Contactless Biometrics Technology Market Soars to $15.98 Billion in 2022, Forecasted to Surge at 20.45% CAGR from 2024

The Contactless Biometrics Technology Market has witnessed a remarkable valuation of $15.98 billion in 2022, and experts predict a substantial growth trajectory at a CAGR of 20.45% over the forecast period. The market’s robust expansion is attributed to several pivotal factors driving the adoption of contactless biometrics across various sectors globally.

Heightened concerns regarding security and identity verification in finance, healthcare, and government sectors are propelling the uptake of contactless biometrics. This innovative technology not only curtails instances of fraud but also enhances the overall user experience by providing a secure and user-friendly authentication method.

The global shift towards touchless interactions, accelerated by the COVID-19 pandemic, has created an unprecedented surge in demand for contactless biometric solutions like facial recognition and iris scanning. These technologies minimize physical contact, mitigating the risk of disease transmission and aligning with evolving hygiene standards. Government regulations and mandates further fuel market growth by emphasizing the importance of biometric authentication.

Moreover, the proliferation of smart devices and the widespread adoption of IoT ecosystems are opening new avenues for contactless biometrics, seamlessly integrating into various aspects of daily life. These combined factors contribute significantly to the growing prominence and adoption of contactless biometrics technology.

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Application Insights

Segmented into Facial and Fingerprint applications, the Contactless Biometrics Technology Market witnessed the Facial segment dominating with the largest share in 2022. The increasing demand for robust security solutions in finance, healthcare, and government, coupled with the global shift towards touchless interactions due to the pandemic, has driven the adoption of facial recognition technology. This hygienic and non-intrusive means of identity verification is experiencing heightened adoption, supported by advances in facial recognition algorithms, machine learning, and artificial intelligence.

Component Breakdown

The Contactless Biometrics Technology Market is segmented into Hardware, Software, and Service components. The rising need for robust security solutions in various industries, particularly finance, healthcare, and government, is propelling the adoption of software-based contactless biometrics. This approach offers enhanced authentication and fraud prevention capabilities. The global shift towards touchless interactions, prompted by the COVID-19 pandemic, has accelerated the demand for contactless biometric software, such as facial recognition and palm print recognition, providing a secure and hygienic means of identity verification.

Simultaneously, the market is witnessing increased adoption of hardware-based contactless biometrics. Industries seeking improved security measures are turning to hardware solutions, such as facial recognition cameras and fingerprint scanners, providing robust and reliable identity verification while adhering to the demand for hands-free, secure authentication.

End-use Landscape

The Contactless Biometrics Technology Market is segmented into Government, Banking Finance, Consumer Electronics, Healthcare, Transport Logistics, Defense Security, and Others. Government emerged as the largest end-use sector in 2022. Governments worldwide are escalating investments in advanced biometric technologies to bolster national security, border control, and law enforcement. The pressing need for robust identity verification, efficient document authentication, and enhanced surveillance capabilities is steering this demand.

Additionally, the COVID-19 pandemic has accelerated the adoption of contactless biometrics in government applications, such as airport security and immigration, where these technologies provide safer and more sanitary methods of identity verification.

In healthcare settings, the growing demand for accurate patient identification and the security of sensitive medical data are driving the adoption of contactless biometrics. These technologies ensure secure access to electronic health records, improving patient safety. The pandemic has further heightened demand for touchless interactions in healthcare facilities, with contactless biometric solutions facilitating hygienic patient check-in, medication dispensing, and access control while reducing the risk of cross-contamination.

In conclusion, the Contactless Biometrics Technology Market is poised for substantial growth, driven by a confluence of factors emphasizing security, hygiene, and seamless integration into daily life. As the market continues to evolve, the adoption of contactless biometrics technology is set to redefine the landscape of authentication and identity verification across diverse sectors.

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Key Companies Profiled: M2SYS Technology, NEC Corporation, nVIAsoft Corporation, Touchless Biometric Systems, Aware., Fingerprint Cards, Fujitsu, Thales Digital Identity and Security (ex Gemalto), HID Global — Formally Lumidigm, IDEMIA

Global Contactless Biometrics Technology Market, Report Segmentation

Contactless Biometrics Technology Market, By Material

Plastic
Paper
Metal
Bioplastics

Contactless Biometrics Technology Market, By Product

Pouches
Bags
Films Wraps
Others

Contactless Biometrics Technology Market, By Application

Food Beverage
Pharmaceutical
Cosmetics
Others

Contactless Biometrics Technology Market, Regional Outlook

North America

U.S.
Canada
Mexico

Europe

Germany
UK
Spain
Russia
France
Italy

Asia Pacific

China
Japan
India
South Korea
Australia

CSA

Brazil
Argentina

MEA

UAE
Saudi Arabia
South Africa

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