Ottawa, Nov. 11, 2021 (GLOBE NEWSWIRE) -- The global contactless biometrics technology market size has contributed US$ 6.95 billion in 2020 in terms of revenue share. Contactless biometrics technology is a process of identifying the authenticity of an individual by scanning the face or eyes without physically touching it. This technology also collects data of an individual through face detection, recognition, and stores it on a cloud platform. This identification technology is highly accurate and reliable for personal biometric identification. The onset COVID-19 pandemic has acted as a catalyst in driving the market demand for contactless biometrics.
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Crucial factors accountable for market growth are:
- The surge in demand for smartphones with face recognition software fuels the market growth.
- Increased air travelers across the world foster the market growth.
- Rise in demand for Automatic Identification and Data Capture (AIDC) technology in various industries such as BFSI, E-commerce, Banks and others.
Report Scope of the Contactless Biometrics Technology Market
| Report Coverage | Details |
| Market Size in 2021 | US$ 6.95 billion |
| Growth Rate from 2021 to 2030 | CAGR of 20.5% |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Companies Mentioned | Fujitsu Limited, Touchless Biometric Systems AG, Fingerprint Cards AB, IDEMIA, nViaSoft, HID Global, NEC Corporation, Gemalto N.V., Aware Inc., M2SYS Technology |
Regional Snapshots
North America dominates the Contactless Biometrics Technology Market in terms of revenue share contributing more than 31% in 2020 and is estimated to grow remarkably in the upcoming years owing to the presence of major market players in the region and wide scale adoption of Contactless Biometrics solutions in defense and Government applications. For instance, On 22nd September 2021, NEC Corporation announced that it has been ranked first in the world in its iris recognition technology examined using the iris recognition technology benchmark test, IREX 10 (*1), that is conducted by National Institute of Standards and Technology (NIST).
Report Highlights
- The software Component segment is expected to lead the market contributing more than 44.5% of the revenue share in the upcoming years.
- The Government end use segment of the Contactless Biometrics Technology Market is estimated to lead the market with a market share of more than 30% in 2021.
- By Geography, North America holds a significant share accounting for more than 31% in 2020 in the Contactless Biometrics Technology Market in terms of revenue share because of the presence of major market players in the region.
Market Dynamics
Driver - The high level of security provided by the contactless biometrics drive the market growth. Also, the wide scale adoption of contactless biometrics in diverse industries such as Banks, BFSI and others are expected to drive the growth of the Contactless Biometrics Technology Market. For instance, On 13th October 2021, HID Global introduces biometric MFA platform for banks to provide the widest-reaching omnichannel experience possible with the lowest amount of user friction.
Restraint - The major restraining factor that will negatively impact the growth of the Contactless Biometrics Technology Market includes the high cost involved in the installation of contactless biometrics solutions.
Opportunity - The COVID-19 pandemic has created huge business opportunities for the contactless biometrics as it eliminates the need for physical touch in order to identify the authenticity of an individual.
Challenges - As the contactless biometrics stores the identification of the individuals, there is chance of data theft or identity theft and this attribute forms a major challenge encountered by the Contactless Biometrics Technology Market.
Recent Developments
- On 10th March 2021, CE Colo selected Touchless Biometric Systems AG to protect their valuable assets through the implementation of a stellar, secure and reliable biometric access control system.
- On 25th August 2021, Fingerprint Cards AB has entered into an agreement with Seshaasai, an innovative and prominent smart card manufacturer in India, has agreed to work with Fingerprint Cards AB to develop, promote, market, and sell contactless biometric payment cards in India and the Asia Pacific area. The card will include Fingerprints' T-Shape module and software platform, which is designed to be integrated into payment cards using normal automated manufacturing techniques and has ultra-low power consumption.
- On 27th September 2021, IATA announced that it will deploy IATA Travel Pass kiosks for performing the biometrics check at the airport. This check will be performed contactless in the wake of COVID-19 crisis. This development has been widely accepted among the international travelers.
- On 22nd January 2021, Fujitsu Laboratories has launched new multi-factor biometric authentication technology that will deliver a contactless shopping experience for the post-COVID-19 “New Normal” era.
- On 17th June 2021, HID Global, a worldwide leader in trusted identity solutions, announced the development of its HID Signo Biometric Reader 25B that is used to capture and read fingerprints in real-world applications and conditions.
- On 18th August 2021, Omni-ID, a leading manufacturer of RFID tags and industrial IoT hardware devices for passive and active tagging, monitoring, tracking, and alerting applications, has been purchased by HID Global, a global leader in trusted identification solutions. This acquisition will help HID Global enhance its footprint in India and China while also expanding its leadership in RFID technology.
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Segments Covered in the Report
By Component
- Hardware
- Software
- Service
- Professional Services
- Managed Services
By End use Industry
- Government
- Banking & Finance
- Consumer Electronics
- Healthcare
- Transport & Logistics
- Defense & Security
- Others
By Application
- Face
- Fingerprint
- Hand Geometry
- Iris
- Voice
- Others
By Geography
- North America
- Europe
- Asia Pacific
- LAMEA
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