The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033.
The Contactless Biometrics by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Contactless Biometrics , The contactless biometrics market size has grown rapidly in recent years. It will grow from $19.58 billion in 2023 to $22.85 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to increased concern for hygiene and infection control, rising demand for secure and convenient identity verification, growing adoption of contactless technologies in various industries, enhanced user experience and convenience in biometric authentication, growing demand for fast and secure access controls.
The contactless biometrics market size is expected to see rapid growth in the next few years. It will grow to $42.81 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%. The growth in the forecast period can be attributed to expansion of contactless biometrics in healthcare for patient identification, implementation of contactless biometrics in smart city initiatives, rising demand for contactless biometrics in financial transactions, integration of contactless biometrics in access control systems, expanding regulatory requirements for data protection and privacy. Major trends in the forecast period include advancements in sensor technology for biometric authentication, development of touchless fingerprint recognition technology, adoption of facial recognition in contactless biometric systems, integration of contactless iris recognition for secure authentication, utilization of behavioral biometrics for continuous authentication
The growth of the contactless biometric market is being propelled by the increasing prevalence of contactless payment systems. Contactless payment involves wireless financial transactions where customers authorize payments by bringing a security token near the point of sale (PoS) scanner. For example, as of September 2023, there were approximately 25 million Google Pay customers in the United States. In 2022 alone, $65.2 billion was spent at retailers using Google Pay, marking a significant increase from the $24.8 billion spent in 2021. The expanding adoption of contactless payment systems is expected to drive a corresponding increase in demand for contactless biometrics, as these technologies work hand in hand.
One of the driving forces behind the surge in the contactless biometrics market is the escalating incidences of cybercrime. Cybercrime involves illegal activities carried out using networks, computers, or digital devices in the digital environment. The primary purpose of implementing contactless biometrics is to enhance security by offering a more convenient and reliable method of authentication, thereby reducing the risks associated with cybercrime. In November 2022, the Australian Cyber Security Centre reported over 76,000 cybercrime complaints, reflecting a 13% increase compared to the previous financial year. The rising instances of cybercrime incidents are a key factor propelling the growth of the contactless biometrics market, as organizations seek enhanced security solutions to combat evolving threats.
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The contactless biometrics market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Contactless Fingerprint Technology, Facial Recognition, Iris Recognition, Palm Vein Recognition, Voice Recognition, Contactless Cards
3) By Application: Face, Fingerprint, Hand Geometry, Iris, Voice, Other Apllications
4) By End User: Government, BFSI, Consumer electronics, Healthcare, Transport And logistics, Defense And Security, Other End Users
Top Major Players
Touchless Biometric Systems AG,
IDEMIA SAS,
nVIAsoft Corporation,
Fujitsu Limited,
NEC Corporation
The contactless biometrics market report table of contents includes:
1. Executive Summary
- Contactless Biometrics Market Characteristics
- Contactless Biometrics Market Trends And Strategies
- Contactless Biometrics Market – Macro Economic Scenario
- Global Contactless Biometrics Market Size and Growth
- Contactless Biometrics Market Segmentation
- Contactless Biometrics Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Contactless Biometrics Market
- Contactless Biometrics Market Future Outlook and Potential Analysis
- Appendix
List Of Tables :
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Contactless Biometrics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Contactless Biometrics Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Contactless Biometrics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Touchless Biometric Systems AG Financial Performance
Table 76: IDEMIA SAS Financial Performance
Table 77: nVIAsoft Corporation Financial Performance
Table 78: Fujitsu Limited Financial Performance
Table 79: NEC Corporation Financial Performance
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