The report is updated with the impact of the COVID-19 pandemic on the Contactless Biometrics Market . Every industry vertical across the globe has been affected by the pandemic, and the report assesses if the impact of the pandemic on the Contactless Biometrics Market has been positive or negative. It also sheds light on the effect of the financial difficulties and supply disruption caused by the pandemic in the overall growth of the market. Furthermore, the report covers a current and future impact assessment of the pandemic on the overall growth of the Contactless Biometrics Market .
The global contactless biometrics market size was USD 17.26 Billion in 2021 and is expected to register a revenue CAGR of 15.55% during the forecast period, according to the latest analysis by Emergen Research. Increasing funding for facial recognition systems is a major factor expected to support revenue growth of the market during the forecast period. In addition, revenue growth of the market is driven by rising demand from the banking, retail, and healthcare sectors as well as increase in smartphone use. Most consumers today depend on face and iris recognition technology to protect their possessions. Companies are implementing improved security features such as pulse biometric applications and others with highly developed Artificial Intelligence (AI)-based technologies to take advantage of this, which is contributing to revenue growth of the market.
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Drivers Accelerating Market Growth:
A multitude of factors is propelling the rapid growth of the Contactless Biometrics market. Firstly, the heightened emphasis on security and the need for advanced authentication methods drive the adoption of biometric technologies. Contactless biometrics, including facial recognition, iris scanning, and fingerprint recognition, offer a seamless and secure means of verifying identities, reducing the risk of unauthorized access and identity fraud.
Moreover, the global push towards digital transformation and the increasing prevalence of mobile and online transactions contribute to the expanding application of contactless biometrics. The convenience and speed offered by these technologies align with the evolving needs of industries seeking to streamline processes and enhance user interactions.
Challenges and Concerns in the Contactless Biometrics Landscape:
Despite its significant growth, the Contactless Biometrics market faces challenges and concerns. Privacy issues and the ethical use of biometric data are at the forefront. Striking a balance between convenience and protecting individuals’ privacy rights remains a challenge, prompting the need for robust regulations and ethical standards to govern the use of contactless biometrics.
Furthermore, the potential for system vulnerabilities and the risk of spoofing or impersonation pose ongoing concerns. As the market continues to innovate, addressing these security challenges through advancements in anti-spoofing technologies and encryption methods becomes imperative to ensure the integrity of contactless biometric systems.
Overview of the Contactless Biometrics Market Report:
- Country-wise analysis of the market along with types, applications, and manufacturing
- Strategic recommendations to established players as well as new entrants
- In-depth analysis of the risks, restraints, and limitations in the Contactless Biometrics Market industry
- Introduction, Product Scope, Market Overview, and Opportunities
- Analysis of the Manufacturers with sales, revenue, and price analysis
- Comprehensive analysis of the competitive landscape
- Extensive profiling of the key competitors along with their business strategies and market size
- Regional analysis of the market along with sales, revenue, market share, and global position
Competitive Landscape:
The latest report encases an in-depth summary of the intensely competitive landscape of the global Contactless Biometrics Market , with systematic profiling of the companies operating across this industry. In this section of the report, experts have listed down the strategic initiatives undertaken by these market rivals for proposed business expansion. Additionally, it highlights the key developments and financial positions of these companies to explain the overall market scenario. The company profiles of the established and new players have also been assessed in the report through effective analytical tools like SWOT analysis.
Major Companies and Competitive Landscape
The global Contactless Biometrics Market is fragmented, with a number of small- and medium-sized players accounting for majority revenue share. Established companies are engaged in various research and development activities and initiatives to develop and deploy new and more efficient technologies and solutions in the
Contactless Biometrics Market . Some prominent players operating in the market are: Fingerprint Cards AB, Aware, Inc., Fujitsu Limited, IDEMIA, HID Global Corporation, Touchless Biometric Systems AG, nVIASoft Corporation, NEC Corporation, M2SYS Technology, Blue Biometrics, ASSA ABLOY, MeReal Biometrics Limited, Untethered Labs, Inc., and T3K-Forensics GmbH.
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The market’s growth is further propelled by technological advancements and innovations aimed at developing safer, more effective, and environmentally friendly biocidal products. Companies are investing in research and development to create novel formulations with enhanced efficacy while meeting regulatory standards. The advent of bio-based biocides derived from natural sources presents a promising avenue for sustainable and eco-friendly solutions, catering to the increasing demand for greener alternatives.
Emergen Research has segmented the global contactless biometrics market on the basis of offering, application, end-use, and region:
· Offering Outlook (Revenue, USD Billion; 2019–2030)
- Multimodal Biometrics Solution
- Software
- Integrated Biometrics Software
- Standalone Software
- Vein Recognition
- Facial Recognition
- Iris Recognition
- Others
- Hardware
- Contactless Fingerprint Scanners
- Palm Vein Scanners
- Voice Recognition Devices
- Contactless Smart Cards & Readers
- Others
- Services
- Managed Services
- Professional Services
· Application Outlook (Revenue, USD Billion; 2019–2030)
- KYC & Onboarding
- Criminal Identification & Forensic
- Access Control
- Others
Segmentation:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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