The contactless biometrics technology market is expected to have a total value of approximately US$ 22,608.0 million in the year 2023. Over the course of the next decade, it is anticipated that this market will grow significantly and reach a total worth of approximately US$ 116,665.1 million by the year 2033. This growth is estimated to occur at a CAGR of 17.8% from 2023 to 2033.
Contactless biometrics ensure unified customer service. They are simple and fast compared to traditional methods of verification including PINs or credentials, making them suited for swift transactions and hectic working environments. The COVID-19 outbreak has increased the public’s knowledge of hygiene and safety. As they negate the need for physical touch, contactless biometrics are attractive in uses including security control, transaction processing, and wellbeing.
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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 is poised for significant growth in various regions in 2023. The United Kingdom's market is expected to expand by 9.3%, while the United States is projected to achieve a market value increase of 20.2%. In Japan, the market is predicted to contribute 1.9% of the revenue, and South Korea is anticipated to hold a 2.3% market share. Notably, the facial recognition segment is forecasted to grow at a CAGR of 17% until 2033, indicating robust advancements and adoption in this technology sector.
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:
The contactless biometrics technology market features several key players driving innovation and market growth. Leading companies include Fujitsu Limited, NEC Corporation, and Gemalto (Thales), which are renowned for their advanced biometric solutions. Aware Inc. and HID Global are notable for their software and security solutions, while M2SYS Technology and IDEMIA provide comprehensive identity management systems. BioConnect and IdentyTech Solutions focus on seamless integration and access control, and Touchless Biometric Systems AG specializes in hygienic, non-intrusive verification. Innovatrics, Cognitec Systems GmbH, Mantra Softech, DERMALOG Identification Systems GmbH, and Vision-Box are also influential, offering cutting-edge technologies in facial recognition, fingerprint analysis, and border control systems.
