The solutions estimate a passengers vital signs, to allow for touchless health screenings through voice recognition at airport kiosks. The Asia Pacific Contactless Biometrics Technology Market is expected to witness market growth of 21% CAGR during the forecast period (2020-2026). Historical Market Size (US$ Mn) Analysis By Technology, 2015 - 2021, 10.3. This assist the doctors to determine the patients feelings and also in identifying the area where more attention needs to be given. The emergence of computerized database and digitization has increased the industrial adoption of contactless biometrics across the globe and this factor fuels the market growth. Also, the experts gather reliable information from the paid databases. An iris-based system is accurate, fast, and convenient while eliminating payroll frauds such as buddy punching. NO WORRIES! High cost of the contactless biometric solutions is one of the important barriers to market growth. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites. System Integration & Deployment, 11.4. Latin America is expected to have the significant growth opportunities in the coming years. US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, China, Australia, New Zealand, GCC countries, Turkey, Northern Africa, and South Africa, Market forecast, company share analysis, competition intelligence, DROT analysis, market dynamics and challenges, and strategic growth initiatives. Forecast Factors - Relevance & Impact, 9.2.1. The texture and shape of the human face change over time, and facial recognition technologies must be robust enough to accommodate these changes, which increases error rates in matching systems. The new technology utilized both facial recognition and fingerprint biometrics to facilitate clearance procedures for travelers at airports in Canada. 6. Market Size (US$ Mn) and Volume (000 Units) Forecast By Market Taxonomy, 2022 - 2030, 20.5. For instance, on 15th July 2021, HID Global, a worldwide leader in trusted identity solutions, announced that the Arcos Bosques Torre 1 (Tower 1) has deployed its access control solutions to increase the security and better manage visitor entry. Contactless Biometrics Technology Market size reached USD 11.2 billion in 2021 and is estimated to reach USD 42.7 billion in 2029 and the market is estimated to grow at a very high CAGR 18.2%. We largely focus on the following parameters for forecasting about the market under lens: We assign different weights to the above parameters. With the advent of computerized databases and digitization, contactless biometrics verification has a high industrial adoption rate worldwide. They utilize the BI-enabled dashboard to deliver real-time market statistics. The Contactless Biometrics Market Size is estimated to grow from USD Billion in 2021 to USD Billion by 2028, growing Contactless Biometrics Market Size, Share, Growth 2028. Our research shows that outperformers seek growth in every dimension which is core expansion, geographic, up and down the value chain, and in adjacent spaces. The software segments held the prominent and is predicted to remain at the forefront throughout the forecast period due to the factors such as growing adoption of cloud based services, Artificial Intelligence and machine learning for the contactless biometric solutions. Contactless Fingerprint Scanners, 11.3.1.5. Furthermore, rising demand for a high level of security in the commercial, public, and private sectors is expected to drive market growth. Introduction 7.2.1. Manufacturers are developing contactless biometric high-tech sensor systems through fast software algorithms and machine-learning methods for fast and secure identity checks. Canada Contactless Biometrics Technology Market Analysis, 21.3. Current and Future Market Volume (000 Units) Projections, 2022-2030, 8. The COVID 19 pandemic has prompted a shift towards the new trend social distancing which influencing the organizations to move from contact based biometrics technology to contactless biometrics solutions The market of contactless biometrics solutions has increased during the COVID 19 pandemic since the need for contactless biometrics has increased to broader use for early detection, public safety monitoring, and patient screening which made the market to have an impeccable growth rate and it will also grow further in the future. France Contactless Biometrics Technology Market Analysis, 21.8. The Global Contactless Biometrics Technology Market size is expected to reach $18.6 billion by 2026, rising at a market growth of 19.1% CAGR during the forecast period. The UK market size is expected reach 3.6X by 2030 in the contactless biometric technology market. Who are the key players in the contactless biometrics technology market? The global contactless biometrics market is estimated at USD 17.1 Billion in 2022 and is forecast to reach USD 78.6 Billion by 2032 The global contactless biometrics technology market size was valued at USD 6.92 billion in 2019 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 20.3% from 2020 to 2027. online dashboard trial. Among all these, the segment of the iris is expected to be the dominating segment . Australia and New Zealand Contactless Biometrics Technology Market Analysis, 21.18. Profitability by Market Segments (Business Segment/Region), 22.4.14. They can also use the online reporting software to understand the different key performance indicators. Contactless biometrics technology is a trustworthy technology that enhances