Contactless Biometrics Technology Market Analysis | 2023-2028

“The Contactless Biometrics Technology Market was estimated at US$ 7.16 billion in 2022 and is expected to grow at an impressive CAGR of 20.2% during 2023-2028 to reach US$ 21.7 billion by 2028.”

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Market Dynamics

Introduction

Contactless biometrics technology is an innovative method of identifying and authenticating individuals without physical contact. It relies on the use of unique biological or behavioural traits, such as fingerprints, facial recognition, iris scans, or voice patterns, to verify a person's identity. Unlike traditional biometric systems that require direct contact with a sensor, contactless biometrics can perform these identity checks from a distance.

Market Drivers

The following are the drivers of the contactless biometrics technology market-

• The advantages of contactless biometrics technology in terms of ease, hygienic practices, and security have made it increasingly popular.

• Smartphones use contactless biometrics to unlock the device and approve transactions, such as fingerprint scanning or face recognition.

• Contactless biometrics provide a more effective and safe means of identity verification in a society where minimizing physical touch is a major concern.

• Mobile devices, payment methods, and access control systems all often utilize it.

• Healthy growth possibilities are expected to arise soon due to the growing safety concerns surrounding health and hygiene considering the COVID-19 epidemic, as well as the rising need for a high degree of security in commercial, public, and private sector enterprises.

Segments Analysis

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By Component Type

“The software segment is expected to remain dominant in the market during the forecast period.”

The contactless biometrics technology market is segmented as hardware, software, and services. The software segment is expected to remain dominant in the market during the forecast period, propelled by the growing adoption of artificial intelligence and machine learning to enhance their operations in various applications.

By End-User Type

“The government segment dominated the market and is also expected to remain dominant during the forecast period.”

The market is segmented as government, banking & finance, consumer electronics, healthcare, transport & logistics, defense & security, and others. The government segment dominated the market and is also expected to remain dominant during the forecast period, owing to the rising adoption of contactless biometrics technology by several governments across the world to reduce and control criminal activities across the nation.

Regional Analysis

“North America is likely to maintain its supremacy in the market during the forecast period.”

It is mainly driven by high demand for advanced technologies in the USA and Canada. A robust supply chain across the region with the presence of a large number of contactless biometrics technology providers as well as a large consumer base is the key growth propeller of the market.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.

The following are the key players in the contactless biometric technology market (arranged alphabetically).

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

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.