Contactless Biometrics Technology Market Size, Industry Share and Forecast, 2030

Contactless Biometrics Technology Market

With an estimated compound annual growth rate (CAGR) of around 20.64% between 2023 and 2030, the global market for contactless biometrics technology is expected to reach a valuation of around USD 50.42 billion by 2030, up from its estimated USD 11.24 billion in 2022.

The development of contactless biometrics has made it possible to authenticate and identify users with great power. In addition to strengthening security, user experience has taken center stage in a number of domains. Contactless biometrics technology has advanced recently, allowing for the use of facial, iris, or fingerprint recognition. In addition to being extremely dependable, accurate, and efficient, contactless biometrics technology is also seeing a surge in demand during the Covid-19 pandemic, as a greater focus is being placed on cleanliness and contactless behaviors in social settings.

Contactless Biometrics Technology Market: Growth Factors

The corporate and government sectors are progressively using contactless biometrics technology as an easy-to-use solution for staff administration, time attendance, and registration. In addition to saving resources, it guarantees process accuracy. Contactless biometrics technology allows for work-at-home tracking even during the quarantine. Contactless biometrics technology is also used in a number of other applications, including e-payments, mobile or personal computer use, vehicle or person recognition for video surveillance systems, and voice or iris recognition for identity verification. Additionally, the installation of contactless biometrics technology is simple and does not require a high level of experience for system setup.

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Voice biometrics, a type of contactless biometrics technology, can be used in a number of critical applications, including remote login, password changes, and high-risk session authentication. The demand for effective theft & fraud detection and prevention systems has risen dramatically worldwide, notably throughout the BFSI industry. It guarantees users' safety, dependability, and openness. As a result, it is anticipated that during the coming years, the global market for contactless biometrics technology would grow rapidly.

The cost of the sensors and other parts used in contactless biometric technology might be high. The contactless biometrics technology has expensive installation charges as well. A lack of technical education and awareness might also impede market expansion. The market for contactless biometrics technology may be constrained by these issues. Nevertheless, because biometric authentication is becoming less obtrusive, the market for contactless biometrics technology will grow despite the limitations. Because unsuccessful attempts at authentication are common, authentication procedures like entering PIN numbers can frequently be annoying and time-consuming. The implementation of contactless biometrics technology in authentication can avert this and improve user experience.

Contactless Biometrics Technology Market: Segmentation

Segmenting the global market for contactless biometrics technology based on components, end-user, type, and geography is possible. Software and hardware are the two main component categories of the contactless biometrics technology industry. Several segmentations depending on type include voice, fingerprint, iris, and facial recognition. The corporate, government, BFSI, healthcare, e-commerce, transport & logistics, education, and defense & security end-user segments comprise the global market for contactless biometrics technology. The rising frequency of cybercrimes such theft and fraud is predicted to propel the BFSI sector to the forefront of the industry throughout the projected timeframe.

Contactless Biometrics Technology Market: Competitive Players

NEC, Thales, Fujitsu, ASSA ABLOY, Fingerprint Cards AB, Touchless Biometric Systems AG, nVIAsoft Corporation, IDEMIA SAS, and Safran are some of the leading market players in the global contactless biometrics technology market. Strategic partnerships and acquisitions are being initiated by the companies in the global contactless biometrics technology market.

Contactless Biometrics Technology Market: Regional Analysis

The growing use of cutting-edge technology is projected to propel the contactless biometrics technology market in North America to the forefront. Among the industries that use contactless biometrics the most are banking, financial services, and telecom. Significant earnings will be generated by the Asia Pacific area in the global market for contactless biometrics technology. The Asia Pacific contactless biometrics technology market is expanding due to the widespread use of smartphones, mobile applications, and web portals in developing nations like India. In the future, this area will see even more growth thanks to the spread of artificial intelligence and machine learning.

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