Press release
Contactless Biometrics Market Growth Factors, Opportunities, Upcoming Trends, Segmentation, Challenges
Contactless Biometrics Market
The Business Research Company offers in-depth market insights through Contactless Biometrics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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
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Market Segmentation:
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
Major Driver - Contactless Payment Systems Driving The Surge In Contactless Biometrics Market Demand
The rise of contactless payment systems is driving the growth of the contactless biometric market. Contactless payment is a wireless financial transaction in which a client authorizes payment for a purchase by bringing a security token very near the point of sale (PoS) scanner of the merchant. For instance, in September 2023, according to the Consumer Financial Protection Bureau, a US-based autonomous department in charge of consumer protection in the financial industry, there were approximately 25 million Google Pay customers in the United States in 2021, and in 2022, $65.2 billion was spent at retailers using Google Pay, a rise from a total of $24.8 billion in 2021. Therefore, demand for contactless biometrics will rise as the prevalence of increasing contactless payment systems rises.
Competitive Landscape:
Major companies operating in the contactless biometrics market report are Touchless Biometric Systems AG, IDEMIA SAS, nVIAsoft Corporation, Fujitsu Limited, NEC Corporation, Fingerprint Cards AB, Megvii, Suprema Inc., Thales Group, Crossmatch Solutions Inc., Synaptics Incorporated, Aware Inc., HID Global Corporation, BIO-key International Inc., FaceTec Inc., IDEX Biometrics ASA, Precise Biometrics AB, M2SYS Technology, Innovatrics s. r. o., Egis Technology Inc., Shenzhen Goodix Technology Co. Ltd., ZKTeco Inc., NEXT Biometrics Group ASA, Veridium Ltd., Neurotechnology UAB, Zebra Medical Vision Ltd., Cognitec Systems GmbH, Zwipe AS, 3M Cogent Inc., Daon Holdings Limited
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Top Trend - Moqi Technology's Innovation In 3D Touchless Fingerprint Biometric Scanner
Technological advances are a key trend gaining popularity in contactless biometrics major companies operating in contactless biometrics are developing new products or new technologies for strengthening the demand for contactless biometrics. For Instance, in April 2022, Moqi Technology, a China-based AI-technology company, launched 3D touchless fingerprint biometric scanner. The fingerprint scanner can register 10 fingers in 200 seconds and do 3D modelling of the finger surface with sub-millimeter accuracy. In addition, it provides NFIQ 2 values for biometric data quality that are 20% greater than contact fingerprint scanners, the statement claims. Moqi claims that its palmprint comparison system may be installed in addition to the fingerprint scanner to give more precise biometric registration.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Contactless Biometrics Market Characteristics
3. Contactless Biometrics Market Trends And Strategies
4. Contactless Biometrics Market - Macro Economic Scenario
5. Contactless Biometrics Market Size And Growth
…..
27. Contactless Biometrics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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