Contactless Biometrics Market : Prospects for Growth in Developing Economies
The new report titled ‘Global Contactless Biometrics Market ’, published by Emergen Research, is methodically curated by our team of analysts, keeping readers’ understanding in mind, and includes a wide-ranging database of industry distribution.
The new report titled ‘Global Contactless Biometrics Market ’, published by Emergen Research, is methodically curated by our team of analysts, keeping readers’ understanding in mind, and includes a wide-ranging database of industry distribution. The report takes a closer look at the historical and current market scenarios to accurately predict the global Contactless Biometrics Market outlook over the forecast duration (2019- 2032 ). Researchers have taken a holistic approach towards the global market analysis and highlighted the factors that influence the overall growth of the market.
The global contactless biometrics market size was USD 17.26 Billion in 2021 and is expected to register a revenue CAGR of 15.55% during the forecast period, according to the latest analysis by Emergen Research. Increasing funding for facial recognition systems is a major factor expected to support revenue growth of the market during the forecast period. In addition, revenue growth of the market is driven by rising demand from the banking, retail, and healthcare sectors as well as increase in smartphone use. Most consumers today depend on face and iris recognition technology to protect their possessions. Companies are implementing improved security features such as pulse biometric applications and others with highly developed Artificial Intelligence (AI)-based technologies to take advantage of this, which is contributing to revenue growth of the market.
Key participants include
Fingerprint Cards AB, Aware, Inc., Fujitsu Limited, IDEMIA, HID Global Corporation, Touchless Biometric Systems AG, nVIASoft Corporation, NEC Corporation, M2SYS Technology, Blue Biometrics, ASSA ABLOY, MeReal Biometrics Limited, Untethered Labs, Inc., and T3K-Forensics GmbH.
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Drivers:
Several factors are driving the growth of the contactless biometrics market. One of the primary drivers is the increasing demand for secure and convenient authentication solutions in response to the proliferation of digital transactions, remote work, and online services. Contactless biometrics offer a secure and user-friendly alternative to traditional authentication methods such as passwords, PINs, and physical tokens, reducing the risk of identity theft, fraud, and unauthorized access. Additionally, the COVID-19 pandemic has accelerated the adoption of contactless technologies, including biometrics, as organizations seek to minimize physical contact and enhance hygiene measures in public spaces, workplaces, and customer interactions.
Research Methodology
Emergen Research follows a cohesive methodology to reduce the residual errors to a minimum level by refining the scope, validating through primary insights, and nurturing the in-house database on a regular basis. A dynamic model is formulated to capture the regular fluctuations in the market and thereby, being updated with any shifts in the market dynamics. The parameters and variables involved in the research vary depending on individual markets and most importantly, both demand and supply side information is included in the model to identify the market gap.
Key Objectives of the Global Contactless Biometrics Market Report:
- An all-inclusive analysis and forecast estimation of the market have been included in this report.
- The report offers valuable insights into the major drivers, limitations, opportunities, and challenges faced by the global Contactless Biometrics Market
- and its leading players.
- The report sheds light on the prominent market contenders, as well as their business strategies and long-term expansion plans.
Get access to the full description of the report @ https://www.emergenresearch.com/industry-report/contactless-biometrics-market
Restraints:
Despite the positive growth outlook, the contactless biometrics market faces certain challenges and restraints. One of the major challenges is the perception of privacy and data security risks associated with biometric data collection and storage. Concerns regarding the misuse or unauthorized access to biometric data, as well as the potential for data breaches and identity theft, may impact consumer trust and adoption of contactless biometric solutions. Moreover, regulatory compliance requirements, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), impose strict standards for the collection, storage, and processing of biometric data, posing challenges for organizations seeking to implement contactless biometrics while ensuring compliance with data protection laws.
Emergen Research has segmented the global contactless biometrics market on the basis of offering, application, end-use, and region:
· Offering Outlook (Revenue, USD Billion; 2019–2030)
- Multimodal Biometrics Solution
- Software
- Integrated Biometrics Software
- Standalone Software
- Vein Recognition
- Facial Recognition
- Iris Recognition
- Others
- Hardware
- Contactless Fingerprint Scanners
- Palm Vein Scanners
- Voice Recognition Devices
- Contactless Smart Cards & Readers
- Others
- Services
- Managed Services
- Professional Services
· Application Outlook (Revenue, USD Billion; 2019–2030)
- KYC & Onboarding
- Criminal Identification & Forensic
- Access Control
- Others
· End-Use Outlook (Revenue, USD Billion; 2019–2030)
- Banking, Financial Services, and Insurance (BFSI)
- IT and Telecom
- Government
- Defense & Security
- Travel and Hospitality
- Transport & Logistics
- Healthcare
- Others
Regional Overview:
The global Contactless Biometrics Market market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Contactless Biometrics Market market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements
The report considers the following timeline for market estimation:
- Historical Years: 2017-2018
- Base Year: 2019
- Estimated Year: 2027
- Forecast Years: 2020-2027
Global Contactless Biometrics Market Report – Table of Contents:
- Chapter 1 includes the global Contactless Biometrics Market market introduction, followed by the market scope, product offerings, growth opportunities, market risks, driving forces, and others.
- Chapter 2 broadly categorizes the Contactless Biometrics Market market on the basis of geography, and determines the sales, revenue, and market shares of each region over the estimated period.
- Chapter 3 elaborates on the competitive outlook of the Contactless Biometrics Market market, focusing on the major manufacturers and vendor landscape.
- Chapter 4 exhaustively studies the key manufacturers of the Contactless Biometrics Market industry, along with their anticipated sales and revenue shares.
- Chapters 5 includes market segmentation based on product type, application range, and market players.
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About Emergen Research
Emergen Research is a Market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer Market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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