Contactless Biometric Market Size, Trends & Growth Opportunity By Technology ( Contactless Cards, Voice Recognition, Palm Vein Recognition, Iris Recognition, Facial Recognition, Contactless Fingerprint Technology), By Application ( Access Control, Payment

Contactless Biometric Market Size, Trends & Growth Opportunity By Technology ( Contactless Cards, Voice Recognition, Palm Vein Recognition, Iris Recognition, Facial Recognition, Contactless Fingerprint Technology), By Application ( Access Control, Payments & Transactions, Identity Verification), By Component (Hardware, Software, Services, Managed ), By Industry Vertical (Retail, Military & Defense, Healthcare, Government & Law Enforcement, BFSI, Others), By Region and Forecast till 2027>

Market Overview

Global Contactless Biometric Market was valued at USD 7.92 billion in 2021 which is expected to reach USD 23.87 billion by 2027 at a CAGR 22.68% from 2022 -2027.

Contactless biometrics is the identification of various faces on a large scale. Face recognition technology is used to improve security. Furthermore, contactless biometrics collect data from individuals via a cloud-based platform.

Market Drivers

the increased adoption of cloud-based services such as artificial intelligence and machine learning is expected to drive the growth of the global contactless biometric market. Furthermore, the increased penetration of Smartphones and tablets, combined with the company's focus on manufacturing facial recognition software in smartphones through the addition of a verification layer to unlock the smartphones, is expected to drive market growth. Furthermore, increased government legalization to encourage the use of contactless authentication technology will drive market growth in the near future. Furthermore, widespread adoption of this technology in the healthcare sector will significantly expand the market.

Market Restraints

However, the high cost of contactless biometrics is expected to limit the global contactless biometrics market growth.

Market Segmentation

Global Contactless Biometric Market is segmented into technology such as Contactless Cards, Voice Recognition, Palm Vein Recognition, Iris Recognition, Facial Recognition, and Contactless Fingerprint Technology, by application such as Access Control, Payments & Transactions, and Identity Verification, by component such as Hardware, Software, Services, and Managed. Further, market is segmented into industry vertical, such as Retail, Military & Defense, Healthcare, Government & Law Enforcement, BFSI, and Others.

Also, Global Contactless Biometric Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominated the Contactless Biometric market. This dominance can be attributed to the presence of technology providers in the region, including nVIAsoft Corporation, HID Global, M2SYS Technology, and BioConnect. Increasing demand for contactless biometrics solutions by payment solution providers in the region to provide secure transactions to their customers is expected to drive regional growth. For example, SnapPay, Inc., a payment solutions provider, announced the availability of facial recognition-based payment technology for merchants in North America in October 2019.

Market Key Players

Various key players are discussed in this report such as Biorugged, Vision-Box, Aware, Cognitec, Authen Trend, IRIS ID,JENETRIC, Regula, Telpo, and IrisGuard

Market Taxonomy

By Technology

• Contactless Cards
• Voice Recognition
• Palm Vein Recognition
• Iris Recognition
• Facial Recognition
• Contactless Fingerprint Technology

• Access Control
• Payments & Transactions
• Identity Verification

• Hardware
• Software
• Services
• Managed

• Retail
• Military & Defense
• Healthcare
• Government & Law Enforcement
• BFSI
• Others

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa