The global contactless biometrics technology market size is projected to reach USD 30.15 billion by 2027, as per a study by Grand View Research, Inc. The industry is poised to register a substantial CAGR of 20.3% over the forecast period. The concept of biometrics involves the recognition and recording of the unique traits of a person through the use of an electrical device. Contactless biometrics technology has witnessed large-scale adoption across major verticals in recent years, owing to the rising demand for security and surveillance due to the increasing threats of terrorist attacks. Furthermore, the penetration of contactless biometrics solutions in enterprise applications is anticipated to advance the industry growth in coming years. The technology helps in improving the use experience in a number of areas, with some of the most common ones being forensics, passenger facilitation, border control, or access control. The outbreak of the COVID-19 pandemic in the early months of 2020 has helped in further popularizing the adoption of the technology across the globe.
The rise of digital banking globally is a major impetus behind the introduction of voice and facial recognition in the banking and financial sector. The use of contactless biometrics authentication for banks offers an additional, convenient, and user-friendly way of verifying their customers, thus delivering a consistent and superior user experience with strong and secure authentication across channels. Furthermore, software vendors are providing various development kits in the market, allowing technology providers to provide advanced contactless biometrics software for their hardware. Vendors are focusing on agreements, acquisitions, and new product development in order to maintain their position in the market. The continued growth in smartphone penetration across the globe has also become a significant enabler for the industry advancement in recent years. Major manufacturers such as Xiaomi, Samsung, Apple, Huawei, and BBK are focusing on facial recognition software in their products, as an added layer of verification to unlock their smartphones.
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Contactless Biometrics Technology Market Report Highlights
• Growing number of air travelers across the globe has increased the demand for more secured and advanced identification solutions at airport facilities. This, combined with the need for safe and efficient screening of travelers during and post the COVID-19 pandemic, is expected to positively aid in exponential industry advancement in the near future
• Based on application, the iris segment is expected to register the highest CAGR over the forecast period in the contactless biometrics technology industry. The said identification is highly scalable and also ensures hygiene factors, which is expected to drive the segment growth
• The banking and finance end-use segment is anticipated to register a phenomenal growth through 2027 in the contactless biometrics technology market, aided by rising demand for secured digital banking services and need to offer enhanced customer experience
• Asia Pacific is anticipated to register fastest growth over the forecast period, as regional economies have started standardizing their security systems by implementing contactless biometrics solutions to enhance border security
• The demand for contactless biometrics solutions is steadily increasing among organizations, amid the COVID-19 outbreak across the globe. The pandemic has influenced various digital businesses to develop facial recognition systems, in order to secure their online platforms; furthermore, concerns regarding hygiene and social distancing have necessitated the implementation of the technology across every industry in recent months
• Some of the notable names in the contactless biometrics technology market include Touchless Biometric Systems, Fingerprint Cards, IDEMIA, nViaSoft, Fujitsu Limited, NEC Corporation, Gemalto, Aware, HID Global, and M2SYS Technology
• In January 2020, FaceFirst launched a Software Development Kit (SDK) for developers of identity verification products to integrate advanced facial recognition into their systems. The SDK works offline or online, runs in a docker container, and supports Linux OS to enable easy integration into any IoT device
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Contactless Biometrics Technology Market Segmentation
Grand View Research has segmented the global contactless biometrics technology market based on component, application, end use, and region:
Contactless Biometrics Technology Component Outlook (Revenue, USD Million, 2016 - 2027)
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Hardware
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Software
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Service
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Professional Services
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Managed Services
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Contactless Biometrics Technology Application Outlook (Revenue, USD Million, 2016 - 2027)
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Face
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Fingerprint
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Hand Geometry
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Iris
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Voice
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Others
Contactless Biometrics Technology End-use Outlook (Revenue, USD Million, 2016 - 2027)
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Government
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Banking & Finance
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Consumer Electronics
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Healthcare
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Transport & Logistics
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Defense & Security
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Others
Contactless Biometrics Technology Regional Outlook (Revenue, USD Million, 2016 - 2027)
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North America
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U.S.
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Canada
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Europe
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U.K.
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Germany
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Asia Pacific
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China
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India
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Japan
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Latin America
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Brazil
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Middle East & Africa
List of Key Players in Contactless Biometrics Technology Market
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Aware Inc.
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Fingerprint Cards AB
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Fujitsu Limited
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Gemalto N.V.
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HID Global
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IDEMIA
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M2SYS Technology
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NEC Corporation
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nViaSoft
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Touchless Biometric Systems AG
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company based in India and the US, and headquartered in San Francisco. The organization offers syndicated and customized research reports in 46 industries across key regional markets, such as the US, Canada, Latin America, Europe, and Asia Pacific, among others.
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