Contactless Biometrics Technology - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Contactless Biometrics Technology Market is accounted for $6.66 billion in 2019 and is expected to reach $25.03 billion by 2027 growing at a CAGR of 18.0% during the forecast period. The growing popularity and need for more convenient and secure authentication systems and favourable regulatory scenario are the major factors driving the growth of the market. However, the high costs of contactless biometrics solutions and data theft or identity theft are hindering the growth of the market.
Contactless biometrics technology is a technique of identifying different faces on a large scale. It is used to enhance security through biometric face recognition. Besides, contactless biometrics is used to collect data of an individual through face detection, recognition, and on a cloud platform. Contactless biometrics technology is a highly accurate and reliable system for personal biometric identification (including contactless modalities) and used for registration, time attendance, and management of personnel.
Based on the component, the software segment is going to have a lucrative growth during the forecast period owing to the growing adoption of cloud-based services, artificial intelligence (AI), and machine learning (ML) for contactless biometrics solutions. Through fast software algorithms and machine-learning methods, manufacturers are developing contactless biometric high-tech sensor systems for fast and secure identity checks. The software also allows users to integrate the latest add-on features by just updating the software/application. The software allows users to detect faces, objects, and scenes to organize and filter their photos.
By geography, North America is anticipated to hold considerable market share during the forecast period due to the rising adoption of contactless biometrics solutions in defense and government application. Increasing demand for contactless biometrics solutions by payment solution providers to offer secure transactions to their customers in the region is further expected to drive the regional growth. Furthermore, increasing government initiatives to implement contactless biometrics solutions to deal with an increasing number of travellers and to increase security at airport facilities is expected to drive the regional demand.
Some of the key players profiled in the Contactless Biometrics Technology Market include Aware Inc., Fingerprint Cards AB, Fujitsu Limited, Gemalto N.V., HID Global, IDEMIA, M2SYS Technology, NEC Corporation, nViaSoft, and Touchless Biometric Systems AG.
• Voice Recognition
• Hand Geometry
• Contactless Cards
Enterprise Sizes Covered:
• Large Enterprise
• Small & Medium Enterprise
• Identity Verification
• Payments & Transactions
• Access Control
End Users Covered:
• Government & Law Enforcement
• Banking & Finance
• Consumer Electronics
• Transport & Logistics
• Military & Defense
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019 2020, 2024, and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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