Contactless Biometrics Technology Market

Contactless Biometrics Technology Market Size, Share, Growth (2023-2028)

Contactless Biometrics Technology Market was worth US$ 8.25 billion in the year 2023, and it is estimated to reach a valuation of US$ 30.15 billion by the end of 2028 expanding at an annual growth rate of 20.3%.

Contactless Biometrics Technology Market Overview

The growing demand for high level of security in commercial, public and private sector is a factor that is expected to lead the Contactless Biometrics Technology market during the forecast period.The process through which a person’s exclusive traits are recorded and recognized by means of an electric device is known as Biometrics, contactless biometric technology is nothing but it offers the use of touchless authentication technology which offers a safer mode reliant on convenience and hygiene in which this technology is exceptionally accurate and also the consistent system for the detection of personal biometrics and it is also applied for the registration, turnout and administration of the personnel.

Contactless Biometrics Technology Market Drivers

Rising adoption of contactless biometrics solutions in financial institutions for securing the financial transactions, rising penetration of smartphones and tablets which coupled with manufacturers focus on facial recognition for the smartphones which acts as an added layer for the verification to unlock their smartphones, rising demand for secure, hygienic, convenient authentication system in condominiums and clubs, growing usage of automatic identification and data capture technology in e-commerce and retail industry is expected to play an essential role in the growth of Contactless Biometrics Technology market across the globe. Another factor such as increasing support from the government legislation to encourage the use of touchless authentication technology across the globe which influence the growth of Contactless Biometrics Technology market during the forecast period. Factors such as growing number of air travelers across the globe which has increased the demand for more secured and advanced identification solutions at the airport facilities are some of the major driving factors which promotes the growth of the revenue rate of Contactless Biometrics Technology market during the forecast period.

Contactless Biometrics Technology Market Restraints

High cost of the contactless biometric solutions is one of the important barriers to market growth. Also, the data theft or the identity theft acts as an important deterrent to the growth of the Contactless Biometrics Technology market.

CONTACTLESS BIOMETRICS TECHNOLOGY MARKET REPORT COVERAGE:

Contactless Biometrics Technology Market Segmentation

By Component:

the Contactless Biometrics Technology Market is divided into hardware, software and service (professional services and managed services ) . The software segments held the prominent and is predicted to remain at the forefront throughout the forecast period due to factors such as the growing adoption of cloud-based services, Artificial Intelligence and machine learning for the contactless biometric solutions.

By Application:

the Contactless Biometrics Technology Market is divided into face, fingerprint, hand geometry, Iris, Voice and other applications. The iris segment holds the major share of the market and this region is expected to hold the dominance during the forecast period since the iris-based system is accurate, fast and convenient while eliminating the payroll frauds such as buddy punching and also the growing demand for the iris biometrics technology within an organization to process the payroll.

By End User:

the Contactless Biometrics Technology Market is divided into government, banking and finance, consumer electronics, healthcare, transport and logistics, defense and security and other segments. The government segment held a prominent share of the market among the other segments since the governments across the globe has started adopting contactless biometrics technology to reduce the criminal activities that are happening.

Regional Analysis

On the basis of region, the Contactless Biometrics Technology market is segmented into North America region, Asia Pacific region, Europe region, Latin America region and Middle East and Africa region.

• North America region hold a prominent share of the market due to the presence of technology providers in the region especially in some of the countries such as United States and Canada such as nVIAsoft corporation, HID global, M2SYS technology and also BioConnect. Furthermore, rising adoption of contactless biometrics solutions in defense and government applications, increasing of government initiatives to implement contactless biometrics solutions to deal with an increasing number of travellers and also to increase the security at airport facilities propels the growth of the market. The North American region is expected to hold dominance during the forecast period.

• Asia Pacific region is also expected to increase the market growth due to the rising number of enterprises in the world and also the entry of new industry players in some of the major economies of the region such as India, China and Japan propels the growth of the revenue rate of the enterprise's software market during the forecast period. Furthermore, the increasing of investments by the major key players of the market for R & D activities and also for the new advancements in the technology is also one of the major driving factors that promotes the growth of the revenue rate of the Contactless Biometrics Technology market.

• Europe region will gain good profits of the market followed by North America region and Asia Pacific region during the outlook period.

• Latin America is expected to have significant growth opportunities in the coming years. Middle East and Africa is likely to have the fastest growth rate in the forecast period 2022 - 2027.

Key Players

1. IDEMIA,

2. nViaSoft,

3. Fujitsu Limited,

4. NEC Corporation,

5. Touchless Biometric Systems AG,

6. Fingerprint Cards AB,

7. Gemalto N.V.,

8. Aware Inc.,

9. HID Global,

10. M2SYS Technology.