Global Contactless Biometrics Technology Market Key Insights
During the forecast period of 2023-2035, the global contactless biometrics technology market is expected to reach an estimated value of ~USD 34 billion by 2035, by expanding at a CAGR of ~20%. The market further generated a revenue of ~USD 12 billion in the year 2022. Major key factors propelling the growth of the contactless biometrics technology market worldwide are the growing demand for a high level of security in public, private and commercial sectors, and the increasing adoption of biometrics in the healthcare industry
Market Definition of Contactless Biometrics Technology
A topic in spotlight nowadays is contactless biometric verification, which permits user authorization without requiring a person to touch any machine sensors. Additionally, multi-factor authentication utilizing non-contact biometrics and behavioral security technology are much more secure than the procedures the world is accustomed to. Some of the types of biometric technology includes facial recognition, fingerprint mapping, and retina scans. Many organizations and business hubs are actively adopting this technology for the attendance record, user authentication, and for access to limited access units.
Global Contactless Biometrics Technology: Growth Drivers
The growth of the global contactless biometrics technology market can majorly be attributed to the rapid digitalization across various organizations around the world. For instance, nearly 65% of the world’s Gross Domestic Product (GDP) is predicted to be digitized by 2022, and digitally transformed organizations are projected to contribute to more than half of the global gross domestic product (GDP) by 2023, accounting for nearly USD 54 trillion. On the other hand, the market growth can also be attributed to the increasing penetration of internet globally. According to World Bank data, the proportion of the population using the Internet was around 49% in 2018, which increased to 60% in 2020.The global contactless biometrics technology market is also estimated to grow majorly on account of the following:
Contactless Biometrics Technology
Low adoption of this technology in underprivileged regions owing to low technological awareness among people and lack of skilled manpower are expected to be the major hindrance to the growth of the global contactless biometrics technology market during the forecast period.
Global Contactless Biometrics Technology Market Segmentation
- By End User (Government, Banking & Finance, Consumer Electronics, Healthcare, Transport & Logistics, Defense & Security, and Others)
The healthcare segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the increasing healthcare expenditure per capita, and the growing popularity of real-time emotion detection, which is an application of face recognition, in the healthcare sector. It was found that global health expenditure per capita was USD 1121.97 in 2019 and it is expected to rise significantly over the projection period.
- By Application (Identity Verification, Payments & Transactions, and Access Control)
- By Component (Hardware, Software, and Services)
- By Region
The North America contactless biometrics technology market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. Rising government spending to implement contactless biometric solutions in the region is one of the major factors anticipated to drive the growth of the market in the region during the forecast period. In addition, the high adoption of this technology, supported by the increasing military spending is also expected to boost the market growth in the region in the coming years. It was noted that the United States upped its military budget from USD 730 billion in 2019 to USD 750 billion in 2020.
The market research report on global contactless biometrics technology also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Contactless Biometrics Technology Market
Some of the key players of the global contactless biometrics technology market are NEC Corporation, Gemalto N.V., Aware Inc., Touchless Biometric Systems AG, Fujitsu Limited, IDEMIA, NVIAsoft Corporation, HID Global, M2SYS Technology, Fingerprint Cards AB,