Market Set to Expand 5X by 2030
Over the years, biometrics technology has been maturing and making its way into human lives with rapidity. The recent COVID-19 outbreak that prompted a global shift toward social distancing and strict quarantining is influencing organizations to move from contact-based biometrics technology such as hand geometry biometrics to contactless solutions. Moreover, the pandemic is accelerating a number of key megatrends of the decade, such as digital transformation and automatic identification & data capture, as physical stores and bank branches are being replaced by remote digital services. Additionally, contactless biometric solutions and tools have added the added the benefit of limiting contact over shared surfaces or finger scanners. Future Market Insights, in its new study, predicts the contactless biometrics technology market to grow five fold over the next decade.
Key Factors Shaping Contactless Biometrics Technology Market
Increasing Adoption of Contactless Biometrics Technology across various Verticals
Contactless biometrics technology has been widely adopted across various verticals for wide range of applications. Traditionally, such biometrics solutions were limited to only few applications such as military access control, civil, or criminal identification. However, with the growing popularity and need for more convenient and secure authentication mechanisms, the market for contactless biometrics technology would gain high traction in the coming years.
Many sectors such as banking and financial services, retail, government, education, and others, started adopting contactless biometrics technology for digital identity verification, access control, digital payments and transactions. Key contactless biometrics technology include facial recognition, iris recognition, palm-vein recognition, voice biometrics and contactless smartcards.
Automatic Identification and Data Capture (AIDC) Technology to Boost Market Demand
AIDC technology refers to automatic identification of data and objects and capturing the data into computing systems, without any human intervention. As the authentication systems are becoming more autonomous, the adoption of such technology would boost the demand for contactless biometrics market. In addition, growing usage of AIDC technology in retail and e-commerce, border control applications, BFSI sector and increasing support from government legislation to encourage the use of touchless authentication technology would support the market growth. This would eliminate the need for manual data capture and entry, boosting the demand for automatic identification and data capture technologies, which would further fuel the growth of the contactless biometrics technology market.
Adoption of Contactless Biometrics Technology to Support Fight against COVID-19 Pandemic Outbreak
The COVID-19 outbreak has raised some serious questions about security infrastructure across the world, as touch-based biometric solutions are proving to be ineffective due to need for hygiene and convenience for security monitoring. Amid the COVID-19 pandemic, governments and organizations around the world are ramping up their digital security infrastructure to implement contactless biometrics technology for identity verification and access control.
Many biometrics players such as NEC, Gemalto, Fujitsu, TBS, Innovatrics and others have joined hands with the governments worldwide, to provide innovative solutions such as facial recognition, iris recognition, and other contactless biometrics solutions, to unite against the fight with coronavirus.
North America to Contribute the Largest Market Share, whereas South Asia & Pacific to Grow at Significant Rate
In terms of value, the contactless biometrics technology market in North America accounted for the largest market share in 2019, with US market dominating the region. High adoption of contactless biometrics solutions in government and defense applications would fuel the market growth of North America. However, the South Asia & Pacific region is projected to grow at the highest CAGR during the forecast period (2020-2030).
Amid the COVID-19 outbreak, various countries such as India, Thailand, Indonesia and Australia are badly impacted, hence would see rise in adoption of contactless biometrics technology to implement robust security mechanisms for identity verification and access control applications.
Contactless Biometrics Technology Market Structure Analysis
- Strategic partnerships & collaboration of biometrics players with government agencies and enterprises, for implementing contactless biometrics solutions is among the key market strategy followed by majority of the vendors.
- NEC, Gemalto, Fujitsu, IDEMIA are the prominent and most experienced players in the global contactless biometrics technology market.
- The global contactless biometrics technology market is highly concentrated in size, which remains a key factor for its dynamic competitive nature.