the security of the personal authentication system. By continuing to visit this site you agree to our use of cookies: Banking Financial Services & Insurance Industry, Internet, Communication, Software & Services, ICE, Electric, Hybrid, Autonomous Vehicles, Industrial Motors, Pumps, And Control Devices, Power Generation, Transmission And Distribution, Food & Beverage Logistics, Cold Chain & Packaging, Food & Beverage Processing and Technology, https://www.verifiedmarketresearch.com/ask-for-discount/?rid=42554. Global Contactless Biometrics Technology Market Size study, by Component (Hardware, Software, Services), by Application (Face, Hand Geometry, Voice, Iris, Fingerprint . The growing COVID-19 pandemic across the globe is pushing everyone to minimize physical contact with a common surface. The Contactless Biometrics Technology Market is expected to grow significantly due to factors such as increased applications of contactless access control across various industries, automatic identification and data capture technologies, and the rising adoption of convenient physical security solutions. Explore purchase options. Current and Future Market Value (US$ Mn) Projections, 2022-2030, 9.2. In April 2020, Fingerprint Cards AB has signed a global licensing agreement with FEITIAN, Chinas leading provider of online user authentication and payment transaction security. The report provides an analysis of these subsets with respect to the geographical segmentation. However, the high cost of contactless biometrics solutions is expected to hinder the growth of the contactless biometrics technology market to a certain extent. It is one in which the user makes no physical contact with the biometric authentication system. These key applications include identity verification, payments & transactions, and access control which are set to show lucrative growth in contactless biometrics technology market. Social distancing measures have spurred role of contactless technologies in businesses. Which segment accounted for the largest contactless biometrics technology market share? Our analysts offer market evaluations and forecasts using the industry-first simulation models. Market Attractiveness Analysis By Component, 12. How much is the global market on contactless biometrics technology market valued at? For instance, in May 2018, Touchless Biometric Systems AG launched TBS 2D EYE, an iris recognition device. Development in smartphone technology has led to the implementation of various contactless biometric technologies, such as voice recognition, facial recognition, iris recognition etc. Contactless Biometrics Technology Market is Recording 17.6% during 2022-2030 By Ankush Nikam Posted on April 28, 2022 The market for contactless biometrics technology is estimated to expand to US$ 71,407.4 Mn by 2030, with a 17.6% CAGR from 2022 to 2030. The emergence of COVID-19 across the globe has compelled the people to avoid physical contact with common surfaces and this has accelerated the demand for iris biometrics in the market. This collaboration helped Fingerprints strengthen its position and expand into new markets and application areas within IoT and access globally. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. Data or identity theft is a major challenge for growth because it can harm the security of critical information or even increase national security threats. The Ministry of Civil Aviation in India also intends to roll out various facial recognition systems in airports direct the aviation system towards paperless travelling. Recovery Scenario (Short Term/Mid Term/Long Term Impact), 5.5. Justina Alexandra Sava. In addition, there has been an increase in the use of contactless biometrics in financial institutions that ensures the secured financial transactions are the attribute that will fuel the market growth. The Global Contactless Biometrics Technology Market report provides a holistic evaluation of the market. Free business intelligence platform with subscription, 4. All these attributes are expected to drive the growth of the Contactless Biometrics Technology Market. The device is used for time and attendance and access control across various industry sectors, such as telecom, BFSI, heavy industries, and logistics. The iris application segment is expected to lead the Contactless Biometrics Technology Market during the forecast period owing to its accuracy, fast, and convenient scanning method. What are the factors driving the contactless biometrics technology market. This has resulted in disruptions of supply chains. An unified Market Research Subscription Platform, built for todays disparate research needs. The suite provides a cloud-based, configurable identity management software platform that can be used for data management and rapid prototyping. Contactless Biometrics Technology Market was valued at USD 16170.19 Million in 2021 and is projected to reach USD 69265.18 Million by 2030, growing at a CAGR of 17.54% from 2022 to 2030. Contactless biometrics technology is a . India Contactless Biometrics Technology Market Analysis, 21.16. The Contactless Biometrics Technology Market size is anticipated to grow from US$ 19,456.1 Mn in 2022 to US$ 71,407.4 Mn by 2030, recording 17.6% during 2022-30. So a biometric system in which the user need not to perform physical contact with the biometric authentication system is known as contactless biometric system. Please wait. The iris segment holds the major share of the market and this region is expected to