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This report breaks down the growth of the global Contactless Biometrics market by service type and by segment. With aging populations, biometric solutions offer a new alternative to cyber risks from data breaches, wearable devices for consumer and business applications, and industry-wide financial strength, among other developments. . Additionally, the modern traveler has a wide variety of biometric travel document purchases. Contactless biometric technology is the most popular of these options, replacing traditional forms of documentation like passports and visas.
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How does the contactless biometric technology market work?
In recent times, contactless biometric technology has been adopted by more than 1 billion individuals, is expected to reach an impressive $14.5 billion in 2018, and currently offers strong competition to the old technology market. fingerprints. Contactless biometric technologies use physical characteristics such as fingerprints, eye scans or facial recognition to verify identity or detect anomalies. These technologies are not only used in transaction contexts for border control and banking – emerging technology is being applied in various use cases related to networking, environmental protection and healthcare. healthcare and is expected to experience considerable growth over the next few years.
How will this segment of the biometrics market evolve in the coming years?
Mobile device screens will be better equipped to capture biometric data as it becomes more common as data services evolve. Additionally, the automation of the telecom industry will most likely change the biometrics market through contactless biometrics. Contactless biometrics is a form of biometric technology that measures who you are by measuring the electrical impulses or “signatures” of your body. Recently, Europe embraced these new tools when it agreed to allow contactless fingerprinting for visitors entering the European Union for adoption in 15 countries or regions.
One company continues to drive growth in this sector due to ongoing projects.
A company in this Swedish region is looking to lead in contactless biometric technology by moving projects forward at a rapid pace. They created a solution that is now up to 99% accurate and enables authentication speeds of up to 50,000 users/second. They’re also home to the world’s best fingerprint readers, as they work with wireless networks to send data wherever it needs to go.
Expected growth opportunities: Asia, Latin America, North America, Europe
As advanced technology and applications in the biometrics market continue to advance, the industry is growing exponentially. Additionally, new service opportunities, such as improved medical benefits, have been incorporated into the business of biometric operators. This biometric market has also seen the rapid adoption of contactless biometric technology over the past few years.
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The market is valued at USD 220 million and is expected to grow at a CAGR of 29.6% between 2017 and 2022 The biometric biometrics technology market, which was valued at USD 228.36 billion in 2017, is expected to grow at a CAGR of 8. 3% forecast period from 2018 to 2026. As a result, the global contactless biometrics market is expected to reach $10.26 billion, from $7.97 billion in 2017, growing at a compound annual growth rate of 22.55% over the forecast period. This growth can be attributed to:
Tremendous technological advancements have resulted in continuous product improvements and greater adoption.
Increased demand for secure and convenient methods of identifying people.
Increased collaboration between Tier 1 players is expected to drive a series of acquisition trends in the years to come.