Home Press Releases Contactless Biometrics Market Size Worth $60.72 Billion By 2030 | CAGR: 15.2%

Contactless Biometrics Market Size Worth $60.72 Billion By 2030 | CAGR: 15.2%

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.

 

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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

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