Dublin, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The "Contactless Biometrics Technology Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Service), By Application (Face, Fingerprint), By End-use (Consumer Electronics, Healthcare), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global contactless biometrics technology market is anticipated to reach USD 46.65 billion by 2030, registering a compound annual growth rate (CAGR) of 18.1% from 2023 to 2030
Contactless biometrics technology is used for identification and authentication without the need for any physical contact. Contactless biometrics is a safer and more innovative verification mode based on convenience and hygiene. Moreover, owing to the impact of the COVID-19 pandemic, contactless biometrics technology is widely being adopted by key markets for applications such as border control, law enforcement, surveillance, healthcare, and biotechnology. For instance, facial recognition biometric systems in China are being used to detect individuals not wearing facemasks. 
The promising growth prospects of the market can be attributed to the vast advantages of contactless biometrics, including a high level of security in the private, public, and commercial sectors. The technology records unique human characteristics, such as the retina, fingerprints, DNA, and voice patterns, for authorization. Furthermore, the increased adoption of biometrics technology across several verticals in the public, private, and commercial sectors for enhancing security is expected to work well for the market.
The rising adoption of Artificial Intelligence (AI) and cloud-based services for biometric devices is anticipated to propel the demand for associated software to fortify the compatibility of operating systems and devices for different applications. Growing demand for fast and secure access controls, queue-less passenger checks, seamless border crossing, and faster identification of individuals for better convenience and security are some of the key factors driving the market's growth. Manufacturers are developing contactless biometric high-tech sensor systems through fast software algorithms and machine-learning methods for fast and secure identity checks.
The rise of digital banking across the globe is the major impetus behind the increased introduction of voice and facial recognition in the banking and financial sectors. For instance, Citigroup Inc. introduced voice biometrics to verify customers' identities. The use of contactless biometrics authentication for banks offers an additional, convenient, and user-friendly way of verifying their customers, thus delivering a consistent and superior user experience with strong and secure authentication across channels. The demand is steadily increasing amid the COVID-19 outbreak. The pandemic has also influenced various digital businesses, which are now developing facial recognition systems to secure their online platforms.
The implementation of biometrics technology can be a costly affair for any enterprise. The high cost associated with the hardware, software, and support services required to implement a biometrics system is presently one of the main challenges for the market.
However, technological advancements and the increasing use of these technologies may gradually reduce the overall implementation cost. The demand for biometrics technology is expected to grow significantly in the healthcare sector, owing to the rapid technological advancements and use of biometrics for protecting patient privacy, curbing false insurance claims, and other healthcare frauds.
Contactless Biometrics Technology Market Report Highlights
- By component, the software segment dominated the market with a share of over 44.5% in 2022. Growing adoption of cloud-based services, Artificial Intelligence (AI), and Machine Learning (ML) for contactless biometrics solutions are expected to drive the demand for the software segment.
- By application, the face biometrics technology segment dominated the market with a revenue share of 28.4% in 2022. The COVID-19 pandemic accelerated the demand for contactless technologies, and facial biometrics gained prominence as a secure and touchless means of identity verification in various sectors, including retail and finance.
- By end-user, the government segment dominated the market with a revenue share of 25.1% in 2022. Many governments use contactless facial recognition and iris scanning at border control and immigration checkpoints. These systems help verify travelers' identities quickly and efficiently, enhancing security and reducing wait times.
- The North America region dominated the market by a revenue share of 32.0% in 2022. The rising adoption of contactless biometrics solutions in defense and government applications is also expected to drive the demand for the market in North America.
Company Profiles
- Aware, Inc.
- Fingerprint Cards AB
- Fujitsu Limited
- Gemalto N.V.
- HID Global
- IDEMIA
- M2SYS Technology
- NEC Corporation
- nViaSoft
- Touchless Biometric Systems Ag
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 100 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $12.12 Billion |
| Forecasted Market Value (USD) by 2030 | $46.65 Billion |
| Compound Annual Growth Rate | 18.1% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
2.1 Contactless Biometrics Technology Market - Industry Snapshot & Key Buying Criteria, 2017 - 2030
2.2 Industry Trends
Chapter 3 Contactless Biometrics Technology Industry Outlook
3.1 Market Definition
3.1.1 Market segmentation & scope
3.2 Wearable Computing Market Growth Prospects
3.3 Wearable Computing Market Value Chain Analysis
3.4 Wearable Computing Market Dynamics
3.4.1 Market Driver Analysis
3.4.2 Market Restraint Analysis
3.4.3 Market Opportunities Analysis
3.5 Industry Analysis - Porter's
3.6 Penetration & Growth Prospect Mapping, 2030
3.7 Wearable Computing Market - PEST Analysis
Chapter 4 Contactless Biometrics Technology Component Outlook
4.1 Contactless Biometrics Technology Market Share By Component, 2022
4.2 Hardware
4.2.1 Contactless Biometrics Technology Hardware Market, 2017 - 2030
4.3 Software
4.4 Service
4.4.1 Contactless Biometrics Technology Service Market, 2017 - 2030
4.4.2 Managed Service
4.4.3 Professional Service
Chapter 5 Contactless Biometrics Technology Application Outlook
5.1 Contactless Biometrics Technology Market Share By Application, 20222
5.2 Face
5.2.1 Face Biometrics Technology Market, 2017 - 2030
5.3 Hand Geometry
5.4 Voice
5.5 Fingerprint
5.6 Iris
Chapter 6 Contactless Biometrics Technology End-Use Outlook
6.1 Contactless Biometrics Technology Market Share By End Use, 2019
6.2 Government
6.2.1 Contactless Biometrics Technology Market In Government, 2017 - 2030
6.3 Banking & Finance
6.4 Consumer Electronics
6.5 Healthcare
6.6 Transport & Logistics
6.7 Defense & Security
Chapter 7 Contactless Biometrics Technology Regional Outlook
7.1 Contactless Biometrics Technology Market Share By Region, 2019
7.1.1 Contactless Biometrics Technology Market, 2017 - 2030
7.1.2 Contactless Biometrics Technology Market, By Component, 2017 - 2030
7.1.3 Contactless Biometrics Technology Market, By Service, 2017 - 2030
7.1.4 Contactless Biometrics Technology Market, By Application, 2017 - 2030
7.1.5 Contactless Biometrics Technology Market, By End Use, 2017 - 2030
Chapter 8 Competitive Landscape
8.1 Company Overview
8.2 Financial Performance
8.3 Product Benchmarking
8.4 Strategic Initiatives
For more information about this report visit https://www.researchandmarkets.com/r/ia9k9c
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