Contactless Biometrics Technology Market to Reach $48.23 Billion by 2030: Cognitive Market Research

CHICAGO, April 24, 2023 /PRNewswire/ -- The Global Contactless Biometrics Technology Market size was valued at USD 11.93 Billion in 2022 and is projected to be USD 48.23 Billion by 2030, growing at a CAGR of 19.1 % from 2023 to 2030, as per a recent market analysis report published by Cognitive Market Research.

Contactless biometric technology includes IRIS scanning, facial recognition, voice recognition, and fingerprint authentication. The growing number of smartphone users and internet penetration are driving the market growth in recent years.

The increasing number of incidences of data breaches among organizations has forced  them to deploy technologically advanced contactless biometric machines, which are majorly driving the market growth globally. For instance, in 2021, IBM reported that 20% of businesses have deployed AI-based biometric authentication systems, and 40%  partially started.

Major Findings During the Study of the Contactless Biometrics Technology Market:

• Rising adoption of contactless biometric technology in various applications such as fingerprint, iris, palm vein, and voice recognition across several sectors is a significant factor driving the contactless biometric technology market growth.
• High deployment cost for contactless biometrics technology is restraining the market growth to a certain extent.
• Technological development is expected to open new opportunities for market growth during the forecast period.
• By components, the software segment dominated the market in 2022. This is attributed to the emergence of advanced applications and their updates.
• Government sector gained the largest market share in revenue in 2022 due to the increasing incidence of cybercrime.
• By region, In North America, contactless biometrics technology has dominated the market in 2022 due to the huge presence of key market players.
• Asia Pacific is expected to grow at the fastest CAGR during the forecast period due to increasing awareness regarding the benefits of contactless biometric machines among emerging countries such as China and India
• Adoption of organic and in-organic business strategies such as product development, product launch, collaboration, and partnerships by key market players are expected to open new avenues for market growth.

View Detailed Report Description:

Contactless Biometrics Technology: by Components (Hardware, Software, and Service); By Application (Identity Verification, Payment & Transactions, and Access control); By End-use(Consumer Electronics, Banking & Finance, Healthcare, Defense & Security, Transport & Logistics and Others); by Region (North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa) Global Industry Analysis, COVID-19 Impact, and Forecast, 2018-2030

Contactless Biometrics Technology :

What are the Drivers of the Contactless Biometrics Technology Market?

An increasing number of smartphone users coupled with growing high-speed internet penetration is a major factor driving contactless biometric technology growth. The rising installation of  several applications in smartphones or other devices stored an ample amount of data that needs a high level of security to access information.  Whereas contactless biometric technology plays an important role in securing  data through face recognition and fingerprint verification. Therefore, increasing awareness regarding the benefits of this technology is majorly fostering the market growth.

In addition, the rising need for secured payment transactions among financial institutions, government organizations, and industries such as retail and airports are majorly adopting this technology which is further expected to propel the market growth.

What are the Restrains of the Contactless Biometrics Technology Market?

The high cost of  deploying contactless biometric technology is hindering market growth. Facial recognition technology provides frictionless access, which is expensive and raises data privacy risks. The cost of deploying a contactless biometric machine is higher as compared to mobile access control. In addition, several challenges with the use of facial recognition systems, such as illumination, pose variations, changes in facial expression, low resolutions, and aging, are imposing some limitations which are expected to restrain the market growth to a certain extent. However, market players are striving to  develop advanced technology, which is expected to surge the market growth in the future.

What are the Opportunities in the Contactless Biometrics Technology Market?

The emergence of new technologies such as Artificial intelligence (AI), IoT, Machine Learning (ML), and Deep Learning (DL), which are associated with behavioral biometric technology, is expected to drive market growth during the forecast period from 2023 to 2030. Machine learning technology enables biometric machines for the decision-making process. ML solution is responsible for learning human behavior and continuously enhancing human behavior that can be used to authenticate transactions or sessions. Therefore, the increasing need for a highly secured authentication process with the advent of new technologies is projected to augment the contactless biometric technology market growth over the forecast period.

Check the Full Report, Including Global, Regional, and Country Level Analysis:

https://www.cognitivemarketresearch.com/contactless-biometrics-technology-market-report

Our free sample report includes:

• 2023 Updated Report Introduction, Overview, and In-depth industry analysis
• Included COVID-19 Impact Analysis
• 250+ Pages Research Report (Inclusion of Updated Research)
• Provide Chapter-wise guidance on the Request
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, Revenue Analysis, and SWOT Analysis (Free analysis of one company profile)
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
• Includes an Updated List of tables & figures
• Cognitive Market research Methodology

How did COVID-19 Impact Contactless Biometrics Technology Market?

