Contactless Biometric Market: Segmented: By Technology (Contactless Fingerprint Technology, Facial Recognition, Iris Recognition, Palm Vein Recognition, Voice Recognition, and Contactless Cards), By Applications (Identity Verification, Payments & Transactions, and Access Control), By Offering (Hardware, Software, and Services), and By Industry Vertical (BFSI, Government, Healthcare, Military & Defense, Retail, Education, Hospitality, and Automotive), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Contactless Biometric Market to surpass USD 74.3 billion by 2031 from USD 16.7 billion in 2021 at a CAGR of 16.1% in the coming years, i.e., 2021-2031.
Contactless Biometrics are a type of technology that recognizes and collect data a person's physical and behavioral characteristics through retina and iris scanning, speech recognition, facial patterns, and bodily movement, including gait. In Contactless Biometrics no physical contact required with the device. Contactless biometrics technology is a highly accurate and consistent solution for personal biometric identification that is used for staff administration, registration, and time attendance.
Factors such as the rise of contactless payment systems in both developed and developing countries, enhanced user convenience, and rapid technical advancements are driving the industry. Furthermore, due to the expanding usage of smartphones for shopping in developed nations, the growing demand for secure data transactions, and the increasing use of biometric cards for payment applications, the market will rise at a significant rate throughout the projected period.
Payment segment to grow with the highest CAGR during 2021-31
Based on Offering, the Global Contactless Biometric Market is fragmented into Hardware, Software, and Services. Over the projection period, the Software segment is expected to develop faster. Manufacturers are designing contactless biometric high-tech sensor systems for quick and safe identification verification using fast software algorithms and machine-learning technologies. Growing usage of cloud-based services, AI, and Machine Learning for contactless biometrics solutions is predicted to increase demand for software to improve device compatibility for various applications.
Government segment is anticipated to lead the market with the highest CAGR during 2021-31
By Industry Vertical, the Global Contactless Biometric Market is divided into BFSI, Government, Healthcare, Military & Defense, Retail, Education, Hospitality, and Automotive. Government segment accounted for the largest market share of the global contactless biometric market. Governments throughout the world are increasingly using contactless biometrics technology to reduce and regulate criminal activity.
Speedy proliferation of the internet and increasing use of digital payments
The rapid rise of the internet and the availability of mobile devices has increased mobile payments. Over the next few years, this way of payment is expected to develop significantly. Individuals are increasingly opting for digital payments over cash payments. Contactless biometrics also encrypts app access and authenticates purchases. This, in turn, has aided in the expansion of the global Contactless Biometric market.
Growing adoption of contactless technology in various industry verticals
The contactless biometrics technology market is likely to be driven by high biometrics adoption rates in the healthcare sector. Furthermore, the worldwide contactless biometrics technology market is predicted to grow due to the widespread use of touchless biometrics systems in government and military applications.
The high cost associated with implementing
The high cost of installing contactless biometrics solutions is a significant constraining factor that will have a negative influence on the Contactless Biometrics Technology Market's growth.
(Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Global Contactless Biometric Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. During the projected period, North America is expected to develop at the fastest CAGR. Various market vendors are currently integrating biometric technology and will have a truly disruptive offering that will allow the region's banking customer base to be significantly expanded and integrated with various end-users.
The COVID-19 epidemic has accelerated the development and implementation of contactless biometrics technologies. With the spread of this fatal illness over the world, organizations, institutions, and governments are increasingly focused on cleanliness. Contactless biometrics technology is critical for verifying personal identities and giving access restrictions to users without requiring physical touch with the security infrastructure. Aside from that, governments all around the world have stepped up efforts to implement contactless biometrics technology in order to respond quickly to the COVID-19 situation.
Global Contactless Biometric Market Segments:
|Market size value in 2021||USD 16.7 billion|
|Revenue forecast in 2031||USD 74.3 billion|
|CAGR of 16.1% from 2021 to 2031|
|Base year for estimation||CAGR of 16.1% from 2021 to 2031|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Technology, Applications, Offering, Industry Vertical , and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||IDEMIA SAS, NViaSoft, Fujitsu Limited, NEC Corporation, Gemalto N.V, Aware Inc., HID Global, M2SYS Technology, Neurotechnology, Assa Abloy AB.|
The Contactless Biometric Market size was estimated at USD 16.7 billion in 2021 and is expected to reach USD 74.3 billion by 2031
IDEMIA SAS, NViaSoft, Fujitsu Limited, NEC Corporation, Gemalto N.V, Aware Inc., HID Global, M2SYS Technology, Neurotechnology, Assa Abloy AB.
Payment segment and Government segment are anticipated to hold the Contactless Biometric Market
Drivers Speedy proliferation of the internet and increasing use of digital payments
Contactless Biometrics are a type of technology that recognizes and collect data a person's physical and behavioral characteristics through retina and iris scanning, speech recognition, facial patterns, and bodily movement, including gait. In Contactless Biometrics no physical contact required with the device.
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