Dublin, Nov. 11, 2021 (GLOBE NEWSWIRE) -- The "Biometrics - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Amid the COVID-19 crisis, the global market for Biometrics estimated at US$19.5 Billion in the year 2020, is projected to reach a revised size of US$44.1 Billion by 2026, growing at a CAGR of 14.8% over the analysis period.
The COVID-19 pandemic has resulted in unprecedented disruptions and sweeping changes across various industries, and created a notable demand for touchless biometric solutions.
Advanced multifactor and multimodal biometric platforms are gaining increasing relevance due to their authentication accuracy and alignment with social distancing guidelines for COVID-19. Latest rules specified by various governments require businesses to avoid using palm print, fingerprint and hand-key readers for preventing physical contact and spread of the virus.
These measures are paving way for iris scans and facial recognition technologies that are user-friendly and suitable for diverse environments. With people vary of touching card readers, keypads, elevator buttons, and door handles, facial and iris recognition, as well as other such contactless biometric technologies are likely to replace methods that require repeated touching of surfaces by people.
Contactless biometrics technology is set to experience remarkable gains due to the confluence of factors such as COVID-19-related guidelines and adoption of digital security solutions. The increasing focus on public safety monitoring coupled with the need for early detection and patient screening are driving the adoption of advanced contact-less biometrics technology.
Fuelled by rising application of the technology for identity verification, transactions, access control and payments, the global market for contactless biometrics technology is projected to post a strong growth rate through the year 2030. The technology is anticipated to receive a major boost from COVID-19 pandemic and associated need for contactless biometrics coupled with rising adoption of online transactions. The concept is expected to witness a notable uptick in facilities requiring stringent surveillance, access control and law enforcement.
In addition, biotechnology and healthcare units are estimated to hold the major share, mainly for facial recognition. The adoption of security and innovative solutions for healthcare applications is expected to foster demand for iris scans and facial recognition. Contactless biometrics is anticipated to find rising application for identity verification and access control while software solutions are estimated to enjoy the dominating position.
MARKET TRENDS & DRIVERS
- Next-Generation Biometric Technologies to Transform Market Landscape
- Finger-Vein Recognition
- 3D Face Recognition
- Sensor Interoperability
- Biometrics Authentication in the Cloud
- AI & Biometrics
- Contactless Biometrics Technology Poised for Major Gains in Post COVID-19 Period
- Multimodal Biometrics Emerges as a Promising Area of Growth
- Future Trends in Biometrics Technology: A Review
- Growing Role of Biometrics for Identification & Authentication in Consumer Electronics Sector
- Smartphones Become a Critical Device for Biometrics
- Rise in Biometric Technology-based Government Initiatives Propel Market Growth
- National ID Programs Build Opportunities for Biometric Systems
- Border Control & Immigration Emerges as a Promising Market for Biometric Systems
- Fingerprint Technology Remains the Dominant Biometric System in Use for Immigration Purposes
- Rising Prominence of Iris Biometrics for Travel & Immigration Control
- Growing Role of Biometrics in Addressing Fraud and Security Breaches to Propel Use of Iris Recognition Technology in BFSI Industry
- Applications of Biometrics Technology in Financial Services Sector
- Digitization of Banking Services and Need for Stricter Identification Protocols to Prevent Security Breaches Drives Market
- Biometrics Enable Banks to Improve Customer Engagement Levels
- Fingerprint Scan Technology Leads the BFSI Sector
- Iris Biometrics Poised for Strong Growth in BFSI Sector
- Voice Biometrics Continues to Gain Growth in BFSI Sector
- Facial Recognition Growing in Popularity