Software Captures 45% of Total Demand
Contactless biometrics software, especially integrated biometric software and facial recognition software, continues to witness relatively high demand over hardware components and accounts for 45% of the total market value. As the need to accurately identify and authenticate individuals and to authorize tasks through digital channels accelerates in the time of the pandemic, market stakeholders are focusing on increasing their service offerings. To meet the sudden spike in demand and gain distinct competitive edge, these stakeholders are further improving their professional services and solutions that are application-appropriate and work seamlessly across end-points.
North America in the Vanguard, South Asia & Pacific to Offer New Opportunities
Developed markets continue to hold lucrative prospects for the contactless biometrics technology market, given the high adoption for government and defense applications in North America and Europe. Amidst the outbreak of COVID-19 with the U.S. and Italy as the worst-hit countries, the use of contact-based sensors integrated into shared devices such as door-locks, point-of-sale (POS) devices, and ATMs has been restricted. The result is expected to work in favor of the market growth. Lucrative opportunities are also expected in South Asia & Pacific, as remote work and digital delivery service become the new status-quo in countries such as India.
Contactless to Gain Momentum as ‘Healthier Alternative’
As the COVID-19 crisis unfolds across multiple countries at a significant pace, organizations are increasingly looking for ways to deploy biometric sensors that avoid touch in shared and public spaces. In recent times, the pandemic has induced a forced behavioral change, including adaptation in the virtual work environment, use of digital signatures for legal documents, and contactless payments over bank notes. Enterprises and consumers are highly likely to keep adapting to convenient and hygiene-centered ways which will play an instrumental role in the growth of the contactless biometrics technology market. Strong focus on reducing touchpoints with external machines or shared public spaces to contain the virus and prevent new infection is further expected to increase the reliance on remote technology.
Facial recognition remains highly preferred
Iris recognition to gain significant momentum
Software contributes 45% revenue share
Demand for services picks pace
Identity verification remains key application area
Use in access control to remain bullish
How Growth will Unfold
While contactless biometrics technology is receiving significant traction from various industry verticals, the real leader in adoption of biometric authentication for access to an individual’s identity is the government and law enforcement sector. While contactless fingerprint recognition is becoming a commonplace, other technologies such as voice, facial, and vein pattern recognition are rapidly entering the BFSI industry. Moreover, growing popularity of online shopping has been prompting banking services to leverage biometrics for contactless payments and money transfer authorizations. In the wake for COVID-19, stakeholders are targeted towards capitalizing on the healthcare industry to help align with the concept of physical distancing while securing the medical identity information.
* This data is only a representation. Actual data may vary and will be available in report.
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Overview
A recent market study published by FMI on the contactless biometrics technology market includes a global industry analysis for 2015-2019 and an opportunity assessment for 2020-2030, and delivers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical as well as current growth parameters, growth prospects of this market are obtained with maximum precision.
Contactless Biometrics Technology Market Taxonomy
The global contactless biometrics technology market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
Technology
- Contactless Fingerprint Technology
- Facial Recognition
- Iris Recognition
- Palm Vein Recognition
- Voice Recognition
- Contactless Cards
Component
- Hardware
- Contactless Fingerprint Scanners
- Facial Recognition Scanners
- Iris Recognition Scanners
- Palm Vein Scanners
- Others
- Software
- Integrated Biometrics Software
- Standalone Software/Middleware
- Facial Recognition Software
- Vein Recognition Software
- Iris Recognition Software
- Others
- Services
- Professional Services
- System Integration & Deployment
- Security Consulting
- Support & Maintenance
- Managed Services
- Professional Services
Application
- Identity Verification
- Payments & Transactions
- Access Control
Industry
- BFSI
- Government & Law Enforcement
- Healthcare
- Military & Defense
- Retail
- Others (Education, Hospitality, Automotive etc.)
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East & Africa
What's Included
The report begin with the executive summary of the contactless biometrics technology market, which includes key findings and statistics of the market. It also offers demand and supply-side trends pertaining to this market.
Readers can find the definition and a detailed taxonomy of the market in this chapter, which will help them understand the basic information about the market. Along with this, comprehensive information pertaining to contactless biometrics technology and its properties are provided in this section. This section also highlights the inclusions and exclusions, which helps readers understand the scope of the market report.
