Contactless Biometrics Market worth $39.8 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 9, 2022 /PRNewswire/ -- According to a research report "Contactless Biometrics Market with COVID-19 Impact Analysis by Offering (Multimodal Biometrics Solution, Hardware, Software, Services), Software (Face Recognition, Iris Recognition), Application, Vertical and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Contactless Biometrics Market size is projected to grow from USD 19.7 billion in 2022 to USD 39.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period. The major driving factors contributing to the high growth rate of Contactless Biometrics Market include increased use of contactless biometrics technology post the pandemic, government initiatives that support the adoption of contactless biometrics solutions, smartphones and tablet adoption, and growing security concerns and hygiene issues among users due to touch-based systems.
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370 – Tables
42 – Figures
277 – Pages
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By offering, the services segment to register the highest growth rate during the forecast period
Based on offerings, contactless biometrics services have witnessed a growing demand in recent years. Contactless biometric services deliver biometric onboarding and authentication capabilities, and it eliminates the cost associated with the database, network, and storage components. Contactless biometrics services include professional services and managed services. Professional services are further classified into training and consulting services, feasibility assessment services, analysis, and advisory services. Managed services are expected to grow at a higher rate as it offers organizations to reduce effort, time, money, and risks. Its demand is driven by increasing users and data-security initiatives by the government. Moreover, the growing usage of mobile devices and rising demand for robust fraud detection and prevention systems is also helping the market.
Based on application area, the criminal identification and forensics segment to grow at the highest CAGR during the forecast period
The contactless biometric solutions are very useful during criminal investigation. Forensic biometrics uses fingerprints, palm prints, hand vasculature, hand shape, face, DNA, face, voice, iris, etc. In February 2022, Edmonton Police Service (EPS) in Canada adopted NeoFace Reveal facial recognition solution by NEC Corporation for identifying suspects in investigations through CCTV footage and photos. The software will help the police force with their databases that include criminal photos earlier charged for heinous crimes. Also, the software enables the detection of false information of the individuals in custody through facial recognition abilities.
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North America to hold the largest market share during the forecast period.
The rising security concerns due to abrupt terrorist activities as well as illegal immigrants entering the region have increased the demand for contactless biometric technologies to maintain high-level security. As identified by the US Federal Trade Commission, identity theft problems could drive the adoption of advanced authentication methods. The emergence of various government regulations and standards for the protection and security of personal data and to regulate its collection and use of biometric data has led to the promotion of biometric technologies for authentication and verification purposes. Touchless biometric products and workforce management platforms are in demand in North America due to the COVID-19 pandemic. The return to work is also scattered with various health concerns. A need for preventive measures has been created in the workplaces, shopping malls, airports, and other public places. Contactless biometric vendors in North America are helping companies, organizations and government entities implement safer work environment solutions.
Market Players:
Key and innovative vendors in Contactless Biometrics Market include Aware (US), Fingerprint Cards AB (Sweden), Fujitsu (Japan), HID Global (US), IDEMIA (France), M2SYS Technology (China), NEC Corporation (Japan), nVIAsoft (US), Touchless Biometric Systems (Switzerland), Thales (France), Veridium (UK), BioConnect (Canada), Innovatrics (Slovakia), Cognitec Systems (Germany), DERMALOG Identification Systems (Germany), SecuGen (US), Neurotechnology (Lithuania), Shufti Pro (UK), Fidentity (Switzerland), Daon (US), NVISO (Switzerland), Noldus (The Netherlands), Blue Biometrics (Australia), True Face (US), Veridos (Germany), and ID R&D (US).
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Facial Recognition Market by Component (Software Tools (3D Facial Recognition) and Services), Application (Law Enforcement, Access Control, Emotion Recognition), Vertical (BFSI, Government and Defense, Automotive), and Region - Global Forecast to 2025
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