In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
November 2021- Vienna Airport launched contactless boarding with the deployment of biometrics solutions provided by NEC Corporation.
August 2021- Fingerprint Cards and Seshaasai entered into an agreement for bringing contactless biometric payment cards to the Indian market.
Ans: 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.
Ans: The market is anticipated to attain a CAGR of ~22% over the forecast period, i.e., 2022-2031.
Ans: The major players in the market are NEC Corporation, Gemalto N.V., Aware Inc., Touchless Biometric Systems AG, and others.
Ans: 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.
Ans: The market is segmented by component, application, end user, and by region.
Ans: 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.
Ans: High cost of contactless biometrics solutions is estimated to hamper the market growth.
Ans: North America will provide more business opportunities for market growth owing to the rising government spending to implement contactless biometric solutions in the region.