The market report provides key market trends that are expected to significantly impact market growth during the forecast period. Detailed industry trends are also provided in this section.
This section includes factors that have emerged as key successful factors and strategies adopted by key market participants.
This section explains the value analysis for the global market during the forecast period of 2020-2030. This chapter includes a detailed analysis of the historical market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2020), and an incremental $ opportunity for the forecast period (2020-2030). Along with this, the pricing analysis of the market at the regional level has also been provided in this section.
This chapter explains the key macroeconomic factors that are expected to influence the growth of the contactless biometrics technology market over the forecast period. Along with macroeconomic factors, this section also highlights the value chain, supply chain, forecast factors, and value chain analysis of the market. Moreover, in-depth information about market dynamics and their impact analysis on the market have been provided in the successive section.
Based on technology, the market is segmented into Contactless Fingerprint Technology, Facial Recognition, Iris Recognition, Palm Vein Recognition, Voice Recognition and Contactless Cards. In this chapter, readers can find information about key trends and developments in the market and market attractiveness analysis.
Based on component, the market is segmented into hardware, software and services. In this chapter, readers can find information about developments and key trends in the market.
Based on application, the contactless biometrics technology market is segmented into Identity Verification, Payments & Transactions and Access Control. In this chapter, readers can find information about developments and key trends in the market.
Based on industry, the market is segmented into BFSI, Government & Law Enforcement, Healthcare, Military & Defense, Retail and Others. In this chapter, readers can find information about developments and key trends in the market.
This chapter explains how the contactless biometrics technology market is expected to grow across various geographic regions such as North America, Latin America, Europe, East Asia, South Asia and Pacific and the Middle East and Africa.
This chapter includes a detailed analysis on the growth of the North America market, along with country-wise assessment of the U.S. and Canada. Readers can also find pricing analysis, regional trends, volume analysis, and market growth based on product, Enterprise Size, and countries in North America.
This chapter provides the growth scenario of the market in countries such as Brazil, Mexico, and the Rest of Latin America. Along with this, assessment of the market across target segments has been provided.
Important growth prospects of the market in several countries such as Germany, the U.K., France, Spain, Italy, BENELUX, Russia and the Rest of Europe are included in this chapter.
This chapter provides the growth scenario of the market in Eastern Europe countries such as China, Japan and South Korea.
This chapter highlights the growth of the market in South Asia by focusing on India, Thailand, Indonesia, Malaysia, Oceania and Rest of South Asia. This section also helps readers understand key factors that are responsible for the growth of the market in South Asia.
This chapter provides information about how the contactless biometrics technology market is expected to grow in major countries of the Middle East & Africa region, such as GCC Countries, South Africa, Northern Africa, Turkey, and the Rest of Middle East and Africa, during the forecast period of 2020-2030.
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the contactless biometrics technology market, along with their market presence analysis by region and product portfolios.
In this chapter, readers can find a comprehensive list of prominent stakeholders in the market, along with the detailed information about each company, which include the company overview, revenue shares, strategic overview, and recent developments. Some of the market players featured in the report are Fujitsu Limited, NEC Corporation, HID Global, M2SYS Technology, IDEMIA, BioConnect, IdentyTech Solutions, TBS Biometrics, Innovatrics and Others.
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the contactless biometrics technology market report.
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the contactless biometrics technology market.
How the research was conducted?
Primary Research
- C - Level Executives
- Marketing Directors
- Sales Heads
- Sales Executives
- Technical Advisor
- Contactless Biometrics Technology Providers
- Distributors
- Industry Experts
- Enterprise Sizes
- Current Market Dynamics and Challenges
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near term and long term market growth prospects
- Market Segment Splits and Authenticity
- Opinions on market projections and validity of assumptions
Secondary Research
- Company’s white papers
- Annual Reports and Investor Presentations
- Research Papers
- Company Press Release
- Government Websites and Publications
Primary Interview Splits
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