Overview and Scope
Contactless biometrics technology refers to using biometric identification methods that do not require physical contact between the sensing device and the individual being identified. This technology is utilized for various applications across different industries due to its convenience, efficiency, and improved hygiene compared to traditional contact-based biometric systems.
Sizing and Forecast
The contactless biometrics technology market size has grown rapidly in recent years. It will grow from $14.29 billion in 2023 to $17.09 billion in 2024 at a compound annual growth rate (CAGR) of 19.6%. The growth in the historic period can be attributed to rise of mobile devices, retail and hospitality demands, workforce management, financial sector adoption.
The contactless biometrics technology market size is expected to see rapid growth in the next few years. It will grow to $34.27 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%. The growth in the forecast period can be attributed to increasing demand for security, rising need for fraud prevention, demand for frictionless transactions, geopolitical factors and national security concerns. Major trends in the forecast period include increased integration with IoT devices, expansion in healthcare applications, advancements in facial recognition accuracy, integration with wearable devices.
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Segmentation & Regional Insights
The contactless biometrics technology market covered in this report is segmented –
1) By Type: Face Recognition, Iris Recognition, Voice Recognition, Fingerprint Recognition, Other Types
2) By Component: Hardware, Software, Services
3) By End Use Industry: Healthcare, Defense and Security, Banking Financial Services And Insurance (BFSI), Government, Other End Users
North America was the largest region in the contactless biometrics technology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contactless biometrics technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increased escalating security worries are expected to propel the growth of the contactless biometrics technology market going forward. Security worries refer to concerns or anxieties about protecting assets, information, systems, or individuals from various threats, vulnerabilities, and risks. These worries can arise in different contexts, including personal, organizational, or societal levels, encompassing a wide range of potential security issues. Contactless biometrics technology addresses security worries by providing secure and convenient authentication methods that significantly reduce fraud and enhance security across various industries. For instance, according to a report published by Experian Plc., an Ireland-based data analytics and consumer credit reporting company, there was a 19% increase in fraud reports in 2022, reaching more than 5.8 million. Further, financial losses from fraud increased 77% in 2021, reaching more than $6.1 billion, and consumer identity theft complaints grew 3.3%, reaching over 1.43 million in 2021 from about 1.39 million in 2020. Therefore, increased escalating security worries are driving the growth of the contactless biometrics technology market.
Key Industry Players
Major companies operating in the contactless biometrics technology market are 3M Cogent Inc., Fujitsu Limited, NEC Corporation, Thales Group, BIO-key International Inc., Assa Abloy AB, IDEMIA SAS, Synaptics Incorporated, HID Global Corporation, Zwipe AS, Fingerprint Cards AB, Precise Biometrics AB, Crossmatch Technologies Inc., Aware Inc., Innovatrics s.r.o., nVIAsoft Corporation, Touchless Biometric Systems AG, Gemalto N.V., FaceFirst Inc., CrossCore Biometrics LLC, M2SYS Technology Inc., Cognitec Systems GmbH, Egis Technology Inc., Suprema Inc., Veridium Corporation
The contactless biometrics technology market report table of contents includes:
1. Executive Summary
2. Contactless Biometrics Technology Market Characteristics
3. Contactless Biometrics Technology Market Trends And Strategies
4. Contactless Biometrics Technology Market – Macro Economic Scenario
5. Global Contactless Biometrics Technology Market Size and Growth
…
32. Global Contactless Biometrics Technology Market Competitive Benchmarking
33. Global Contactless Biometrics Technology Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Contactless Biometrics Technology Market
35. Contactless Biometrics Technology Market Future Outlook and Potential Analysis
36. Appendix
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