Contactless Biometrics Technology Market, By Technology (Facial Recognition, Iris Recognition, Vein Recognition, Palm Recognition, and Others), By Application (Government and Law Enforcement, Banking and Financial Services, Healthcare, Retail and E-commer

Contactless Biometrics Technology Market, By Technology (Facial Recognition, Iris Recognition, Vein Recognition, Palm Recognition, and Others), By Application (Government and Law Enforcement, Banking and Financial Services, Healthcare, Retail and E-commerce, Travel and Immigration, and Others), By End User (Public Sector and Private Sector), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

The global contactless biometrics technology market is expected to witness prominent growth in the coming years owing to rising demand for seamless identity verification and authentication across various industry verticals. Contactless biometrics makes use of advanced sensors and imaging technology to capture physiological as well as behavioral characteristics of an individual without requiring direct contact. Technologies such as palm vein recognition, fingerprint recognition, facial recognition and iris recognition are playing a major role in contactless verification. With growing concerns around hygiene and safety due to the ongoing pandemic, contactless biometrics has emerged as a preferred authentication method as it minimizes physical contact and risk of infection spread. Growing digitization trends, increasing instances of identity theft and stringent regulations regarding security are some of the primary factors expected to drive demand for contactless biometrics solutions worldwide.

Market Dynamics:

The global contactless biometrics technology market is driven by growing demand for seamless and hygienic identity verification across banking & finance, healthcare, retail, government & defense and other sectors. Contactless biometrics provides a safer and more convenient authentication experience by leveraging technologies like facial recognition, iris scanning and palm vein identification. Rising instances of identity theft, cybercrimes and security breaches have induced the need for robust identity authentication at public places as well as digital platforms. Furthermore, stringent government regulations regarding digital KYC and identity verification are positively influencing the adoption of contactless biometrics systems. However, high costs of deployment and maintenance of advanced contactless biometrics solutions remains a key challenging factor. Moreover, privacy and security concerns associated with biometric data storage pose hindrances to market growth. Ongoing technological advancements in areas of AI, ML and digital imaging are expected to present new opportunities in future. Market players are increasingly investing in R&D to develop sophisticated contactless biometrics devices with improved accuracy, speed and integration capabilities.

Key features of the study:

This report provides in-depth analysis of the global contactless biometrics technology market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year

It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market

This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players

It profiles key players in the global contactless biometrics technology market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies

Key companies covered as a part of this study include Aware, Inc., Fingerprint Cards AB, Fujitsu Limited, HID Global Corporation, IDEMIA Group, M2SYS Technology, NEC Corporation, NVIAsoft Corporation, SITA, Touchless Biometric Systems AG, Thales, Veridium, BioConnect, Innovatrics, and Cognitec Systems

Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

The global contactless biometrics technology market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global contactless biometrics technology market.

Detailed Segmentation-

By Technology Insights (Revenue, USD Bn, 2019 - 2031)

Facial Recognition

Iris Recognition

Vein Recognition

Palm Recognition

Others (Fingerprint, Voice, Gesture, etc.)

By Application Insights (Revenue, USD Bn, 2019 - 2031)

Government and Law Enforcement

Banking and Financial Services

Healthcare

Retail and E-commerce

Travel and Immigration

Others

By End User Insights (Revenue, USD Bn, 2019 - 2031)

Public Sector

Private Sector

By Regional Insights (Revenue, USD Bn 2019 - 2031)

North America

U.S.

Canada

Latin America

Brazil

Argentina

Mexico

Rest of Latin America

Europe

Germany

U.K.

Spain

France

Italy

Russia

Rest of Europe

Asia Pacific

China

India

Japan

Australia

South Korea

ASEAN

Rest of Asia Pacific

Middle East

GCC Countries

Israel

Rest of Middle East

Africa

South Africa

North Africa

Central Africa

Key Players Insights

Aware, Inc.

Fingerprint Cards AB

Fujitsu Limited

HID Global Corporation

IDEMIA Group

M2SYS Technology

NEC Corporation

NVIAsoft Corporation

SITA

Touchless Biometric Systems AG

Thales

Veridium

BioConnect

Innovatrics

Cognitec Systems