The Contactless Biometrics Technology Market was worth US$ 8.25 billion in the year 2020, and it is estimated to reach a valuation of US$ 30.15 billion by the end of 2026, expanding at an annual growth rate of 20.3% between 2021 and 2026.
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, the 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.
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.
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.
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 the factors such as 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 organizations to process the payroll.
By end use, 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 prominent share of the market among the other segments since the governments across the globe has started adopting the contactless biometrics technology to reduce the criminal activities that are happening.
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 the 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 the contactless biometrics solutions to deal with increasing number of travellers and also to increase the security at airport facilities propels the growth of the market. The North America region is expected to hold the 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 enterprises 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 factor which 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 the significant growth opportunities in the coming years. Middle East and Africa is likely to have the fastest growth rate in the forecast period 2021-2026.
Key market participants of Contactless Biometrics Technology market are IDEMIA, nViaSoft, Fujitsu Limited, NEC Corporation, Touchless Biometric Systems AG, Fingerprint Cards AB, Gemalto N.V., Aware Inc., HID Global, and M2SYS Technology.
The COVID 19 pandemic has prompted a shift towards the new trend social distancing which influencing the organizations to move from contact based biometrics technology to contactless biometrics solutions The market of contactless biometrics solutions has increased during the COVID 19 pandemic since the need for contactless biometrics has increased to broader use for early detection, public safety monitoring, and patient screening which made the market to have an impeccable growth rate and it will also grow further in the future.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Contactless Biometrics Technology Market, By component
6.1.4 Market Size Estimations & Forecasts (2021-2026)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Contactless Biometrics Technology Market, By Application
6.2.3 hand geometry
6.2.6 Market Size Estimations & Forecasts (2021-2026)
6.2.7 Y-o-Y Growth Rate Analysis
6.2.8 Market Attractiveness Index
6.3 Contactless Biometrics Technology Market, By end use
6.3.2 banking and finance
6.3.3 consumer electronics
6.3.5 transport and logistics
6.3.6 defence and security
6.3.7 Market Size Estimations & Forecasts (2021-2026)
6.3.8 Y-o-Y Growth Rate Analysis
6.3.9 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By component
7.2.3 By Application
7.2.4 By end use
7.3.1 By Country
18.104.22.168 Rest of Europe
7.3.2 By component
7.3.3 By Application
7.3.4 By end use
7.4 Asia Pacific
7.4.1 By Country
22.214.171.124 South Korea
126.96.36.199 South East Asia
188.8.131.52 Australia & NZ
184.108.40.206 Rest of Asia-Pacific
7.4.2 By component
7.4.3 By Application
7.4.4 By end use
7.5 Latin America
7.5.1 By Country
220.127.116.11 Rest of Latin America
7.5.2 By component
7.5.3 By Application
7.5.4 By end use
7.6 Middle East and Africa
7.6.1 By Country
18.104.22.168 Middle East
7.6.2 By component
7.6.3 By Application
7.6.4 By end use
8. Key Player Analysis
8.1 Fujitsu Limited
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.4 NEC Corporation
8.5 Touchless Biometric Systems AG
8.6 Fingerprint Cards AB
8.7 Gemalto N.V
8.8 Aware Inc
8.9 HID Global
8.10 M2SYS Technology
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures