Report Ocean has released a research study titled “Contactless Biometrics Technology Market.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Contactless Biometrics Technology Market is valued approximately at USD 6.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 20.3% over the forecast period 2020-2027. Biometrics is defined as a process through which a person’s exclusive traits are recorded and recognized by means of an electrical device. Whereas contactless biometric technology usually offers the use of touchless authentication technology, which offers a safer mode reliant on convenience and hygiene. Contactless biometrics technology is an exceptionally accurate and consistent system for the detection of personal biometrics (such as contactless methods) and is applied for the registration, turnout, and administration of personnel.
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Contactless biometrics further offer secure access to applications and authenticates payments. Furthermore, the rise in demand for smartphones, along with the rising utilization of Automatic Identification and Data Capture (AIDC) technology in the e-commerce and retail industry are the few factors responsible for the CAGR of the market during the forecast period. According to Statista, about 1.6 billion units of smartphone were shipped around the world in 2016, demonstrating an increase from 1.3 billion smartphones shipments since 2014. Also, as per the International Data Corporation (IDC), the smartphone sellers distributed a total of 369.8 million units across the globe in the fourth quarter of 2019. Thus, the steady growth in demand for smartphones is contributing to higher demand for contactless biometric technology, thereby, making a significant impact on the market growth all over the world.
Major market player included in this report are:
Aware Inc.Fingerprint Cards ABFujitsu LimitedGemalto N.V.HID GlobalIDEMIAM2SYS TechnologyNEC CorporationnViaSoftTouchless Biometric Systems AG
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MARKET OVERVIEW
Here are key points for comprehensive analysis:
Market Overview:
Contactless biometrics technology refers to authentication and identification methods that do not require physical contact, utilizing characteristics such as fingerprints, facial recognition, iris scanning, voice recognition, and palm vein recognition.
It offers enhanced security, convenience, and hygiene compared to traditional contact-based biometric systems.
Market Drivers:
The demand for contactless biometrics is driven by increasing security concerns, the need for frictionless authentication in various applications, and hygiene awareness post-pandemic.
Advancements in biometric sensors, AI-based recognition algorithms, and the integration of biometrics into various sectors propel market growth.
Technological Advancements:
Continuous advancements in sensor technology, machine learning, AI algorithms, and biometric data encryption enhance the accuracy, speed, and security of contactless biometric solutions.
Innovations in multi-modal biometrics (combining multiple biometric modalities) and liveness detection techniques further improve system robustness.
Applications and Market Segmentation:
Contactless biometrics find applications across sectors including banking and finance (ATM authentication, mobile payments), access control, healthcare (patient identification), government (e-passports), transportation (automated border control), and more.
Market segmentation includes fingerprint recognition, facial recognition, iris recognition, voice recognition, and emerging modalities like palm vein recognition and gait analysis.
Growth in Security and Authentication Industry:
The growth of digital transactions, e-commerce, online banking, and the need for secure access control systems drive the demand for contactless biometrics.
Increasing adoption in smartphones, wearables, and IoT devices further boosts market growth.
Market Challenges:
Challenges in the contactless biometrics market include ensuring accuracy, addressing privacy concerns, overcoming spoofing attacks, ensuring cross-device compatibility, and complying with regulatory standards (such as GDPR).
Emerging Trends and Opportunities:
Emerging trends include contactless biometrics in health screening, touchless authentication in public spaces, adoption in smart city initiatives, and integration into wearable devices for continuous authentication.
Opportunities exist in the development of contactless biometric solutions for specific industry needs like healthcare, financial services, transportation, and retail.
Global Market Dynamics:
Regional variations in demand are influenced by factors such as technological adoption rates, privacy regulations, cultural acceptance, and industry-specific requirements.
Research and Development Focus:
Continued R&D efforts focus on improving accuracy, speed, and security of contactless biometric systems, developing anti-spoofing technologies, enhancing user experience, and exploring new modalities.
Market Competition and Industry Players:
The contactless biometrics market is competitive, with major tech companies, biometric solution providers, and startups investing in R&D and strategic partnerships to lead in the market.
The detailed segments and sub-segment of the market are explained below:
By Component:HardwareSoftwareServices
By Application:FaceHand GeometryVoiceIrisFingerprintOthers
By End-Use Industry:GovernmentBanking & FinanceConsumer ElectronicsHealthcareTransport & logisticsDefense & SecurityOthers
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By Region:North AmericaU.S.CanadaEuropeUKGermanyFranceSpainItalyROE
Asia PacificChinaIndiaJapanAustraliaSouth KoreaRoAPACLatin AmericaBrazilMexicoRest of the World
Executive Summary
Introduction
Methodology
Market Overview
Market Analysis
Market Size and Forecast
Market Trends
Market Dynamics
Market Segmentation
Competitive Landscape
Competitive Scenario
Key Players
Regional Analysis
Regional Market Overview
Market Size and Forecast by Region
Product/Service Analysis
Product/Service Overview
Market Size and Forecast by Product/Service
End-User Analysis
End-User Overview
Market Size and Forecast by End-User
Industry Structure
Key Findings and Recommendations
Conclusion
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