With 18.3% CAGR, Contactless Biometrics Technology Market Size Worth US$ 32.67 Billion by 2031 | Asia Pacific Region is Expected to Create Highest Demand

The key trends in the contactless biometrics technology market include the increasing adoption of facial recognition technology, the growing popularity of contactless payment cards, and the increasing demand for biometric authentication in healthcare applications.

Brooklyn, New York, Aug. 28, 2023 (GLOBE NEWSWIRE) --

Contactless Biometrics Technology Market Report Overview:

The global Contactless Biometrics Technology market report provides comprehensive insights into driving factors, restraints, opportunities, and trends, with the provision of in-depth supporting information, data, and statistics and actionable insights. Though covered and provided extensively across the report, the data and information format are simple, yet dynamic in order to ensure ease of reading and understanding, as well as presenting and maximizing leverage and use. According to Market Data Library analysis, the Contactless Biometrics Technology Market was US$ 7.2 Billion in 2022. Furthermore, the Contactless Biometrics Technology market registers a CAGR of 18.3% which is expected to result in a market forecast value for 2031 of US$ 32.67 Billion. The Contactless Biometrics Technology Market is growing with increasing use of in various industries such as pharmaceutical, healthcare, finance, and others. The major driving factors contributing to the growth of the contactless biometrics technology market include increased use of contactless biometrics technology post the pandemic, government initiatives and support for the technology, and growing security concerns and hygiene issues among users.

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Contactless Biometrics Technology market share and revenues are provided in detail for previous years in order to showcase the evidence upon which our estimations and forecasts are based. Sensor market growth rates and differences, as well as comparisons and relatable data, are provided to further support all findings. Data points are provided for each year – from historical to the end of the forecast period – and this format is followed for each segment region and respective countries, as well as sub-segments and others.

Vital details of major companies in the market are provided in the company profile section of the report. Cover includes financials, recent developments, strategies, product launches, agreements, expansion, mergers & acquisitions, and others. 

The global Contactless Biometrics Technology market report is segmented according to type, power source, industry vertical, and regions and countries. Regional segmentation includes North America (United States and Canada); Europe (Germany, United Kingdom, France, Italy, Spain, Russia, Poland, BENELUX, NORDIC, and Rest of Europe); Asia Pacific (China, India, Japan, South Korea, ASEAN, Australia & New Zealand, & Rest of Asia Pacific); Latin America (Brazil, Mexico, Argentina, & Rest of Latin America); Middle East & Africa (Saudi Arabia, South Africa, United Arab Emirates, Egypt, Israel, and Rest of MEA).

Contactless Biometrics Technology Market Trends Analysis and Insights:

Some of the key trend analysis and Insights of Contactless Biometrics Technology are:

• Rapid Adoption of Various Sectors: The Rapid Adoption of Contactless Biometrics Technology in sectors such as finance, healthcare, travel, retail and government. The adoption is driven by the need for enhanced security, improved user experience and the increasing availability of advanced biometrics sensors.

• Facial Recognition Dominance: The technology’s ability to capture and analyse facial features for identification and authentication purposes make it popular in applications like smartphone unlocking, access control, airport security.

• Privacy and Regulation Challenges: Privacy concern related to biometric data collection and the use of this technique still faces challenge. Organizations are working to robust security measures to protect biometrics data.

• Covid-19’s Impact: The adoption of contactless biometrics due to heightened hygiene concerns boost the Contactless Biometrics Technology Market. Contactless identification methods such as face recognition and iris scanning gained prominence as they reduce physical contact and reduced the risk of disease transmission.

• Continuation Innovation: Research and Development in innovating the new biometrics technology with high accuracy and address potential security vulnerability can drive the demand of Contactless Biometrics Technology Market.

What Factors Are Restraining Growth of Contactless Biometrics Technology Market?  

The factors that restrain the growth of Contactless Biometrics Technology Market are:

• Technological Limitations: Contactless Biometrics Technology Market can be affected by some limitations under specific conditions such as poor lighting and the use of accessories. These limitations can affect the accuracy and performance.

