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Contactless Biometrics Global Market Report 2024 To 2033 | Touchless Biometric Systems AG, IDEMIA SAS, nVIAsoft Corporation, Fujitsu Limited
Contactless Biometrics Market Share
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
Contactless Biometrics Market 2024 Key Insights:
• 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%.
• Contactless Payment Systems Driving The Surge In Contactless Biometrics Market Demand
• Moqi Technology's Innovation In 3D Touchless Fingerprint Biometric Scanner
• North America was the largest region in the contact biometric market in 2023 and is expected to be the fastest-growing region in the forecast period
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