Due to the outbreak of COVID-19, governments of several states have imposed lockdowns with the safety measures like social distancing and decentralization, which have generated the need for contactless biometric technology. This solution helps  verify individual identity with  a secure authentication process. In addition, the increasing number of cyber-attacks and data breaches in financial institutions have encouraged them to adopt biometric solutions to prevent such activities.

Post-pandemic, companies are focusing on developing new solutions for contactless biometric machines,  giving momentum to market growth. For instance, in June 2022, AI Innovator Moqi launched contactless biometric scanners in order to meet the demand for post-pandemic identity solutions. This solution can capture 10 HD fingerprints within 120 seconds, and scanning is unaffected by wet, dry, or rough fingers, which was difficult for convectional contact-based scanners.

Contactless Biometrics Technology Market Report Scope

• Contactless Biometrics Technology Market – Component Outlook (Revenue, USD Billion, 2018 – 2030)
• Hardware
• Software
• Service
• Contactless Biometrics Technology Market – Component Outlook (Revenue, USD Billion, 2018 – 2030)
• Identity Verification
• Payment & Transactions
• Access control
• Contactless Biometrics Technology Market – Component Outlook (Revenue, USD Billion, 2018 – 2030)
• Consumer Electronics
• Banking & Finance
• Healthcare
• Defense & Security
• Transport & Logistics
• Others
• Contactless Biometrics Technology Market – Regional Outlook (Revenue, USD Billion, 2018 – 2030)
• North America (U.S., Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Luxembourg, Netherlands, Switzerland, Belgium, Rest of Europe)
• Asia Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, and the Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East & Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, and the Rest of MEA)

List Of Key Players in the Contactless Biometrics Technology Market:

• nViaSoft Corp.
• Fujitsu Limited
• Aware Inc.
• HID Global
• Digi-key Electronics
• IDEMIA
• M2SYS Technology Inc.
• Touchless Biometric Systems AG
• Fingerprint Cards AB
• NEC Corporation
• Gemalto N.V.
• Others

Recent developments:

Related Reports on Contactless Biometrics Technology Market:

• Global Iris Recognition Market is expected to reach USD 12.71 Billion by 2030

Global Iris Recognition market size will be valued at USD 12.71 Billion by 2030, at 16.9% CAGR.

Factors such as increased use of biometric technology in government projects, integration of iris scanners in smartphones, and the growing number of fraudulent activities followed by increased security concerns have driven the IRIS recognition market growth. In addition, stability, uniqueness, and security are the important aspects driving the demand for the iris recognition market.

• Global Facial Recognition Market is expected to reach USD 18.24 Billion by 2030

The global Facial Recognition Market is expected to reach USD 18.24 billion by 2030 growing at a CAGR of 16.5%.  

Facial recognition consists of a quick, automatic, secure, and seamless verification, as no physical contact is required, like fingerprint or other security measures. Government initiatives for deploying new technologies in emerging regions are expected to further drive market growth. In addition, the rising adoption of facial recognition systems across several sectors, such as government, retail-e-commerce, telecom & IT, healthcare, and others, is the major factor driving the market growth.

Other Related Reports:

• Global Contactless Payment market size is expected to value USD 179.95 Billion by 2030, at 19.9% CAGR.
• Global Facial Recognition market size will be valued at USD 18.24 Billion by 2030, at 16.5% CAGR.
• Global Identity Verification market size will be valued at USD 34.64 Billion by 2030, at 16.3% CAGR.
• Global Access Control market size will be valued at USD 18.34 Billion by 2030, at 8.1% CAGR.
• Global Iris Recognition market size will be valued at USD 12.71 Billion by 2030, at 16.9% CAGR.
• Global Gesture recognition market size will be valued at USD 69.81 Billion by 2030, at 19.4% CAGR.
• Global Digital Payment market size will be valued at USD 260.05 Billion by 2030, at 13.2% CAGR.
• Global Voice Biometrics market size will be valued at USD 7.61 Billion by 2030, at 20.3% CAGR.

Explore Other Cognitive Market Research's Electronics & Electrical Industry Report

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