• High Initial Costs: The implementation initial investments in hardware, software, training and infrastructure is higher which can lead to the restraining the growth of the Contactless Biometrics Technology Market.

• Lack of Awareness and Education: Many users are not fully aware of the benefits of Contactless Biometrics Technology which is due to the lack of awareness and education of the benefits of this technology. This can lead to the slower growth of the market.

• Privacy Concerns and Regulations: The collection and storage of biometrics data rise the significant privacy concerns. Organisations must navigate the complex regulations of proper data protection and compliance, which can slow down the adoption of contactless biometrics technology.

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What are the Opportunities for Leading Contactless Biometrics Technology Manufacturers?  

The Opportunities for leading Contactless Biometrics Technology Market Manufacturers are:

• Growing Demand for Security Solutions: The increasing need for security solutions in various sectors such as healthcare, finance and government increase opportunity for manufacturers to provide advanced contactless biometrics technology.

• Hygiene and Health Concerns: The awareness of hygiene and health emphasize the value of contactless biometrics technology. Manufacturers can help to grow the Contactless Biometrics Technology Market by implementing the new innovations.

• Education and Training: The awareness of benefits of Contactless Biometrics Technology can drive the growth of Contactless Biometrics Technology Market. Manufacturers can provide education and training programs for organizations and developers to increase awareness and understanding of contactless Biometrics Technology.

• Partnerships and Collaborations: Manufacturers can collaborate with other industries that can lead to the growth of the Contactless Biometrics Technology Market. With the research institutes and other organizations, they can boost the uses and benefits of Contactless Biometrics Technology Market.

• Continuous Innovation: Manufacturers can invest in research and development of new technology methods that can drive the contactless biometrics technology market. New methods with accuracy and possible security vulnerabilities can gain a competitive edge.

Region-wise Analysis of Contactless Biometrics Technology Market 

What are the Factors Driving the Contactless Biometrics Technology Demand in North America Region?

In North America Region, many organizations are implementing contactless biometrics technology foe secure access control, data centres and sensitive areas. The healthcare industry adapts this technology for secure patient identifications, medical record, enhancing patient safety and streamlining patient processes. Additionally, contactless biometrics technology become more common in daily life and adoption of this technology increases in educational institutions for attendance verification, tracking and access control.

What Fuels Contactless Biometrics Technology Demand in Europe?

In Europe, the financial services sector is adopting contactless biometrics technology for secure mobile banking, payment authentication and anti-fraud measures. European consumers have higher acceptance of contactless biometrics technology. Additionally, the government and organizations emphasis in sustainability and green initiatives to extend the technology and by reducing the use of physical tokens and cards. However, consumers are using this technology in smartphone for secure unlocking and authentication. This region is adopting digital identity initiatives for e-government services. Contactless Biometrics play a great role in authentication for accessing the government services and conducting official transactions that drives the growth of contactless biometrics technology market.

What are the Factors Contributing to the Significant of Asia Pacific Contactless Biometrics Technology Market?

Asia Pacific is the hub for several technological advancements and research centres focussing on biometrics technologies. The rapid growth of the e-commerce in this region requires secure online identity verifications methods that can be done through contactless biometrics technology. Additionally, the increase rise in the demand of digital payments and mobile banking in this region derives the demand for secure authentication methods including contactless biometrics technology. Government in the region invests in e-government initiatives to provide efficient online services. These all factors contribute to the demand and growth of Contactless Biometrics Technology Market.

What are the Aspects that are Driving the Contactless Biometrics Technology Market in Latin America?  

In Latin America, the demand of contactless biometrics technology climbed up as it is used in various sectors such as healthcare, pharmaceuticals and other sectors. These industries support the innovation and development of contactless biometrics technology. Additionally, government also initiates the uses and benefits of this technology in e-government services. However, organizations implement contactless biometrics technology for secure access control to office premises, data centres and other sensitive areas. The Covid19’s impact rises up the use of contactless biometrics technology due to the hygienic concerns. These aspects drive the growth of Contactless Biometrics Technology Market.

