Adoption of Contactless Biometrics Technology Buoyed by Touchless Identity Verification Need Amid COVID-19; Market Value to Cross US$ 70 Bn by 2030: FMI
As contactless biometrics technology is providing new and innovative ways to leverage the power of biometrics, the market is projected to grow at a CAGR of 17.4% during the forecast period (2020-2030). Contactless Biometrics involves ‘touchless’ technology for identity verification, access control, payments and transactions, without any physical user engagement.
Contactless Biometrics Technology Market
A recent market study published by FMI on the contactless biometrics technology market inc...
As biometrics have become a vital component within enterprises, institutions, and government facilities, contactless biometrics has gained a lot of traction offering highest level of security mechanism. Various contactless biometric modalities include facial recognition, iris recognition, palm vein recognition, contactless fingerprint technology and voice biometrics, which offers a significant benefit over traditional touch-based biometrics in terms of hygiene, accuracy, low maintenance and enhanced security.
Key Takeaways of Contactless Biometrics Technology Market Study
- North America is expected to hold a significant share in the global contactless biometrics market during the forecast period, due to high adoption of touchless biometrics systems for government and military applications.
- By Technology, facial recognition is estimated to contribute the largest market share, as this contactless biometrics modality is widely implemented for identity verification and access control.
- Identity verification application to witness the highest growth rate during the forecast period, followed by access control application, where such technologies are widely adopted.
- Demand for contactless biometrics solutions among government agencies would surge, amid the COVID-19 outbreak, due to need for touchless biometrics systems for public safety applications.
Contactless Biometrics Technology offers an innovative and much secure way in terms of hygiene and convenience, amid the COVID-19 pandemic outbreak, which would increase the demand for facial recognition, iris recognition and other touchless biometric modalities. To pave the way for coronavirus containment, many biometrics startups and major players are accelerating the development of new contactless biometrics products.
COVID-19 Pandemic Impact Analysis
COVID-19 outbreak has been a prime catalyst for the growth of adoption of contactless biometrics solutions. With the spread of this deadliest virus worldwide, various organizations, governments and institutions are now focusing on hygiene and secure way of verifying the personal identities, providing access controls to the users, without any physical contact with the security infrastructure. Governments across the world has ramped up their measures to adopt contactless biometrics technologies to swiftly respond to the crisis.
There is nearly US$ 2.0 Bn absolute dollar opportunity in the year 2020 from 2019, for global contactless biometrics market, with market growing by about 16-17% YoY in the next 3 years. Amid the COVID-19 crisis, many startups and enterprises have developed and launched contactless biometrics systems, to contain the spread of this virus and ensure organizational security.
For instance, an Indian technology startup INCUBSENCE reported 75% surge in demand for touchless biometric attendance systems. UnionCommunity reported nearly 200% increase in sales of its biometric face and iris recognition products across the Middle East region. Many companies in Japan are rapidly deploying contactless biometric solutions amid the coronavirus threat, partnering with NEC for facial recognition biometrics. Innovatrics is offering free ID verification module to developers in Slovakia, against their fight to COVID-19 pandemic outbreak.
Increasing Adoption of Facial Recognition Technology to Propel Sales
Facial recognition technology has been gaining momentum since recent times, as it is one of the most adopted contactless biometrics modalities. From daily common tasks such as unlocking mobiles, to digital banking identity verification, and identity authentication for government applications, facial recognition market traction will continue to grow. Amid the COVID-19 outbreak, various countries are widely adopting facial recognition solutions to track and trace COVID-19 patients.
For instance, Indian law enforcement agencies are using facial recognition software for monitoring COVID-19 patients. Russia has also deployed facial recognition systems to keep track of its citizens. With the increasing intensity and frequency of the COVID-19 cases, governments and organizations around the world, relay of such contactless biometrics technologies to contain and control the outbreak, which will fuel the market growth.
More Valuable Insights on Contactless Biometrics Technology Market
Future Market Insights offers an unbiased analysis of the global contactless biometrics technology market, providing historical data for 2015-2019 and forecast statistics from 2020-2030. To understand opportunities in the contactless biometrics technology, the market is segmented on the basis of technology, component, application, industry, across six major regions.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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