PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454124
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454124
Contactless Biometrics Technology Market size was valued at USD 14,277 Million in 2023, expanding at a CAGR of 17.8% from 2024 to 2032.
Contactless biometric technology involves utilizing biometric identification methods without the need for physical contact between the individual and the biometric sensor. The most recent advancement in biometric technology, contactless fingerprint recognition, is becoming more popular. In a world that is becoming increasingly digital, biometric security has emerged as a significant concern. Contactless biometric technologies, like those created by Idemia, are transforming the industry. Biotime Technology, proud to introduce these innovations, delves into the potential of these advanced biometric systems here. In the realm of biometrics, innovation is ongoing. The latest addition to this evolution is contactless biometric readers. They provide enhanced security while also adhering to physical distancing guidelines, a priority that has become more crucial in the post-COVID era. Idemia, the global leader in augmented identity, offers state-of-the-art solutions. Its products, such as MorphoWave and VisionPass, enable swift and dependable authentication without the necessity for physical contact.
Contactless Biometrics Technology Market- Market Dynamics
The rising focus on security and the integration of biometrics across different sectors such as government, healthcare, defense, and consumer electronics are anticipated to drive the market growth.
Biometric authentication provides a highly secure option utilizing distinct physical attributes like fingerprints, iris patterns, or facial characteristics, which helps minimize the chances of unauthorized entry. Ongoing enhancements in biometric technology, including enhancements in precision, speed, and scalability, are enhancing the accessibility and practicality of contactless biometrics for various applications. As per a study by the National Institute of Standards and Technology, biometric accuracy surged from 96% to 99.8% between 2014 and 2018. In 2021, there was a 41% increase in the demand for facial biometrics technology services compared to the previous year. Additionally, the post-COVID-19 hygiene concerns and regulatory compliance requirements could present growth opportunities for the market. Nevertheless, privacy concerns, as well as issues related to accuracy and reliability, might impede the market's growth.
Contactless Biometrics Technology Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 17.8% over the forecast period (2024-2032)
Based on Component segmentation, Software was predicted to show maximum market share in the year 2023
Based on Type segmentation, Face was the leading type in 2023
Based on End-user segmentation, Government was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Contactless Biometrics Technology Market is segmented on the basis of Component, Type, Application, End-user, and Region.
The market is segmented into three categories according to Component: Hardware, Software, and Service. The Software sector leads the market. The contactless biometrics technology market, together with related software solutions, is set for additional expansion and advancement as businesses persist in emphasizing security and pursuing more convenient and effective authentication methods.
The market is categorized into five groups according to Type: Face, Fingerprint, Hand Geometry, Iris, Voice, and Others. The dominant category in the market is Face type. Facial recognition technology utilizes distinct facial features for identification and verification, providing benefits such as convenience, speed, and accuracy in a wide range of applications including security, surveillance, user authentication, and customer experience enhancement.
The market is segmented into three distinct categories according to their application: Identity Verification, Payments & Transactions, and Access Control. It is of utmost importance to take into account privacy concerns, adhere to data protection regulations, and consider ethical considerations in order to guarantee responsible implementation and utilization of contactless biometric systems.
The market is segmented into six categories according to End-user: Government, Banking & Finance, Consumer Electronics, Healthcare, Transport & Logistics, Defense & Security, and Others. The Government sector holds the largest share in the market. Government organizations across the globe are utilizing contactless biometrics for a range of applications such as border control, law enforcement, identity management, and public service delivery.
Contactless Biometrics Technology Market- Geographical Insights
Geographically, this market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are segmented by countries contributing to business activities. The market growth is primarily led by North America, attributed to the incorporation of biometric authentication features in consumer electronic devices. The inclusion of biometric authentication features in devices like smartphones, tablets, and wearables is fueling the widespread acceptance of contactless biometrics among consumers, thereby enlarging the market scope. According to Ecommerce Deep Dive data, the computer and consumer electronics sector generated USD156.5 billion in online sales last year, with almost half of all sales in this industry occurring online. Following North America, Europe and Asia are projected to propel market growth in the forecast period, driven by increased security concerns, convenience, improved user experience, and government initiatives.
The contactless biometrics technology market is highly competitive, especially in the government sector. This industry is characterized by constant innovation, strategic partnerships, and adherence to regulatory standards. Companies are vying to develop cutting-edge contactless biometric solutions that offer improved accuracy, speed, and security features. By focusing on advancements in biometric algorithms, sensor technologies, and AI-driven analytics, vendors are able to set themselves apart from their competitors. Leading firms in the market are striving to create comprehensive product portfolios that cater to the diverse requirements of governments worldwide. Their success lies in their ability to provide scalable contactless biometric solutions that meet the specific needs of governments in different regions and jurisdictions.
In April 2022, with its iPhone devices, Apple Inc. unveiled a new feature dubbed "Face ID." This feature allows contactless authentication for a number of apps, such as unlocking the phone and approving transactions, using face recognition technology.
SCOPE OF THE REPORT
GLOBAL CONTACTLESS BIOMETRICS TECHNOLOGY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Aware Inc.
Fingerprint Cards AB
Fujitsu Limited
Gemalto N.V.
HID Global
IDEMIA
M2SYS End-user
NEC Corporation
nViaSoft
Touchless Biometric Systems AG
Others