What is the Stance on Contactless Biometrics Technology Market in Middle East and Africa?

The Contactless Biometrics Technology Market in Middle East and Africa based on technological advancements. This technology is used in various sectors such as finance, healthcare and other sectors. Additionally, in this region, government takes the initiative and grow the demand of this technology by using in e-government services that provides a better support to the technology market. Furthermore, this technology used in education institutions for attendance privacy and security purposes. It is used in mobile technology too for privacy purposes as security access through facial recognition, iris and fingerprint recognition. These all factors drive the Contactless Biometrics Technology Market in Middle East and Africa Region.

Leading Contactless Biometrics Technology Manufacturers & Competitive Landscape:

The Contactless Biometrics Technology market is highly competitive, with several key players vying for market share and actively engaging in strategic initiatives. These companies focus on product innovation, technological advancements, and expanding their product portfolios to gain a competitive edge. These companies are continuously investing in research and development activities to enhance their product offerings and cater to the evolving needs of customers in terms of efficiency, performance, and sustainability.

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Company List:

• M2SYS Technology
• Fujitsu Limited
• IDEMIA
• Aware inc.
• HID global Corporation
• nViaSoft
• Fingerprint Cards AB
• NEC Corporation
• Touchless Biometric Systems AG
• Thales Group

Top of Form

Research Scope

Report Metric	Report Details
Market size available for the years	2021-2031
Base Year	2022
Forecast Period	2023-2031
Compound Annual Growth Rate (CAGR)	18.3%
Segment covered	Offering, Software, Applications, Regions
Regions Covered	North America:  The U.S. & Canada   Latin America: Brazil, Mexico, Argentina, & Rest of Latin America    Asia Pacific: China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific    Europe: Germany, The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, & Rest of Europe   The Middle East & Africa:  Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, and Rest of MEA
Fastest Growing Country in Europe	Germany
Largest Market	North America
Key Players	M2SYS Technology, Fujitsu Limited, IDEMIA, Aware inc., HID global Corporation, nViaSoft, Fingerprint Cards AB, NEC Corporation, Touchless Biometric Systems AG, Thales Group Top of Form

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Contactless Biometrics Technology Market Segmentation:

By Offering Type:

• Multimodal Biometrics Solution
• Hardware
• Software Services

By Software Type:

• Face Recognition
• Iris Recognition

By Applications:

• Identity Verification
• Access Control

By Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Italy
• Spain
• Russia
• Poland
• Benelux
• Nordic
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• ASEAN
• Australia & New Zealand
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Argentina

Middle East & Africa

• Saudi Arabia
• South Africa
• United Arab Emirates
• Israel
• Rest of MEA

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Important Questions Answered in this Report:

Frequently Asked Questions:

Q: What are some key factors driving revenue growth of the global Contactless Biometrics Technology Market?

A: Some key factors driving revenue growth of the global Contactless Biometrics Technology Market are Rapid Adoption of Various Sectors, Facial Recognition Dominance, Privacy and Regulation Challenges, COVID-19’s Impact, continuation of Innovation, and many more.

Q: What are some major challenges faced by companies in the global Contactless Biometrics Technology Market?

A: Some major challenges faced by companies in the global Contactless Biometrics Technology Market are Technological Limitations, High Initial Costs, Lack of Awareness and Education, Privacy Concerns and Regulations, and many more.

Q: What is the competitive landscape in the global Contactless Biometrics Technology Market?

A: The market is competitive, with key players focusing on technological advancements, product innovation, and strategic partnerships. Factors such as product quality, reliability, after-sales services, and customization capabilities play a significant role in determining competitiveness.

Q: What are the potential opportunities for companies in the Contactless Biometrics Technology Market?

A: The potential opportunities for companies in the Contactless Biometrics Technology Market are Growing Demand for Security Solutions, Hygiene and Health Concerns, Education and Training, Partnerships and Collaborations, Continuous Innovation, and many more.

Q: How is the Global Contactless Biometrics Technology Market segmented?

A: The market is segmented based on factors such as Offerings, Applications, and Regions.

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