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Contactless Biometrics Technology Market Was Projected USD 11.2 billion in 2021 and growing at a CAGR of 18.2% | Size, Share & Report Forecast
Contactless Biometrics Technology Market
Contactless Biometrics Technology Market size was valued at USD 11.2 billion in 2021 and is projected to attain a value of USD 42.7 billion in 2029, growing at a CAGR 18.2%
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/contactless-biometrics-technology-market/
The factors driving the growth of Contactless Biometrics Technology Market includes increasing use of facial recognition technology at hotels, events and banking sector, Government initiatives to promote digitalization and rapid growth in the e-commerce industry. According to the report published by Statista, the Global Facial Recognition Market was calculated around USD 5.01 billion in 2021 and is expected to reach USD 12.67 billion by the end of 2028, which will accelerate the Contactless Biometrics Technology Market size in the approaching years. Moreover, emerging need to enhance the level of security arrangements in the public places, increasing penetration of smartphones and laptops and integration of advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT) with the biometric sensors, are some of the additional factors supplementing the market growth. In addition, growing demand for hygienic, and convenient authentication systems, increasing investments by major corporations on research and development and rising disposable incomes, are further contributing to the market growth.
However, the growth of Contactless Biometrics Technology Market is hindered due to rising concerns related to data privacy.
The leading players operating in the market are Thales Group, HID Global Corporation, Fujitsu Limited, IDEMIA Group S.A.S., Aware Inc., Fingerprint Cards AB, NEC Corporation, nViaSoft, Touchless Biometric Systems AG, and M2SYS Technology, among others.
Based on Component, the Software segment is predicted to expand at a significant CAGR during the forecast period
Integration of advanced technologies such as Artificial Intelligence (AI) and Internet of Things and growing demand for fast authenticating devices in the e-commerce industry, are some of the factors responsible for the segment's growth.
Based on End-Use, the Healthcare segment is projected to grow at a remarkable CAGR over the forecast period
Growing demand for electric vehicles and rising focus by manufacturers to deliver energy efficient engines, are propelling the growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period
Growing adoption of technologically advanced sensors, rapid growth in the transpiration and logistics sector, rise in the number of power plants and education institutes, increasing disposable incomes, rapid urbanization, and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.
Key Developments:
In 2020, IDEMIA Group S.A.S., introduced advanced contact-less facial recognition access control device titled as VisionPass in the Indian market. VisionPass works in all light conditions and can counter spoofing attempts by image, video or 3D masks.
In 2018, Precise Biometrics AB collaborated with NXP Semiconductors N.V. to develop smart card solution. Through the development of smart card solutions both the companies are focusing to enhance the convenience for consumers and increasing the security of payments.
Market Segmentation
Global Contactless Biometrics Technology Market by Component
Hardware
Software
Service
Professional Services
Managed Services
Global Contactless Biometrics Technology Market by Application
Face
Hand Geometry
Voice
Fingerprint
Iris
Others
Global Contactless Biometrics Technology Market by End-Use
Government
Banking & Finance
Consumer Electronics
Healthcare
Transport & Logistics
Defence & Security
Others
Global Contactless Biometrics Technology Market by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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