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Contactless Payment Systems Driving The Surge In Contactless Biometrics Market Demand: Strengthening the Growth Trajectory of the Contactless Biometrics Market
Contactless Biometrics Market
What Is the Expected CAGR for the Contactless Biometrics Market Through 2025?
Over the past years, the size of the contactless biometrics market has seen fast growth. There is a projection for its expansion from $22.37 billion in 2024 to $25.84 billion in 2025, indicating a compound annual growth rate (CAGR) of 15.5%. The historical growth can be tied to several factors: increased attention to hygiene and controlling infections, a rise in the need for secure as well as convenient verification of identities, the increasing adoption of contactless technologies across different industries, improved convenience and user experience in biometric authentications, and expanding demand for quick and secure access controls.
What's the Projected Size of the Global Contactless Biometrics Market by 2029?
The prospect for the contactless biometrics market in the coming years indicates swift expansion. By 2029, it is anticipated to reach $51.15 billion, with a compound annual growth rate of 18.6%. Factors inspiring this growth during the forecast period include the usage of contactless biometrics in healthcare for patient identification, its implementation in smart city programs, growing demand in financial transactions, its integration into access control systems, and increasing regulations for data protection and privacy. Among the leading trends expected during the forecast period are improvements in sensor technology for biometric validation, emergence of touchless fingerprint recognition technology, incorporation of facial recognition into contactless biometric systems, the use of contactless iris recognition for secure authentication, and application of behavioral biometrics for continuous authentication.
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Top Growth Drivers in the Contactless Biometrics Industry: What's Accelerating the Market?
The growth of the contactless biometric market is being propelled by the surge in contactless payment systems. Contactless payments are wireless financial transactions in which a customer authorizes a purchase payment by bringing a security token close to the merchant's point of sale (PoS) scanner. For example, figures from the US-based Consumer Financial Protection Bureau, an independent department responsible for consumer protection in the financial arena, showed that in September 2023, there were about 25 million Google Pay users in the United States in 2021. Moreover, in 2022, Google Pay was used at retailers to spend $65.2 billion, a significant increase from $24.8 billion in 2021. Hence, the increasing prevalence of contactless payment systems is likely to fuel the demand for contactless biometrics.
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What Trends Will Shape the Contactless Biometrics Market Through 2029 and Beyond?
Innovations in technology are emerging as a notable trend in the contactless biometrics industry, with major companies introducing new products and technologies to bolster the demand. For instance, Moqi Technology, an AI-technology firm based in China, unveiled a 3D touchless fingerprint biometric scanner in April 2022. The scanner is capable of recording 10 fingerprints in 200 seconds while creating a 3D model of the finger surface with sub-millimeter precision. It also offers superior NFIQ 2 values for biometric data quality, which purportedly surpass traditional contact fingerprint scanners by 20%, according to the statement. Furthermore, Moqi expresses that its palmprint comparison system can be paired with the fingerprint scanner for enhanced biometric registration accuracy.
What Are the Main Segments in the Contactless Biometrics Market?
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 Applications
4) By End User: Government, BFSI, Consumer electronics, Healthcare, Transport And logistics, Defense And Security, Other End Users
Subsegments:
1) By Hardware: Biometric Scanners, Cameras, Sensors, Access Control Devices
2) By Software: Biometric Recognition Software, Data Management Software, Integration Software, Analytics Software
3) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training Services
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Which Top Companies are Driving Growth in the Contactless Biometrics Market?
Major companies operating in the contactless biometrics market include Touchless Biometric Systems AG, IDEMIA SAS, 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
Which Regions Will Dominate the Contactless Biometrics Market Through 2029?
North America was the largest region in the contact biometric market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the contactless biometrics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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