting technology for public protection. Growing urbanization and initiatives of government for smart cities are also predicted to contribute to market growth.
Key Takeaways
- The Report highlights the booming demand for contactless biometrics driven by a developing focus on secure and touchless identification verification techniques.
- The study emphasizes the important role of Artificial Intelligence (AI) in propelling the contactless biometrics market ahead. Integration of AI with biometrics algorithms is expected to deliver significant advancements in accuracy, protection, and user experience.
- The report underscores the widespread application of contactless biometrics throughout numerous sectors like authorities, healthcare, retail, and e-trade.
- The report states that North America's dominance in the contactless biometrics market is driven by due to its early adoption of advanced technology and heightened concerns related to security.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Contactless Biometrics Market Segmentation, By Component
8. Contactless Biometrics Market Segmentation, By Services
9. Contactless Biometrics Market Segmentation, By Application
10. Contactless Biometrics Market Segmentation, By Software
11. Contactless Biometrics Market Segmentation, By End-use
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Use Case and Best Practices
16. Conclusion
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