(MENAFN- EIN Presswire)
AUSTIN, TEXAS, UNITED STATES, April 10, 2024 /EINPresswire / -- The SNS Insider report indicates that the Contactless Biometrics Market Size was valued at USD 22.36 Billion in 2023 and is expected to reach USD 69.86 Billion by 2031, growing at a CAGR of 15.3% over the forecast period 2024-2031.
Market Report Scope
Contactless biometrics technologies such as facial recognition, iris recognition, and palm vein recognition are gaining acceptance and awareness among users, driven by the widespread use of smartphones with built-in biometric features. Fintech organizations, telecom operators, and retailers are among the key adopters of contactless biometrics for customer identification and authentication purposes. The market is witnessing increasing demand due to its mandatory usage in account verification processes.
Market Analysis
The rapid proliferation of smartphones and tablets, coupled with the integration of facial recognition software, is driving the demand for contactless biometric technology. This technology adds an additional layer of security for unlocking devices and authenticating payments, presenting numerous opportunities for market growth in the foreseeable future.
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Major The Key Players of Contactless Biometrics Market
HID Global, Touchless Biometric Systems, Fingerprint Cards AB, M2SYS Technology, Fujitsu, IDEMIA, NEC Corporation, Aware, nVIAsoft, Thales, Neurotechnology, Veridium, BioConnect, DERMALOG Identification Systems, Cognitec Systems, SecuGen, Shufti Pro, NVISO, Noldus, Innovatrics, Blue Biometrics, Fidentity, Daon
Segmentation Analysis
By verticals
The retail and e-commerce segment is experiencing the fastest growth rate. Technologies like facial recognition and biometric contactless payments are being adopted to provide quick and secure solutions. Facial recognition systems aid retailers in proactively preventing organized retail crimes and minimizing losses.
Growth Factors
Increased Security Concerns
With the rising instances of identity theft, cybercrimes, and security breaches, there is a growing need for more secure authentication methods. Contactless biometrics offer enhanced security by providing unique identifiers such as facial features, fingerprints, or iris patterns, which are difficult to replicate or forge.
Integration with Mobile Devices
The widespread use of smartphones and other mobile devices equipped with biometric sensors, such as fingerprint scanners and facial recognition cameras, has significantly contributed to the adoption of contactless biometrics. Mobile devices serve as a platform for contactless biometric authentication, enabling seamless integration with various applications and services.
Increasing Application Scope
Contactless biometrics are finding applications across various industries and sectors, including banking and finance, healthcare, retail, government, and transportation. From secure access control and authentication to identity verification and fraud prevention, contactless biometrics offer versatile solutions to address a wide range of security challenges, driving market growth across different verticals.
Growing Consumer Awareness
With the proliferation of digital services and increasing awareness about cybersecurity risks, consumers are becoming more conscious about the security of their personal information. Contactless biometrics offer a secure and convenient way to authenticate and verify identities, leading to increased adoption among individuals and organizations concerned about security.
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Key Market Segments
By Offering
Multimodal Biometrics Solution
Software
Hardware
Services
By Services
Professional Services
Managed Services
By Application
Access Control
Onboarding & KYC
Criminal Identification & Forensics
Other Applications
By Software
Contactless Fingerprint Recognition
Face Recognition
Iris Recognition
Palm Vein Recognition
Voice Recognition
Contactless Biometric Cards
By Verticals
BFSI
Government & Law Enforcement
Healthcare
Retail & eCommerce
Travel & Tourism
Other Verticals
Impact of Russia-Ukraine War
Geopolitical events such as the Russia-Ukraine conflict can introduce new regulations or export restrictions affecting the flow of technology and components related to contactless biometrics. Heightened cybersecurity concerns may lead to stricter requirements for biometric systems, impacting market confidence and investment rates. Additionally, research and development efforts may be redirected, and cybersecurity measures may require increased investment.
Impact of Economic Slowdown
During economic downturns, the demand for contactless biometrics may fluctuate. While there could be increased demand for solutions related to fraud prevention and security, projects aimed at enhancing customer experience through biometrics may be deprioritized. Research and development budgets may also face reductions, potentially slowing down technological advancements. Market consolidation and government regulations may further influence market dynamics.
Key Regional Development
The Asia Pacific region is witnessing significant growth in the contactless biometrics market, driven by advancements in technology, increasing digitalization, and government initiatives promoting biometric authentication systems. The region's dominance is further fueled by the presence of key market players and a large consumer base.
Key Takeaways
The contactless biometrics market is experiencing rapid growth fueled by advancements in technology and increasing security concerns.
Retail and e-commerce sectors are driving market expansion through the adoption of facial recognition and biometric payment solutions.
Geopolitical events and economic slowdowns can impact market dynamics, influencing investment and research priorities.
Asia Pacific emerges as a key region for market growth, supported by technological innovation and government initiatives.
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Recent Developments
In January 2022: IDEMIA launched two new generations of contactless fingerprint terminals, MorphoWave XP and MorphoWave SP, featuring enhanced software integrations and physical integrations with leading access control platforms and gates/turnstiles manufacturers.
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