Contactless Biometrics Technology Market Segments, Opportunity, Growth and Forecast by End-Use Industry 2020-2030

(Markitwired via Comtex)

Greater emphasis on public safety monitoring and soaring need forpatient screening and early detection are pushing the demand for moresophisticated touch-less biometrics technology. Driven by broadeningapplication for identity verification, payments, transactions, and accesscontrol, global contactlessbiometrics technology market will grow exponentially at over17% through 2030.

As indicated by a new report of Future Market Insights (FMI), the novelcoronavirus outbreak will have a widespread influence on contactless biometricstechnology market. A considerable uptick in online transactions will be acomplementary force. Adoption rates will remain higher at facilities thatrequire stringent surveillance, law enforcement, and access control. Keycompanies are leveraging demand from law enforced and government sectors.Healthcare and biotechnology facilities would account for a majority of demand,especially for facial recognition systems.

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“An influx of innovative and secure avenues of healthcareapplications will arise amid the COVID-19 pandemic, fostering demandspecifically for iris recognition and facial recognition systems,”projects the FMI report.

Contactless Biometrics Technology Market – Key Takeaways

  • Application for facial recognition will experience a boom, with soaring demand for verification and access control.
  • Demand for application in identity verification is soaring, followed closely by access control.
  • Software installed base continues to account for a significant market share.
  • North American market continues to lead, majorly driven by military and government applications.

Contactless Biometrics Technology Market – Key Driving Factors

  • Increasing government investments in iris recognition, facial biometrics, and fever detection is driving market growth.
  • Declining preference for contact forms of biometrics among enterprises, healthcare facilities, and border control units has augured well for market growth.
  • Visible rise in collaborations between biometric system vendors and governments for introducing citizen-centric contactless solutions is pushing demand further.
  • Operational benefits of accuracy, hygiene, security, and minimal maintenance are complementary to market growth.

Contactless Biometrics Technology Market – Key Restraints

  • High price point associated with contactless biometric systems in comparison to conventional systems limits broader adoption.
  • Privacy and security concerns remain longstanding constraints that go hand in hand with each new innovation introduced in the market.

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Competition Analysis

Key players are primarily investing in varying biometric modalities suchas contactless fingerprint tech, facial recognition, voice and irisrecognition, and palm vein recognition to appeal to a wider consumer base.Biometric system vendors will specifically emphasize raising awareness aboutthe benefits of security and hygiene maintenance through contactless biometricstechnology. The global COVID-19 pandemic has created opportunities for marketplayers as touch based alternatives are losing their share to touch-lesssystems. Equipment manufacturers are collaborating with governments tocontribute towards virus containment. Some of the leading players include butare not limited to IDEMIA, NEC, Fujitsu, and Gemalto.

More About the Report

The FMI’s market research report of 300 pages offers comprehensiveinsights on contactless biometrics technology market. The market is analyzed onthe basis of technology (contactless fingerprint technology, facialrecognition, iris recognition, palm vein recognition, voice recognition, andcontactless cards), component (hardware, software, services, and others),application (identity verification, payments & transactions, and accesscontrol), and industry (BFSI, government & law enforcement, healthcare,military & defense, retail, and others) across six key regions (NorthAmerica, Latin America, Europe, East Asia, South Asia and Pacific, and MEA).

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