Contactless Biometrics Technology Market Analysis | 2023-2028

Market Insights

The contactless biometrics technology market was estimated at USD 7.1 billion in 2022 and is likely to grow at a CAGR of 20.2% during 2023-2028 to reach USD 21.7 billion in 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

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 Insights

“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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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s contactless biometrics technology market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our contactless biometrics technology market report from the industry stakeholders, we have tried to further accentuate our research scope to the contactless biometrics technology market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

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 1000 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 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

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

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors

Market Segmentation

This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The contactless biometrics technology market is segmented into the following categories:

By Component Type

• Hardware
• Software
• Services

By Application Type

• Face
• Hand Geometry
• Voice
• Fingerprint
• Iris
• Others

By End-User Type

• Government
• Banking & Finance
• Consumer Electronics
• Healthcare
• Transport & Logistics
• Defense & Security
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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 component types by end-user 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 [email protected].