Contactless Biometrics Market To Generate Revenue Worth $59,501.4 Million by 2030
- Published: July 2022
The global contactless biometrics market is expected to generate $59,501.4 million revenue by 2030, advancing at a considerable growth rate, of 14.6%, during 2021–2030. This can be because contactless biometric systems are majorly used for criminal identification & forensics, onboarding & KYC, and access control purposes. Moreover, the increasing adoption of artificial intelligence and machine learning technologies and the rising penetration of smartphones with facial recognition are the major trends in the industry.
Furthermore, contactless biometric card technology is the upcoming knowhow, which is being widely used in the retail as well as banking & finance sector, due to the significant surge in contactless payments. To cater to the surging needs, companies are developing advanced facial recognition software and solutions, which, in turn, drive the growth of the contactless payments sector.
Government Sector Is Largest End-User Vertical
The government sector dominates the market and it is also projected to witness the same trend in the coming years as well. This is due to the surging adoption of contactless biometric systems by governments around the world to minimize and control criminal activities. For instance, the Japanese government selected SAFR from RealNetworks to offer facial recognition tools to allow user endorsement of the “My Number” identity card, which is a digital ID to substitute traditional paper documents in the country.
The healthcare sector is also one of the significant revenue contributors to the market, owing to the rapid technology improvements and the development of AI-based iris and face identification devices, which enable hospitals to track patients without the use of physical tracking systems. In addition, the development of real-time emotion detection, which is a facial recognition application in the healthcare sector, is gaining prominence. It is used to perceive emotions displayed by patients during their stay in hospitals. Moreover, the data is utilized to determine the feeling of patients and also to indicate which patients require further attention if they are in discomfort.
APAC Market To Witness Fastest Growth
The APAC contactless biometrics market is expected to grow at the highest CAGR, around 16%, during the forecast period, owing to the constant technological innovations along with the increasing disposable income of individuals in the region. Moreover, companies are launching pilot projects in APAC, which are spreading awareness about the usage and advantages of contactless biometric systems. For instance, Mastercard along with IDEMIA and MatchMove launched a pilot fingerprint biometric card in Asia to enhance the security and safety of contactless payments.
New Product Launches and Innovations Are Key Market Strategies
In recent years, major companies operating in the industry have been involved in several strategies, such as product launches, technological advancements, and collaborations, to improve their position. For instance:
- In January 2022, IDEMIA launched a new generation of MorphoWave contactless fingerprint terminals.
- In July 2021, Thales launched a payment card with an onboard fingerprint scanner, providing contactless payment limits.
Major players in the contactless biometrics market include Aware, Inc., Fingerprint Cards AB, Fujitsu Limited, IDEMIA France SAS, HID Global Corporation, NEC Corporation, NVIAsoft Corporation, and THALES.