- Banks See More Deployment of Vein Recognition Biometrics
- Dual Biometrics Finds Acceptance among Banks
- Rise of Internet and Mobile Banking Drives Opportunities for Biometrics Market
- Biometrics-based Authentication at ATMs on Rise
- Increasing Availability of Biometrics-Enabled Smartphones Transforms Mobile Banking Services
- Biometric Payment Cards Propel Biometrics Adoption in BFSI Sector
- Financial Inclusion of Unbanked Population: A Key Advantage of Biometrics Technology
- Digital Onboarding Initiatives of Banks Present Favorable Outlook for Biometrics Technologies
- Amidst Digital Transformation of Banking Operations, Behavioral Biometrics Witnesses Growth
- Keystroke Dynamics Authentication Overcomes Challenges Related to Conventional Authentication Methods
- Regulatory Mandates Promote Adoption Biometrics Technology in Banking Sector
- Innovations in Biometrics for Banking and Financial Services Sector: A Review
- Increasing Significance of Biometrics Technology in Facilitating Contactless Passenger Journey Post-COVID-19 Pandemic
- Demand for Biometric Systems Rises from Law Enforcement Agencies
- Prisons & Detention Centers Bank on Iris Biometrics
- Significant Role of Biometrics in Access Control Implementations
- Iris Biometrics Rapidly Gains Adoption in Physical Access Implementations
- System & Network Access Control Presents Considerable Market Opportunity
- Use of Iris Biometrics for Attendance & Workforce Management to Grow in Prominence
- Multi Factor Authentication Continues to Grow in Popularity in Access Control
- Automotive Industry Exhibits Growing Inclination to Use Biometrics Systems
- Biometrics Technology Becomes Indispensable in Identity Verification & Access Control at Airports
- Biometrics Technology to Expedite Check In and Boarding at Airports
- Automated Border Control Systems (eGates) for Faster Processing at Border Checkpoints: Opportunities for Market Growth
- Enterprises Choose Biometric Technology for Secure Identity Management and Better HR Management
- Digital Transformation of Workplaces and Enterprise Mobile Enhance Importance of Biometrics Technology
- Healthcare Emerges as a High Growth Market for Biometric Systems
- Iris Biometrics Well Suited to Mitigate Hospital Patient Identification Issues
- Hygiene Concerns Amidst the COVID-19 Pandemic Create Business Case for Contactless Biometrics
- Education Sector to Leverage the Capabilities of Biometrics Technology
- Hospitality Industry: High Potential Market for Biometrics Technology
- Growing Role of Biometrics Technology in Smart Homes and Offices
- Biometrics Present Potential Opportunities for Retail Vertical
- Fingerprint Recognition: A Reliable Biometrics Technology with Varied Applications
- Low Costs Benefits Drive Gains in Non-Automated FIS Market
- Contactless Fingerprint Systems Drive Opportunities
- 3D Fingerprint Scanners Evolve as a More Accurate Technology
- Iris Biometrics: Uniqueness of Human Iris Holds Tremendous Potential as an Identification Technology
- Iris Recognition Gains Marked Adoption across Diverse Verticals
- Iris-based Identity Authentication Address Concerns with Contact Biometrics
- Cloud Solutions Boost Adoption of Iris Recognition Technologies
- Blockchain & Iris Recognition Opens Opportunities for Identity Verification in Various Industries
- Technology Developments to Transform the Iris Biometrics Market
- Advanced Hand Held Devices to Bring Portability to Iris Biometrics
- Face and Voice Recognition Technologies Continue to Gain Popularity
- Hand Geometry: Another Promising Biometric Authentication Technology
- Banking and Time & Attendance Management Sustain Demand for Hand Geometry Systems
- Consumer Biometrics: Need for Convenience and Hassle-Free Experiences Boost Technology Adoption
- Digital Authentication Needs of Diverse Verticals Turn Focus onto Behavioral Biometrics
- Key Issues Facing Biometrics Market
Select Competitors (Total 340 Featured)
- AllTrust Networks
- Cyber-Sign, Inc.
- HID Global Corporation
- Hitachi Ltd.
- IDEMIA Group
- Ingenico Group S.A.
- Nuance Communications, Inc.
- Precise Biometrics AB
- Suprema, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ha2m9z
