The Contactless Biometrics Market will exceed USD 74.3 Billion by 2031 from USD 16.7 Billion in 2021 at a CAGR of 16.1% in the coming years, i.e., 2021-2031. Product presentation
New York, June 30, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Contactless Biometrics Market: Segmented: By Technology, By Applications, By Offering, and By Vertical & Region – Global Market Analysis , share and trends for 2019-2021 and forecast to 2031” – https://www.reportlinker.com/p06288807/?utm_source=GNW
Contactless biometrics is a type of technology that recognizes and collects data about a person’s physical and behavioral characteristics through retina and iris scanning, voice recognition, facial patterns and movements bodily, including gait. In contactless biometrics, no physical contact is required with the device. Contactless biometric technology is a highly accurate and consistent solution for personal biometric identification which is used for personnel administration, registration and time tracking.
The global contactless biometrics market is expected to register a notable CAGR of 16.1% by 2031
Factors such as the rise of contactless payment systems in developed and developing countries, improved user convenience, and rapid technical advancements are driving the industry. Further, owing to the growing use of smartphones for shopping in developed countries, growing demand for secure data transactions, and growing use of biometric cards for payment applications, the market will grow at a pace important throughout the projected period.
Global Contactless Biometrics Market: Segments
Payments Segment Expected to Grow with Highest CAGR in 2021-31
Based on supply, the global contactless biometrics market is fragmented into hardware, software and services. During the projection period, the Software segment is expected to grow faster. Manufacturers are designing high-tech non-contact biometric sensor systems for fast and secure identification verification using fast software algorithms and machine learning technologies. The increasing use of cloud-based services, AI and machine learning for contactless biometric solutions is expected to increase the demand for software to improve device compatibility for various applications.
Government segment expected to lead the market with highest CAGR in 2021-31
By vertical, the global contactless biometrics market is divided into BFSI, government, healthcare, military & defense, retail, education, hospitality, and automotive. The government segment accounted for the largest market share of the global contactless biometrics market. Governments around the world are increasingly using contactless biometric technology to reduce and regulate criminal activity.
Rapid Internet Proliferation and Growing Use of Digital Payments
The rapid rise of the Internet and the availability of mobile devices have increased mobile payments. Over the next few years, this payment method is expected to grow significantly. Individuals are increasingly opting for digital payments over cash payments. Contactless biometrics also encrypt app access and authenticate purchases. This, in turn, has contributed to the expansion of the global contactless biometrics market.
Growing Adoption of Contactless Technology Across Various Industry Verticals
The contactless biometric technology market is likely to be driven by high adoption rates of biometrics in the healthcare sector. In addition, the global contactless biometric technology market is expected to grow due to the widespread use of contactless biometric systems in government and military applications.
The high cost associated with the implementation
The high cost of installing contactless biometric solutions is a major constraining factor that will negatively influence the growth of the contactless biometric technology market.
Global Contactless Biometrics Market: Key Players
AG contactless biometric systems
Company overview, business strategy, key product offerings, financial performance, key performance indicators, risk analysis, recent development, regional presence, SWOT analysis
Assa Abloy AB
Other top players
Global Contactless Biometrics Market: Regions
The global contactless biometrics market is segmented on the basis of regional analysis into five major regions: North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. Over the projected period, North America is expected to grow at the fastest CAGR. Various vendors in the market are currently integrating biometrics technology and will come up with a truly disruptive offering that will greatly expand the banking customer base in the region and integrate it with various end users.
Impact of COVID-19 on the Global Contactless Biometrics Market
The COVID-19 outbreak has accelerated the development and implementation of contactless biometric technologies. With the spread of this deadly disease around the world, organizations, institutions and governments are focusing more and more on cleanliness. Contactless biometric technology is essential for verifying personal identities and giving access restrictions to users without requiring physical contact with security infrastructure. Apart from this, governments around the world have stepped up their efforts to implement contactless biometric technology to quickly respond to the COVID-19 situation.
The Global Contactless Biometrics Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – US & Canada
Latin America Market size, share, trends, opportunities, annual growth, CAGR – Mexico, Brazil and rest of Latin America
European Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – UK, France, Germany, Italy, Spain, Russia & Rest of Europe
Market Size, Share, Trends, Opportunities, YoY Growth, CAGR of Asia-Pacific Market – India, China, South Korea, Japan, Southeast Asia, Australia and Rest of Asia-Pacific
Middle East & Africa Market Size, Share, Trends, Opportunities, YoY Growth, CAGR – GCC, Turkey, South Africa & Rest of Middle East & Africa
The Global Contactless Biometrics Market Report Also Contains Analysis On:
Global Contactless Biometrics Market Segmentation:
Contactless fingerprint technology
Recognition of palm veins
Payments and transactions
By industry vertical
Military & Defense
Global Contactless Biometrics Market Dynamics
Global contactless biometrics market size
Offer and demand
Competition and companies involved in the market
Market value chain
Market drivers and restraints
Scope and segmentation of the global contactless biometrics market report
Report attribute details
Market size value in 2021 USD 16.7 billion
2031 revenue forecast $74.3 billion
Rate of growth
CAGR of 16.1% from 2021 to 2031
Base year for estimate CAGR of 16.1% from 2021 to 2031
Quantitative Units Revenue in Million USD and CAGR from 2021 to 2031
Report Coverage Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends
Segments Covered Technology, Applications, Supply, Vertical and Region
Regional scope North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)
Key Companies Featured IDEMIA SAS, NViaSoft, Fujitsu Limited, NEC Corporation, Gemalto NV, Aware Inc., HID Global, M2SYS Technology, Neurotechnology, Assa Abloy AB.
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