Contactless biometric technology market
Contactless biometric technology market
Biometrics Contactless Technology Market size was valued at USD 11.2 Billion in 2021 and is projected to reach a value of USD 42.7 Billion by 2029, growing at a CAGR of 18.2%
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Factors driving the growth of the contactless biometric technology market include increasing use of facial recognition technology in hotels, events and banking industry, government initiatives to promote digitalization and growth fast in the e-commerce industry. According to the report published by Statista, the global facial recognition market was calculated around USD 5.01 billion in 2021 and is expected to reach USD 12.67 billion by the end of 2028, which will accelerate the market size of contactless biometric technology in the coming years. In addition, the emerging need to improve the level of security devices in public places, the growing penetration of smartphones and laptops and the integration of advanced technologies such as artificial intelligence (AI), Internet of objects (IoT) with the biometric sensors, are some of the additional factors complementing the growth of the market. Furthermore, growing demand for hygienic and convenient authentication systems, increasing investment by major companies in research and development, and increasing disposable income are further contributing to the growth of the market.
However, the growth of the contactless biometrics technology market is hampered owing to the growing data privacy concerns.
Major players operating in the market include Thales Group, HID Global Corporation, Fujitsu Limited, IDEMIA Group SAS, Aware Inc., Fingerprint Cards AB, NEC Corporation, nViaSoft, Touchless Biometric Systems AG, and M2SYS Technology, among others.
On the basis of components, the Software segment is expected to grow at a significant CAGR during the forecast period
Integration of advanced technologies such as Artificial Intelligence (AI) and Internet of Things and rising demand for fast authentication devices in the e-commerce industry are some of the factors responsible for the growth of the segment .
On the basis of end-use, healthcare segment is expected to grow at a remarkable CAGR during the forecast period
Growing demand for electric vehicles and increasing interest from manufacturers to provide energy efficient motors are propelling the growth of the segment.
Based on region, Asia-Pacific region is expected to capture the largest market share during the forecast period
Increasing adoption of technologically advanced sensors, rapid growth in the sweating and logistics industry, increasing number of power plants and educational institutes, increasing disposable incomes, rapid urbanization and high population growth rates are some of the significant factors increasing the growth of the market. in Asia-Pacific.
In 2020, IDEMIA Group SAS introduced an advanced contactless facial recognition access control device titled VisionPass to the Indian market. VisionPass works in all lighting conditions and can thwart spoofing attempts by image, video or 3D masks.
In 2018, Precise Biometrics AB collaborated with NXP Semiconductors NV to develop a smart card solution. Through the development of smart card solutions, both companies are focused on improving convenience for consumers and increasing payment security.
Global Contactless Biometric Technology Market by Component
Global Contactless Biometric Technology Market by Application
Global Contactless Biometric Technology Market by End Use
Bank and finance
Defense & Security
Global Contactless Biometric Technology Market by Region
Rest of APAC
the United States of America
The rest of Europe
United Arab Emirates
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