PUBLISHER: Polaris Market Research | PRODUCT CODE: 1132336
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1132336
The global contactless biometrics market size is expected to reach USD 60.72 billion by 2030, according to a new study by Polaris Market Research. The report "Contactless Biometrics Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Services); By Authentication Mode; By Technology; By Industry Vertical; By Region; Segment Forecast, 2022 - 2030" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for contactless authentication software is expected to increase during the forecast period. Identification-based software enables hardware components of authentication devices to be connected to computers and networks to which they are linked, making them interoperable and compatible with one another.
The software enables compatibility of a diverse range of application software on multiple operating systems, as well as an effective and functional connection. The growth of the industry is primarily driven by the increasing adoption of technologies across various industries and business sectors.
Moreover, the rise in demand for identification and authentication solutions, as well as surveillance solutions in several application areas, such as banking and telecommunications, fuels the demand for mobile biometrics. Furthermore, the increasing use of systems in the financial services, consumer electronics, and automotive industries is expected to stimulate the growth of the industry.
The major challenge that was faced during COVID-19 was the adoption of facial identification technology. The accuracy of facial recognition was a bit difficult due to the face masks and shields worn by people. This affected the accuracy of facial recognition systems in identifying individuals based on their facial traits that are only partially visible.
However, many key players in the industry were keen on developing specialized solutions to counter such obstacles. For instance, in April 2020, a U.S.-based software solutions company, LeewayHertz, developed a face mask detection software that was capable of assessing employees for their temperature and use of face masks in real-time. Such innovations drive the growth of the industry.
Contactless Biometrics Market Report Highlights
Hardware segment is expected to hold a considerable revenue share in owing greater demand for PCs, smartphones and wearable devices
By authentication mode, the contactless biometrics market is segmented into single factor authentication (SFA), and multi factor authentication (MFA). Among this, single factor authentication dominated the global market in 2021
The adoption of contactless biometrics solutions is expected to increase in the BFSI segment during the forecast period to address concerns associated with financial fraud and identity theft
North America region will lead the global market by 2030 owing to technological advancements, presence of prominent industry players, and increasing application across diverse industries
The global market is highly competitive owing to the existence of large industry players with global presence including Aware Inc., BioConnect, Cognitec Systems, Daon Inc., DERMALOG Identification Systems
Polaris Market Research has segmented the contactless biometrics market report based on component, authentication mode, technology, industry vertical, and region:
Contactless Biometrics, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Hardware
Software
Services
Contactless Biometrics, Authentication Mode Outlook (Revenue - USD Billion, 2018 - 2030)
Single Factor Authentication
Multi Factor Authentication
Contactless Biometrics, Technology Outlook (Revenue - USD Billion, 2018 - 2030)
Voice Recognition
Facial Recognition
Iris Recognition
Others
Contactless Biometrics, Industry Vertical Outlook (Revenue - USD Billion, 2018 - 2030)
BFSI
IT & Telecom
Government
Healthcare
Others
Contactless Biometrics, Regional Outlook (Revenue - USD Billion, 2018 - 2030)
North America
U.S
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Figure 1. Global Contactless Biometrics Market, 2018 - 2030 (USD Billion)
Figure 2. Integrated Ecosystem
Figure 3. Research Methodology: Top-Down & Bottom-Up Industry Vertical
Figure 4. Market by Geography
Figure 5. Porter's Five Forces
Figure 6. Market by Component
Figure 7. Global Contactless Biometrics Market, by Component, 2021 & 2030 (USD Billion)
Figure 8. Market by Industry Vertical
Figure 9. Global Contactless Biometrics Market, by Industry Vertical, 2021 & 2030 (USD Billion)
Figure 10. Market by Authentication Mode
Figure 11. Global Contactless Biometrics Market, by Authentication Mode, 2021 & 2030 (USD Billion)
Figure 12. Market by Technology
Figure 13. Global Contactless Biometrics Market, by Technology, 2021 & 2030 (USD Billion)
Figure 14. Contactless Biometrics Market Assessment, By Geography, 2018 - 2030 (USD Billion)
Figure 15. Strategic Analysis - Contactless Biometrics Market