The contactless biometrics technology market was valued at around US$ 22.6 billion in 2023. Experts predict remarkable growth over the next decade, with the market expected to soar to approximately US$ 116.7 billion by 2033, marking a robust Compound Annual Growth Rate (CAGR) of 17.8% from 2023 to 2033.
Contactless biometrics offer streamlined customer service, providing a seamless alternative to traditional verification methods like PINs or credentials. Their simplicity and speed make them particularly suitable for swift transactions and busy environments. With the heightened awareness of hygiene and safety brought about by the COVID-19 pandemic, the appeal of contactless biometrics has surged. By eliminating the need for physical contact, they find applications in security control, transaction processing, and overall well-being.
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Beyond controlling access and transactions, contactless biometrics are discovering usage in medical services, automobiles, and retail, boosting their significance and demand. Many governing bodies and regulatory agencies recognize the importance of biometric systems for enhancing security. They are developing regulations and guidelines to encourage long-term utilization and growth in the industry.
In the United States, the expanding use of non-contact biometrics techniques in defense and federal operations is anticipated to push up consumption of the technology. Aware, HID Global, M2SYS Technology, IdentyTech Solutions, and several more are significant contactless biometrics technology solution suppliers available in the United States. As a result, the vast number of such businesses in the country ultimately stimulates demand for the contactless biometrics technology sector.
The contactless biometrics technology sector of China has seen amazing development and creativity in the past couple of years. China’s tremendous technological development, massive population, and expanding urbanization have produced an ideal environment for the widespread use of contactless biometrics. Banks and fintech firms in China are paving the way in incorporating contactless biometrics such as facial identification and fingerprint verification into payment systems and smartphone apps, offering payments seamless.
Key Takeaways from the Contactless Biometrics Technology Market Report:
- The contactless biometrics technology market in the United Kingdom is anticipated to expand at 9.3% in 2023.
- The contactless biometrics technology market in the United States is projected to attain a market value of 20.2% in 2023.
- The market for contactless biometrics technology in Japan is predicted to contribute 1.9% revenue in 2023.
- The contactless biometrics technology market in South Korea is anticipated to have a 2.3% market share in 2023.
- The facial recognition segment is predicted to expand at a CAGR of 17% until 2033.
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Competitive Landscape:
The market is characterized by intense rivalry, with several leading rivals controlling a sizable market share. The primary focus is on innovative product development and collaboration among important parties.
Pangiam acquired Trueface, an innovator in facial recognition, machine vision, and AI, in June 2021. As a result of this transaction, Pangiam has granted usage of Trueface technology such as social isolation compliance surveillance and contactless temperature measurements.
Nedap, a security service management firm, joined Thales Group, a developer of biometric security systems, in July 2020. Through this collaboration, Nedap incorporated Thales Group’s facial identification system into its physical safety solution.
Major Key Players:
- Fujitsu Limited
- NEC Corporation
- Gemalto (Thales)
- Aware Inc.
- HID Global
- M2SYS Technology
- IDEMIA
- BioConnect
- IdentyTech Solutions
- Touchless Biometric Systems AG
- Innovatrics
- Cognitec Systems GmbH
- Mantra Softech
- DERMALOG Identification Systems GmbH
- Vision-Box
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Contactless Biometrics Technology Market Segmentation:
By Technology:
- Contactless Fingerprint Technology
- Facial Recognition
- Iris Recognition
- Palm Vein Recognition
- Voice Recognition
- Contactless Cards
By Component:
- Hardware
- Contactless Fingerprint Scanners
- Facial Recognition Scanners
- Iris Recognition Scanners
- Palm Vein Scanners
- Others
- Software
- Integrated Biometrics Software
- Standalone Software/Middleware
- Services
- Professional Services
- Managed Services
By Application:
- Identity Verification
- Payments & Transactions
- Access Control
By Industry:
- BFSI
- Government & Law Enforcement
- Healthcare
- Military & Defense
- Retail
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
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