New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- The global contactless biometrics market is expected to reach a market size of USD 28.83 Billion in 2027 and register 19.9% CAGR, over the forecast period, according to the latest report by Reports and Data. High adoption of contactless biometrics solutions in the healthcare industry to enable contactless interaction between patients and staff is a key factor expected to continue to drive market growth over the forecast period.
Increase in demand for high level of security in private, commercial, and public establishments is supporting growth of the market to a significant extent, and this trend is expected to continue in future. Demand for facial and voice recognition software in security and surveillance applicatiions has been increasing substantially in the recent past due to increasing terrorist activities. This software is commonly used at airports, and also by customs and border security authorities for identification purposes.
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Surge in application of Automatic Identification and Data Capture (AIDC) technology in e-Commerce, retail, and BFSI is expected to contribute significantly to growth of the market. The retail industry is expanding and this is resulting in increased need for fast and secure access and queue-less passenger checkout solutions. Investment by market players for development of more cost-effective contactless biometrics technologies will also drive demand for such solutions.
The COVID-19 impact:
The COVID-19 pandemic has resulted in increased adoption of contactless biometric technologies. Governments around the world are encouraging adoption of these technologies to be able to quickly respond to any global crisis. This technology is also increasingly being used in surveillance systems to monitor COVID-19 patients as well as individuals who come in contact with them.
Further key findings in the report
- Increase need for fast and secure access controls and queue-less passenger checks is driving revenue growth of the software segment. Manufacturers are developing contactless biometric technologies with more sophisticated sensor systems to enable more secure and faster checks.
- The iris-based biometric system is fast, accurate, and convenient and is used within organization across process payroll to calculate benefits such as health, vacation, and disability.
- Government sectors are adopting contactless biometrics technologies to prevent and control criminal activities. The biometric software is being installed in surveillance systems to run facial recognition scans and for identification of criminals and verification processes.
- Asia Pacific market is registering high revenue growth, which is expected to continue during the forecast period. Increase in demand for smartphones coupled with growing digitalization trend in countries such as China and India will continue to drive growth of the contactless biometrics market in Asia Pacific.
- Key participants include Fujitsu Limited, NEC Corporation, Fingerprint Cards AB, Aware Inc., nViaSoft, HID Global, Gemalto N.V., M2SYS Technology, IDEMIA, and Touchless Biometric Systems AG.
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For the purpose of this report, Reports and Data has segmented the global contactless biometrics market on the basis of technology, application, end-use, and region:
- Technology Outlook (Revenue, USD Billion; 2017-2027)
- Software
- Hardware
- Services
- Professional Services
- Managed Services
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Hand Geometry
- Face
- Iris
- Voice
- Fingerprint
- Others
- End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Banking and Finance
- Healthcare
- Government
- Consumer Electronics
- Defense and Security
- Transport and Logistics
- Others
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
- North America
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