Contactless Biometrics Technology Market Surges to $34.27B by 2028, Driven by Security Demands

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.

Market Overview -
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.

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Escalating Security Concerns Driving Growth In Contactless Biometrics Technology Market
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.

Competitive Landscape -
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

Innovative Advancements In Contactless Biometrics The MOQI A1 Pro Scanner
Major companies operating in the contactless biometrics technology market focus on developing innovative solutions, such as MOQI A1 Pro contactless biometric scanners, to meet the growing demand for contactless biometrics technology. These scanners refer to biometric identification or verification methods that do not require physical contact with a device. These technologies use various methods, such as facial recognition, iris recognition, and contactless fingerprinting, to identify individuals based on unique physical characteristics. For instance, in June 2022, Moqi, a China-based technology company, launched MOQI A1 Pro. This contactless Livescan solution is designed to capture high-definition fingerprints quickly and accurately, even with dry, wet, or rough fingers. The scanner can generate rolled and flat fingerprints with just one contactless scan, offering a larger capture area and higher image quality than traditional contact-based scanners. The key to the process is its structured lighting system, which ensures precise and hygienic fingerprint scanning. Additionally, it features a sleek, black matte form factor and offers IP64-rated water and dust resistance, with the capability of operating in temperatures ranging from 0 to 50°C. The scanner also includes built-in stereo speakers and status LEDs to guide users through scanning.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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