The contactless biometrics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Contactless Biometrics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The contactless biometrics market size has grown rapidly in recent years. It will grow from $19.58 billion in 2023 to $22.85 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to increased concern for hygiene and infection control, rising demand for secure and convenient identity verification, growing adoption of contactless technologies in various industries, enhanced user experience and convenience in biometric authentication, growing demand for fast and secure access controls.
The contactless biometrics market size is expected to see rapid growth in the next few years. It will grow to $42.81 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%. The growth in the forecast period can be attributed to expansion of contactless biometrics in healthcare for patient identification, implementation of contactless biometrics in smart city initiatives, rising demand for contactless biometrics in financial transactions, integration of contactless biometrics in access control systems, expanding regulatory requirements for data protection and privacy. Major trends in the forecast period include advancements in sensor technology for biometric authentication, development of touchless fingerprint recognition technology, adoption of facial recognition in contactless biometric systems, integration of contactless iris recognition for secure authentication, utilization of behavioral biometrics for continuous authentication
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Scope Of Contactless Biometrics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Contactless Biometrics Market Overview
Market Drivers –
The rise of contactless payment systems is driving the growth of the contactless biometric market. Contactless payment is a wireless financial transaction in which a client authorizes payment for a purchase by bringing a security token very near the point of sale (PoS) scanner of the merchant. For instance, in September 2023, according to the Consumer Financial Protection Bureau, a US-based autonomous department in charge of consumer protection in the financial industry, there were approximately 25 million Google Pay customers in the United States in 2021, and in 2022, $65.2 billion was spent at retailers using Google Pay, a rise from a total of $24.8 billion in 2021. Therefore, demand for contactless biometrics will rise as the prevalence of increasing contactless payment systems rises.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The contactless biometrics market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Contactless Fingerprint Technology, Facial Recognition, Iris Recognition, Palm Vein Recognition, Voice Recognition, Contactless Cards
3) By Application: Face, Fingerprint, Hand Geometry, Iris, Voice, Other Apllications
4) By End User: Government, BFSI, Consumer electronics, Healthcare, Transport And logistics, Defense And Security, Other End Users
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Regional Insights –
North America was the largest region in the contact biometric market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the contactless biometrics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the contactless biometrics market report are Touchless Biometric Systems AG, IDEMIA SAS, nVIAsoft Corporation, Fujitsu Limited, NEC Corporation, Fingerprint Cards AB, Megvii, Suprema Inc., Thales Group, Crossmatch Solutions Inc., Synaptics Incorporated, Aware Inc., HID Global Corporation, BIO-key International Inc., FaceTec Inc., IDEX Biometrics ASA, Precise Biometrics AB, M2SYS Technology, Innovatrics s. r. o., Egis Technology Inc., Shenzhen Goodix Technology Co. Ltd., ZKTeco Inc., NEXT Biometrics Group ASA, Veridium Ltd., Neurotechnology UAB, Zebra Medical Vision Ltd., Cognitec Systems GmbH, Zwipe AS, 3M Cogent Inc., Daon Holdings Limited
1. Executive Summary
2. Contactless Biometrics Market Report Structure
3. Contactless Biometrics Market Trends And Strategies
4. Contactless Biometrics Market – Macro Economic Scenario
5. Contactless Biometrics Market Size And Growth
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27. Contactless Biometrics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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