NEW YORK, Jan. 12, 2022 /PRNewswire/ — Fact.MR – A Market Research and Competitive Intelligence Provider: The global contactless biometrics market is expected to increase at a CAGR of 16.4 percent from 2022 to 2032, from USD 17.1 billion in 2022 to USD 78.6 billion in 2032.

Face recognition is improved when artificial intelligence and biometric methods are combined. As a result, the demand for such capability in determining most notable attributes such as gender, ethnicity, facial hair, and glasses to propel the contactless biometrics market growth at a rate of 4.5X between 2022 and 2032.

The demand for end-to-end solutions is increasing, necessitating the integration of various software and middleware services. According to the above-mentioned trend, the contactless biometric industry is expected to account for roughly 43% of the worldwide biometrics market by the end of 2022.

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The integration of behavioral biometrics with biometric solutions, which aids in ensuring authentication in financial institutions, businesses, government facilities, and retail point of sale, is increasing the product’s industrial demand.

Fintech companies, telecom operators, retailers, banks, and other industries have begun to use contactless biometrics technology for client identification. Furthermore, it is anticipated that it will become a required process for authenticating and identifying clients when opening a new or current account.

However, unlike passwords, biometric data is impossible to replace, which is a major market limitation. Because biometric data is physically irreplaceable, an alternative solution must be employed to replace biometric authentication.

Key Takeaways:

• Facial recognition is the fastest-growing technological category. During the forecast period, the segment is expected to rise 5.6X.
• The software segment is expected to provide the most revenue by component. By the end of the forecast period, the market is expected to generate an absolute dollar opportunity of USD 34.1 billion.
• During the forecast period, identity verification under the application is expected to rise 5.3X. By the end of 2031, the segment is expected to have a market value of USD 52.9 billion.
• The segment that generates the most revenue is North America. In 2021, the region will have a market share of over 30%, with a growth rate of 16.0% from 2021 to 2031.

Growth Drivers:

• With the emerging internet of things lead to global contactless biometrics market growth.
• Integration of behavioral biometrics help in securing authentication to propel the demand for contactless biometrics.

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Competitive Landscape

The majority of manufacturers are concentrating their efforts on creating subsidiaries in developing countries. Product launches, collaborations with major players, partnerships, and mergers and acquisitions are all examples of strategies. The following are some of the most significant developments:

• In May 2020, Finger Cards AB increased their touch sensor line with the introduction of the FPC2025 sensor. The goal was to develop a biometric system that was both high-performing and low-power.
• In May 2020, NEC Corporation, a market leader, released NeoFace Thermal Express, a touchless screening system. NeoFace Thermal Express was created to detect high body temperatures as well as protective clothing such as a face mask.

Key Players in the Contactless Biometrics Market Include:

• Touchless Biometric Systems AG
• IDEMIA SAS
• NViaSoft
• Fujitsu Limited
• NEC Corporation
• Gemalto N.V
• Aware Inc.
• HID Global
• M2SYS Technology
• Neurotechnology
• Assa Abloy AB
• Blue Biometrics

More Valuable Insights on Contactless Biometrics Market

Fact.MR provides an unbiased analysis of the contactless biometrics market, presenting historical demand data (2016-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global contactless biometrics market with a detailed segmentation on the basis of:

• By Technology :
• Contactless Fingerprint Recognition
• Facial Recognition
• Iris Recognition
• Palm Vein Recognition
• Voice Recognition
• Contactless Cards
• By Component :
• Hardware
• Contactless Fingerprint Scanners
• Facial Recognition Scanners
• Iris Recognition Scanners
• Palm Vein Scanners
• Others (Voice Recognition Devices, Contactless Smart Cards & Readers
•  Software
• Integrated Biometrics Software
• Standalone Software/Middleware
• Facial Recognition Software
• Vein Recognition Software
• Iris Recognition Software
• Others
•  Services
• Professional Services
• System Integration & Deployment
• Security Consulting
• Support & Maintenance
• Managed Services
• By Application :
• Identity Verification
• Payments & Transactions
• Access Control
• By Industry :
• BFSI
• Government & Law Enforcement
• Healthcare
• Military & Defense
• Retail
• Others

Key Questions Covered in Contactless Biometrics Market Report

• The report offers insight into the contactless biometrics market demand outlook for 2022-2032.
• The market study also highlights projected sales growth for contactless biometrics market between 2022 and 2032.
• Contactless biometrics market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Contactless biometrics market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

Explore Fact.MR’s Coverage on the Technology Domain –

Biometric Authentication Solution Market Analysis – Biometric authentication solutions are being more widely used as the demand for improved security and identification systems grow. The growing reliance on digital technologies and automation is likely to fuel the expansion.

IRIS Biometrics Market Forecast – The extensive use of IRIS biometrics for physical access security is propelling the IRIS biometrics industry forward. In addition, since the number of customers migrating to mobile banking grows at an exponential rate, numerous firms are implementing IRIS biometrics as security measures.

Vein Recognition Biometrics Market Insights – Efficiency and accuracy is expected to propel the demand for Vein recognition biometrics. Vein recognition biometrics are being used by banks and financial institutions in emerging countries such as India, China, Argentina, Mexico, Brazil, and South Africa to verify customer identities.

Facial Recognition Access Control Solution Market Scope – The market for facial recognition access control solutions is growing as people become more reliant on digital technology and automation. Furthermore, as the demand for improved security and identity systems grows, facial recognition access control solutions are becoming more popular.

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