NEW YORK, United States, Sept. 13, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Contactless Biometrics Technology Market By Components (Software And Hardware), By Type(Iris Recognition, Face Recognition, Voice Recognition, And Fingerprint Recognition) By End User (Corporate, Government, BFSI, Healthcare, E-Commerce, Transport & Logistics, Education, And Defense & Security), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the global contactless biometrics technology market size was valued at about USD 11.24 billion in 2022. The market is expected to grow at a CAGR of 20.64% and is anticipated to reach a value of USD 50.42 billion by 2030.”
Contactless Biometrics Technology Market Overview:
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.
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Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 11.24 Billion |
| Market Forecast in 2030 | USD 50.42 Billion |
| Growth Rate | CAGR of 20.64% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| 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, Latin America, and the Middle East &, Africa |
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Key Insights from Primary Research
- The corporate and government sectors are increasingly adopting contactless biometrics technology as a user-friendly solution for time attendance, registration, and personnel management.
- The contactless biometrics technology market is witnessing rapid advancements in facial recognition, iris recognition, palm vein scanning, and fingerprint recognition.
- These technologies are becoming more accurate, faster, and capable of operating at greater distances.
- On the basis of region, the “North America” will likely overtake the global market.
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Contactless Biometrics Technology Market: Growth Factors
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.
Contactless Biometrics Technology Market: Segmentation
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.
Browse the full “Contactless Biometrics Technology Market By Components (Software And Hardware), By Type(Iris Recognition, Face Recognition, Voice Recognition, And Fingerprint Recognition) By End User (Corporate, Government, BFSI, Healthcare, E-Commerce, Transport & Logistics, Education, And Defense & Security), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Demand, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/contactless-biometrics-technology-market
Regional Analysis:
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.
Competitive Players:
The report contains qualitative and quantitative research on the global Contactless Biometrics Technology market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Contactless Biometrics Technology market include;
- NEC
- Thales
- Fujitsu
- ASSA ABLOY
- Fingerprint Cards AB
- Touchless Biometric Systems AG
- nVIAsoft Corporation
- IDEMIA SAS
- Safran
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The global Contactless Biometrics Technology market is segmented as follows:
By Type
- Iris recognition
- face recognition
- voice recognition
- fingerprint recognition
By Components
- software
- hardware
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for Contactless Biometrics Technology industry?
- What are the main driving factors propelling the Contactless Biometrics Technology Market forward?
- What are the leading companies in the Contactless Biometrics Technology Industry?
- What segments does the Contactless Biometrics Technology Market cover?
- How can I receive a free copy of the Contactless Biometrics Technology Market sample report and company profiles?
Key Offerings:
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market
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