Contactless Biometrics Technology Market To Hit Value .15 Billion By 2027Posted by Mrudula Anil Karmarkar on January 15th, 2021 The global contactless biometrics technology marketsize is expected to reach USD 30.15 billion by 2027, registering a Compound Annual Growth Rate (CAGR) of 20.3% from 2020 to 2027, according to a new study by Grand View Research, Inc. Rising demand for security and surveillance owing to the increasing threats of terrorist attack and penetration of contactless biometrics solutions in enterprise applications is anticipated to propel the market growth. The demand is steadily increasing amid the COVID-19 outbreak. This pandemic has also influenced various digital businesses, which are now developing facial recognition systems to secure their online platforms. Rise of digital banking across the globe is a major impetus behind the introduction of voice and facial recognition in banking and financial sector. For instance, in June 2016, Citigroup Inc. introduced voice biometrics to verify customer’s identities. The use of contactless biometrics authentication for banks offers an additional, convenient, and user-friendly way of verifying their customers, thus delivering a consistent and superior user experience with strong and secure authentication across channels. Moreover, software vendors are providing various development kits in the market, allowing technology providers to provide advanced contactless biometrics software for their hardware. For instance, in January 2020, FaceFirst, launched a Software Development Kit (SDK) for developers of identity verification products to integrate advanced facial recognition into their systems. The SDK works offline or online, runs in a docker container, and supports Linux OS to enable easy integration into any IoT device. Vendors are focusing on agreements, acquisitions, and new product development in order to maintain their position in the market. For instance, in June 2020, HID Global announced an agreement to acquire an identity solutions business of De La Rue. The acquisition helped the former company to strengthen its position in government identification market. The global contactless biometrics technology market size was valued at USD 6.92 billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 20.3% from 2020 to 2027. The technology offers an innovative and much safer mode based on hygiene and convenience, amid the COVID-19 outbreak, which will boost the demand. Furthermore, rising demand for high level of security in commercial, public, and private sector is expected to drive the market growth. Growing usage of Automatic Identification and Data Capture (AIDC) technology in e-commerce and retail industry, BFSI sector, border control applications, and increasing support from government legislation to encourage the use of touchless authentication technology is further expected to drive the market growth. Contactless Biometrics Technology Market report highlights
Rising penetration of smartphones and tablets coupled with manufacturers’ focus on facial recognition software for their smartphones as an added layer of verification to unlock their smartphones is anticipated to drive the demand. Contactless biometrics also provides secure access to apps and authenticates payments. Moreover, rising adoption of contactless biometrics solutions in financial institutions for securing financial transactions worldwide is further expected to drive market growth. Contactless biometrics technology allows longer run times with fewer consumables and less cleaning, which minimizes its maintenance costs. Growing number of air travelers across the globe has increased the demand for more secured and advanced identification solutions at airport facilities. For instance, in April 2020, Eitihad Airways announced a trial of contactless self-service technology manufactured by Elenium Automation. The solutions estimate a passenger’s vital signs, to allow for touchless health screenings through voice recognition at airport kiosks. In addition, manufacturers are also focusing on advancing their existing contactless biometrics solutions by implementing temperature sensors to capture body temperature and imaging cameras. With the advent of computerized database and digitization, contactless biometrics verification has a high industrial adoption rate worldwide. Rising demand for secure, hygienic, and convenient authentication system in condominiums and clubs across the globe is anticipated to drive the market growth. For instance, in April 2020, several clubs and condominiums such as Residencial Alphaville Zero, Tamboré 1, and Residencial Alphaville 1, among others in the São Paulo region installed IDEMIA’s MorphoWave Compact, a contactless biometric access control. The access control performs a 3D scan and verification of fingers and offers hygienic and secure identification experience to the users. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/450334/ibb The key market players include Touchless Biometric Systems AG; Fingerprint Cards AB; Fujitsu Limited; IDEMIA; and NEC Corporation. Vendors in the market mainly focus on developing and launching new and innovative contactless biometrics products. For instance, in May 2018, Touchless Biometric Systems AG launched TBS 2D EYE, an iris recognition device. The device is used for time and attendance and access control across various industry sectors, such as telecom, BFSI, heavy industries, and logistics. Furthermore, key players are adopting strategies such as mergers and acquisitions, joint ventures, and partnerships, with biometrics technology providers to maintain the brand name across the globe. For instance, in June 2017, M2SYS Technology partnered with SecuGen Corporation for adoption of biometrics solutions through CloudABIS suite. The suite provides a cloud-based, configurable identity management software platform that can be used for data management and rapid prototyping. Some of the prominent players in the contactless biometrics technology market include:
Grand View Research has segmented the global contactless biometrics technology market based on component, application, end use: Contactless Biometrics Technology Component Outlook (Revenue, USD Million, 2016 - 2027)
o Professional Services o Managed Services Contactless Biometrics Technology Application Outlook (Revenue, USD Million, 2016 - 2027)
Contactless Biometrics Technology End-use Outlook (Revenue, USD Million, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com
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