hold the dominance during the forecast period since the iris based system is accurate, fast and convenient while eliminating the payroll frauds such as buddy punching and also the growing demand for the iris biometrics technology within an organizations to process the payroll. Free report customization (equivalent up to 8 analysts working days) with purchase. Historical Market Size (US$ Mn) Analysis By Application, 2015 - 2021, 12.3. Europe Contactless Biometrics Technology Market Analysis 2015-2021 and Forecast 2022-2030, 17.2. Latin America Contactless Biometrics Technology Market Analysis 2015-2021 and Forecast 2022-2030, 16.2. Contactless Biometrics Technology Market to Cross US$ 70 Bn by 2030 By Ankush Nikam Posted on December 30, 2021 As contactless biometrics technology is giving new and inventive ways of utilizing the force of biometrics, the market is projected to develop at a CAGR of 17.4% during the figure time frame (2020-2030). The Contactless Biometrics Technology Market was worth US$ 8.25 billion in the year 2020, and it is estimated to reach a valuation of US$ 30.15 billion by the end of 2026, expanding at an annual growth rate of 20.3% between 2021 and 2026. On the basis of components, the market is segmented into hardware, software, and service. Analysts use correlation, regression and time series analysis to deliver reliable business insights. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. The sample report for the Contactless Biometrics Technology Market can be obtained on demand from the website. Future Impact on Biometrics Technology Market (Next 1-3 Years), 5.4. The rise in the use of iris biometrics systems within organizations to process payroll and compute other benefits such as health, disability, and vacation is predicted to drive the iris application segment's growth. Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors Provision of market value (USD Billion) data for each segment and sub-segment Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions Includes an in-depth analysis of the market of various perspectives through Porters five forces analysis Provides insight into the market through Value Chain Market dynamics scenario, along with growth opportunities of the market in the years to come 6-month post sales analyst support. What is the projected market size & growth rate of the Contactless Biometrics Technology Market? North America leads the market contributing revenue share of more than 31% in 2020 and will continue to grow significantly over the forecast period. BENELUX Contactless Biometrics Technology Market Analysis, 21.11. We use cookies to enhance your experience. To understand the ongoing market trends and to foresee the future market growth patterns. Iris identification is used in national and civil ID schemes, access control, time attendance, and a variety of other applications. In addition, the Contactless Biometrics Technology Market is expected to rise due to the increasing usage of iris technology by state and local authorities for border security. Rising demand for secure, hygienic, and convenient authentication systems in condominiums and clubs across the globe is anticipated to drive market growth. In order to minimize the criminal activities, the Governments across the globe adopted using the contactless biometrics technology. TALK TO OUR ANALYST TEAM. The adoption of contactless biometrics solutions is increasing owing to their precision and efficiency in verifying the identity of an individual. From 2015 to 2021, demand for contactless biometrics technology increased at a CAGR of 15.8%. Different demographics are analyzed individually to give appropriate details about the market. . Find your sweet spots for generating winning opportunities in this market. South Asia & Pacific Contactless Biometrics Technology Market Analysis 2015-2021 and Forecast 2022-2030, 18.2. Thus, such government initiatives and rising digitalization development in the country is expected to propel the demand for the contactless biometrics technology in Japan. US has presence of key contactless biometrics technology solutions provider such as Aware, HID Global, M2SYS Technology, IdentyTech Solutions, and many more. Facial recognition technology helps to enhance or automate process and it provides greater face matching accuracy. CONTACTLESS BIOMETRICS TECHNOLOGY MARKET 3 KEY PLAYERS Some of the key stakeholders in the contactless biometrics technology market are Touchless Biometric Systems AG, NEC Corporation, M2SYS. For instance, in October 2019, SnapPay, Inc., a provider of payment solutions, announced the availability of facial recognition-based payment technology for merchants in North America. Market Highlights The global Contactless Biometric Market is expected to register a notable CAGR of 16.1% by 2031 See for yourself. This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Contactless Biometrics Technology Market size was valued at USD 16170.19 Million in 2021 and is projected to reach USD 69265.18 Million by 2030, growing at a CAGR of 17.54% from 2022 to 2030. We also collect and mix the data from our previous market research reports. Others (Voice Recognition Devices, Contactless Smart Cards & Readers), 11.3.3.1.1. The global contactless biometrics market is expected to grow at a compound annual growth rate of 20.3% from 2020 to 2027 to reach USD 30.15 billion by 2027. b. For instance, in November 2019, National Crime Records Bureau (NCRB), India, gathered bids from private companies