Rockville, Nov. 17, 2022 (GLOBE NEWSWIRE) -- The contactless biometrics market research report published by Fact.MR delves into key observations concerning prominent expansion parameters prevailing across key segments for the upcoming decade. It provides details about growth drivers, trends, and opportunities across leading segments, including technology, component, industry, and application across 5 key regions.
Fact.MR, Rockville MD – A Market Research and Competitive Intelligence Provider: Demand in the global contactless biometrics market is projected to rise at 16.4% CAGR during the assessment period (2022-2032). Overall sales in the market are projected to reach a valuation of US$ 78.6 Billion by the end of 2032, opines Fact.MR.
With the increased penetration of smartphones and online-based services, the demand for facial and fingerprint recognition systems is expected to surge. Integration of artificial intelligence and machine learning along with biometric algorithm in defense and healthcare sectors to enhance the face recognition capability is rising.
As per the study, the contactless biometrics are used in retail and banking sector to protect the identity and assets of consumers. Hence, rising application of facial recognition systems and iris biometrics will fuel the demand for contactless biometrics across the globe.
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Further, with the expansion of healthcare, retail, and banking sector coupled with the proliferation of smartphone users is facilitating the growth in the market. Nowadays, majority of consumers rely on facial and iris recognition systems to safeguard their assets and properties. To capitalize on this, key players are deploying enhanced security features such as vein recognition software and others with highly-developed AI-based technology.
As per the study, the U.S. is expected to be at the forefront of this technology and will account for lion’s share in the market. With the presence of increasing number of start-ups and established players, the U.S. will emerge as the most lucrative pocket in North America. Increased adoption of contactless biometrics in military and government sector will fuel the adoption in the country.
Key Takeaways:
- Over 31% of revenue in the global contactless biometrics market is expected to be contributed by North America in 2031.
- Demand for contactless biometrics in Europe is expected to surge at 1.8X through 2022 & beyond.
- Based on technology, the facial recognition segment is expected to expand by 5.6X during the upcoming decade.
- In terms of component, the software segment is expected to generate revenues worth US$ 34.1 Billion in the market.
- The fingerprint recognition is expected to create an absolute $ opportunity of US$ 5.4 Billion over the forecast period
Growth Drivers:
- Stringent regulation promoting the use of biometric systems, especially in government sector will drive the demand in the market.
- Rising investment in facial recognition technologies used by defense and government industries will propel the growth in the market.
- Growing use of smartphones and use of facial or finger recognition systems will improve the demand for contactless biometrics.
Restraints:
- Increasing cases of data theft and cyber-security is likely to impact the sales negatively.
- High cost associated with the deployment of the software and services might hamper the demand in the market.
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Competitive Landscape:
The contactless biometrics market is expected to be highly competitive, as per Fact.MR. Some of the leading firms are boosting their market presence by forming an alliance with end users. Meanwhile, some of the players are focusing on collaboration and are introducing cost-effective products to gain competitive edge.
For instance,
- In January 2022, IDEMIA announced the launch of two new generations of contactless biometrics (fingerprint) terminals, namely MorphoWave SP and MorphoWave XP. The terminals are integrated with software integrations with access control platforms.
- In August 2021, Fingerprint Cards AB announced the strategic collaboration with Seshaasai to develop, sell, and market contactless biometric cards across Asia Pacific, focusing in India.
Key Companies Profiled by Fact.MR
- Touchless Biometric Systems AG
- IDEMIA SAS
- NViaSoft
- Fujitsu Limited
- NEC Corporation
- Gemalto N.V.
- Aware Inc.
- HID Global
- M2SYS Technology
- Neurotechnology\
- Assa Abloy AB
- Blue Biometrics
- EYN
- FEITIAN Technologies CO.
- Others
More Valuable Insights on Contactless Biometrics Market
By Structure:
- Hardware
- Contactless Fingerprint Scanners
- Facial Recognition Scanners
- Iris Recognition Scanners
- Palm Vein Scanners
- Others (Voice Recognition Devices, Contactless Smart Cards & Readers
- Software
- Integrated Biometrics Software
- Standalone Software/Middleware
- Facial Recognition Software
- Vein Recognition Software
- Iris Recognition Software
- Others
- Services
- Professional Services
- System Integration & Deployment
- Security Consulting
- Support & Maintenance
- Managed Services
- Professional Services
By Material:
- Identity Verification
- Payments & Transactions
- Access Control
By Industry:
- BFSI
- Government & Law Enforcement
- Healthcare
- Military & Defense
- Retail
- Others
By Region:
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
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Key Questions Covered in the Contactless Biometrics Market Report
- What is the projected value of the contactless biometrics market in 2022?
- At what rate will the global contactless biometrics market grow until 2032?
- Which are the factors hampering the growth in the contactless biometrics market?
- Which region is expected to lead in the global contactless biometrics market during 2022-2032?
- Which are the factors driving the contactless biometrics market during the forecast period?
Explore Fact.MR’s Coverage on the Technology Domain
Biometric Middleware Market: The global biometric middleware market is expected to benefit from rising need for reliable and secure solutions. Sales in the market are projected to grow at a robust pace over the forecast period on the back of increasing application in defense, healthcare, and defense sectors. As per the study, the software segment is predicted to generate maximum revenues in the global biometric middleware market.
IRIS Biometrics Market: As consumers are now more than ever regarding the security concerns while using the online platforms, demand for IRIS biometrics systems is expected burgeon across the globe. Growing dependency on digital technologies and automation will drive the adoption of these systems in diverse industries. As per the study, the BFSI sector is expected to be the most lucrative segment in the market.
Vein Recognition Biometrics Market: Increasing prevalence of data breach and cyber-theft are raising concerns regarding security measures across the globe. Hence, end users are relying on technologically advanced safety systems such as vein recognition biometrics for security purposes, especially in the BFSI sector. On the back of this, nearly US$ 704 Million worth revenues are expected to come from BFSI sector and will surpass the mark of US$ 800 Million by the end of 2032.
About Fact.MR
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