by Contactless biometrics technology refers to an authentication method used to identify individuals based on their physiological or behavioral characteristics from a certain distance without direct contact. Contactless biometrics systems utilize advanced sensors and technologies to capture biological data like fingerprints, facial features, irises or heartbeats without requiring physical contact with scanning devices.
These systems offer advantages like enhanced convenience, hygiene and user experience compared to conventional Contactless Biometrics Technology Market Size Contactless biometrics technology finds applications in access control, attendance tracking, payment authentication, law enforcement agencies and national ID programs among others.
The Global Contactless Biometrics Market is estimated to be valued at US$ 15.03 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Contactless Biometrics Technology are Aware, Inc., Fingerprint Cards AB, Fujitsu Limited, HID Global Corporation, IDEMIA Group, M2SYS Technology, NEC Corporation, NVIAsoft Corporation, SITA. These players are focusing on developing advanced contactless fingerprint, facial recognition and multimodal biometric solutions to expand their market presence.
The growing demand for enhanced security and authentication solutions across various industry verticals is driving the adoption of contactless biometrics technology. Industries like banking and finance, healthcare, government and defense are increasingly deploying contactless fingerprint readers, iris scanners and facial recognition systems to securely identify individuals.
Various governments across the world are promoting the large-scale use of contactless biometrics for national ID programs, e-passports and digital travel authorizations to simplify identity verification processes. Major companies are also expanding their operations in Asia Pacific and Middle East Africa regions considering high market potential.
Market Key Trends
Integration of biometrics with IoT devices is one the Contactless Biometrics Technology Market Size And Trends Various IoT-enabled solutions are being launched that integrate biometric fingerprint and facial recognition capabilities with devices like laptops, tablets, smartphones, cameras, wearables and accessories. This allows contactless user verification and authentication for securing access to networks, files and applications. Furthermore, advancements in deep learning and AI are enabling development of sophisticated multimodal biometric technologies offering higher accuracy and reliability than single biometric modalities. Integration of biometric algorithms with AI and machine learning is expected to deliver advanced identity verification solutions with lower costs.
Porter’s Analysis
Threat of new entrants: High capital requirements and economies of scale make it difficult for new players to enter the biometrics market. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternatives and price comparison. Bargaining power of suppliers: Suppliers have high bargaining power due to scarce availability of essential components and expertise required for contactless biometric technologies. Threat of new substitutes: Biometric authentication is facing competition from other authentication methods like tokens, OTPs, smart cards etc. but is gaining traction due to enhanced security and user experience. Competitive rivalry: Intense competition exists among existing players to gain market share and create new customer base through continuous innovation and deployment of new and advanced biometric technologies.
Geographical regions with maximum market value currently include North America and Europe due to extensive adoption of biometrics across government and commercial sectors for applications ranging from law enforcement to finance. Both regions collectively accounted for over 60% of global biometrics revenue in 2023.
The Asia Pacific region is emerging as the fastest growing market for contactless biometrics technology. This is attributed to factors like rising penetration of e-payments in developing countries, growing emphasis on digital ID programs by governments and increasing biometrics deployments across airports, border security and law enforcement in populous nations like India and China. The APAC biometrics market is projected to witness a CAGR of around 20% during the forecast period.
About Author - Ravina Pandya
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