to develop a centralized facial recognition surveillance system. Many key contactless biometrics technology solution providers are inclined towards launching new products and solutions to enhance their customer base as well as to diversify product offerings. Based on the End-use industry verticals, the Contactless Biometrics Technology Market is divided into Government, Banking & Finance, Consumer Electronics, Healthcare, Transport & Logistics, Defense & Security and Others. https://www.verifiedmarketresearch.com/download-sample/?rid=42554. The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls. [277 Pages Report] 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. Key drivers for the contactless biometrics market include the integration of other capabilities, such as body temperature measurement, de-duplications and time and attendance tracking, according to Fact.Mr. Different elements of research methodology appointed by our experts include: Market is filled with data. The technology offers an innovative and much safer mode based on hygiene and convenience, amid the COVID-19 outbreak, which will boost the demand. Market Size (US$ Mn) and Volume (000 Units) Forecast By Market Taxonomy, 2022 - 2030, 19.5. The process through which a persons exclusive traits are recorded and recognized by means of an electric device is known as Biometrics, the contactless biometric technology is nothing but it offers the use of touchless authentication technology which offers a safer mode reliant on convenience and hygiene in which this technology is exceptionally accurate and also the consistent system for the detection of personal biometrics and it is also applied for the registration, turnout and administration of the personnel. >>> Get | Download Sample Report @ https://www.verifiedmarketresearch.com/download-sample/?rid=42554. The Global Contactless Biometrics Technology market is expected to reach $22.44 billion by 2026 growing at a CAGR of 18.3% from 2019 to 2026. Your personal details are safe with us. According to a new report Global Contactless Biometrics Technology Market, published by KBV research, The Global Contactless Biometrics Technology Market size is expected to reach $18.6 billion by 2026, rising at a market growth of 19.1% CAGR during the forecast period. According to estimates, North America has the largest market share in the Contactless Biometrics Technology Market. The demand for contactless biometrics technology rise at the rate of CAGR of 15.8% during the period 2015-2021. With the help of embedded analytics, the clients can get details associated with brand analysis. The report provides a detailed globalcontactless biometrics technology market analysis based on competitive . Payroll frauds such as buddy punching are also eliminated. Please be sure to check your SPAM/JUNK folder too. In addition, manufacturers are also focusing on advancing their existing contactless biometrics solutions by implementing temperature sensors to capture body temperature and imaging cameras. This report features 10 companies, including Gemalto N.V., Fujitsu Limited, M2SYS Technology, Aware Inc., HID Global, Fingerprint Cards AB, nViaSoft, Touchless . Various airports and banking institutions installed facial recognition technologies for carrying out their operations and growth in these two industries would lead to the growth in contactless biometrics. Spain Contactless Biometrics Technology Market Analysis, 21.10. How big is the contactless biometrics technology market? Market Analysis by Tier of Companies, 6.3. Therefore, massive presence of such companies in the country ultimately propels the demand for the contactless biometrics technology market. No purchase commitment. North America dominated the market with a share of over 30% in 2019. Japan Contactless Biometrics Technology Market Analysis, 21.14. For instance, in April 2020, several clubs and condominiums such as Residencial Alphaville Zero, Tambor 1, and Residencial Alphaville 1, among others in the So Paulo region installed IDEMIAs MorphoWave Compact, a contactless biometric access control. The surge in payment solution providers are requesting contactless biometrics solution s that ensures safe transaction to the customers is expected to fuel the growth of the Contactless Biometrics Technology Market in this region. Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. Contactless biometrics technology allows for longer run times with fewer consumables and less cleaning, lowering operating costs. Increasing demand for contactless biometrics solutions by payment solution providers to offer secure transactions to their customers in the region is further expected to drive regional growth. Verified Market Research uses the latest researching tools to offer accurate data insights. This way, we ensure that all our clients get reliable insights associated with the market. North America Contactless Biometrics Technology Market Analysis 2015-2021 and Forecast 2022-2030, 15.2. Based on Technology, the market is segmented into Contactless Fingerprint Technology, Facial Recognition, Contactless Cards, and Others. Competitor companys business reports and newsletters, Market drivers and restraints, along with their current and expected impact, Raw material scenario and supply v/s price trends, Regulatory scenario and expected developments, Current capacity and expected capacity additions up to 2027, Network participants such as distributors. 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