How facial recognition technology offers a high level

Contactless Biometrics Market generates $17,389.2 million in revenue in 2021, and it is expected to grow at a rate of 14.6% from 2021 to 2030 and generate $59,501.4 million in revenue by 2030. It is attributed to the growing preference for contactless biometric technologies, increasing security concerns, and government initiatives that encourage contactless biometric systems. For example, there is continued progress in implementing Aadhar for contactless and face authentication for various services. Thus, it will boost the banking and financial services sector.

Contactless biometric systems are used for forensic and criminal identification, access control, onboarding and KYC. The increase in identity theft and fraudulent activities, along with the increased use of digital identity for various use cases across verticals, is driving a growing demand for systems for forensic identification purposes. and criminal.

The software category holds a large share of the contactless biometrics industry, accounting for 40%, and it is expected to maintain its position in the coming years, due to the growing demand for software to improve device compatibility for various apps. Furthermore, increasing demand for passenger checks without queuing, fast and secure access checks, seamless border crossing and quick identification to facilitate convenience and security are driving the growth of the industry.

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The services category ranks third, in terms of market share, and it is expected to experience higher growth in the near future. It is awarded to Training and Consulting Services, Feasibility Assessment Services, Analytical and Consulting Services, and Managed Services because they are important to end users for the effective operation of biometric systems.

Facial recognition technology occupies a significant share in the contactless biometrics industry, attributed to wide use by end users, as it is reliable, cost-effective and facilitates a high level of security. Iris recognition technology is expected to reflect the fastest growth in the future, attributed to technology that avoids the drawbacks of facial recognition. This technology works by exposing the iris to infrared light which reveals intricate internal patterns.

Furthermore, the demand for contactless biometric card technology is expected to register the highest growth in the coming years, driven by a huge increase in contactless payments. Hence, companies are focusing on developing advanced facial recognition software and solutions, which in turn proliferate the contactless payment industry.

In the end-user segment, the government sector generates the largest revenue share in the contactless biometrics industry, accounting for 30%. It is driven by the massive adoption of contactless biometric systems by many national governments. For example, contactless electronic channels are installed at Hong Kong International Airport with QR code scanning and facial recognition technology for immigration.

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North America holds the major share of the contactless biometrics industry, accounting for 30%, attributed to the demand for seamless border crossing, rapid identification of individuals, fast and secure access checks and controls passengers without queuing. Additionally, the influx of illegal immigrants and unexpected terrorist operations are leading to growing security concerns, which in turn are driving the demand for contactless biometric solutions in the region.

The second largest contributor to the industry is Europe for the contactless biometrics industry. It is expected to witness the fastest growth in the near future, attributed to the increasing adoption of contactless biometric systems in government and military applications nationwide.

Hence, the growing demand for contactless biometric solutions, driven by the growing security concerns, and the efficiency of these systems are driving the industry.

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This press release was published on openPR.

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