Global Contactless Biometrics Technology Market Highlights Over 2022 - 2031
The global contactless biometrics technology market is estimated to garner a sizeable revenue by growing at a CAGR of ~22% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing demand for high level of security in public, private and commercial sectors, and increasing adoption of biometrics in the healthcare industry. Along with these, rising use of automatic identification and data capture (AIDC) technology in e-commerce and retail industry is also expected to drive market growth in the forthcoming years. Furthermore, escalating penetration of smartphones and tablets, and surge in deployment of cloud-based services, such as AI and ML, are projected to offer ample growth opportunities to the market in the near future. It was evaluated that more than 6,200 million people used smartphones in 2021, up from 6,000 million and 5,500 million smartphones users in 2020 and 2019 respectively.
The market is segmented by end user into government, banking & finance, consumer electronics, healthcare, transport & logistics, defense & security, and others. Out of these, the government segment is anticipated to hold the largest share in the global contactless biometrics technology market on account of the largescale deployment of this technology for minimizing and controlling criminal activities. Apart from this, the healthcare segment is predicted to observe robust growth over the forecast period owing to the growing popularity of real-time emotion detection, which is an application of face recognition, in the healthcare sector. Additionally, on the basis of component, the software segment is assessed to acquire the largest share over the forecast period ascribing to the high rate of adoption of cloud-based services for contactless biometrics solutions. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Contactless Biometrics Technology Market Regional Synopsis
Regionally, the global contactless biometrics technology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America is estimated to witness noteworthy growth over the forecast period and grab the largest share on the back of rising government spending to implement contactless biometric solutions in the region. In addition, high military spending is also expected to boost the market growth in the region in the coming years. The military spending in the United States increased up to more than USD 750 billion in 2020, up from USD 730 billion in 2019 and 690 billion in 2018 respectively. Besides this, the surge in adoption of biometrics in banking and financial services is also expected to contribute to the growth of the market in the region. Moreover, the market in Asia Pacific is also projected to occupy a significant share during the forecast period in view of the increasing number of terrorist attacks, and growing adoption of the technology in defense applications.
The global contactless biometrics technology market is further classified on the basis of region as follows:
Our in-depth analysis of the global contactless biometrics technology market includes the following segments:
By End User
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing demand for high level of security in public, private and commercial sectors, and increasing adoption of biometrics in the healthcare industry.
The market is anticipated to attain a CAGR of ~22% over the forecast period, i.e., 2022-2031.
The major players in the market are NEC Corporation, Gemalto N.V., Aware Inc., Touchless Biometric Systems AG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, application, end user, and by region.
The software segment is anticipated to hold largest market size in value and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
High cost of contactless biometrics solutions is estimated to hamper the market growth.
North America will provide more business opportunities for market growth owing to the rising government spending to implement contactless biometric solutions in the region.
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