Market Insights
Report Ocean recently unveiled an extensive report on the Contactless Biometric market, providing a deep dive into the factors shaping its growth. This comprehensive report delivers valuable insights into market drivers, restraints, and opportunities, enabling readers to gain a profound understanding of the market dynamics. It also offers an intricate analysis of industry trends and developments that are steering the Contactless Biometric market’s course. Additionally, the report includes a meticulous evaluation of the market at both the global and regional levels, offering comprehensive insights for businesses and stakeholders.
Market Statistics
In 2021, the global Contactless Biometric market was valued at US$ 15.2 billion. The market is poised for substantial growth, with a projected value of over US$ 61.3 billion by 2030. This growth is expected to be driven by a compound annual growth rate (CAGR) of 14.1% during the forecast period spanning from 2022 to 2030.
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Understanding Contactless Biometrics
Contactless biometrics is a technology that can identify and gather information about a person’s physical and behavioral traits using techniques like voice recognition, facial patterns, gait analysis, and iris scanning. The unique feature of contactless biometrics is that it doesn’t require any physical touch with the device.
Factors Influencing the Market
Several factors are influencing the growth of the global Contactless Biometric market:
- Internet Proliferation and Digital Payments: The growing proliferation of the internet and the increasing use of digital payment methods worldwide are expected to drive market growth. The market may also witness significant growth due to the declining prices of mobile devices and increasing awareness about the convenience of mobile payments.
- Enhanced Security: Contactless biometrics authenticate payments and encrypt app access, contributing to the growth of the global market.
- Healthcare Adoption: High biometrics adoption rates in the healthcare industry are projected to drive the market for contactless biometrics technology.
- Cashless Trend: The rising trend of going cashless is expected to boost the demand for contactless biometrics during the study period. However, the high implementation cost of biometrics may limit market growth.
Regional Analysis
- North America: Anticipated to see the fastest CAGR of any region throughout the predicted time, driven by the growing adoption of contactless payment methods across all industrial verticals.
- Asia-Pacific: Expected to record considerable growth due to the high regional population and the steadily growing trend of contactless payments.
COVID-19 Impact Analysis
The COVID-19 pandemic had a mixed impact on various industries. For the contactless biometric market, it led to sudden growth. The demand for contactless payments increased across all verticals, and airports also started adopting contactless devices to minimize the risk of the virus. The pandemic is expected to have a long-term positive impact on the market as people become more aware of the benefits of contactless biometrics, and organizations deploy the technology to enhance safety.
Key Competitors
Key players in the Contactless Biometric market include:
- Touchless Biometric Systems AG
- IDEMIA SAS
- NViaSoft
- Fujitsu Limited
- NEC Corporation
- Gemalto N.V
- Aware Inc.
- HID Global
- M2SYS Technology
- Neurotechnology
- Assa Abloy AB
- Other prominent companies
Market Segmentation
The global Contactless Biometric market is segmented based on:
- Technology: Contactless Fingerprint Technology, Facial Recognition, Iris Recognition, Palm Vein Recognition, Voice Recognition, and Contactless Cards.
- Applications: Identity Verification, Payments & Transactions, and Access Control.
- Offering: Hardware, Software, and Services.
- Industry Vertical: BFSI, Government, Healthcare, Military & Defense, Retail, Education, Hospitality, and Automotive.
Why You Should Buy This Report
- Valuable insights for decision-makers, policymakers, professionals, product developers, sales managers, and stakeholders.
- Comprehensive analysis of Contactless Biometric market revenues on a global, regional, and country level, projecting trends until 2031.
- Market segmentation based on types, applications, technologies, and end-uses.
- Analysis of competitors, their strategies, and market positioning.
- Evaluation of business predictions by region, key countries, and top companies.
About Report Ocean
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