Newark, Sept. 02, 2024 (GLOBE NEWSWIRE) -- The global contactless biometrics technology market was valued at USD 14.56 billion in 2023 and is projected to grow at a CAGR of 18.10% from 2024 to 2033, reaching USD 76.84 billion by 2033. The Asia Pacific region is expected to experience the fastest growth during this period. The rising adoption of contactless devices is a key driver of this market expansion. Contactless biometrics is emerging as a promising solution for secure payments, remote attendance, unauthorized access prevention, and premises security, all while mitigating the risk of contagious disease transmission.
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The raised use of contactless biometrics technology, along with the increasing adoption of facial recognition technology across different applications, is propelling the market's growth in this region. Furthermore, the rising demand for touchless technology for safety and security systems, coupled with the presence of prominent biometric system manufacturers, is anticipated to drive market growth in this region. In addition, the Asia Pacific region is expected to show the fastest CAGR growth over the projection period due to the growing terrorist attacks and increasing adoption of contactless biometrics technology in defense and government applications.
Leading companies in the industry include Fujitsu Limited, 3M, Aware Inc., Touchless Biometric Systems AG, Fingerprint Cards AB, NEC Corporation, HID Global, Neurotechnology, nViaSoft, IDEMIA, Privaris, Griaule Biometrics, Lumidigm Inc., Siemens AG, RCG Holdings Limited, Thales SA, Assa Abloy AB, M2SYS Technology, Gemalto N.V. More significant opportunities and continuously focus on new product developments and venture capital investments to obtain market share.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 18.10% |
| Market Size in 2023 | USD 14.56 Billion |
| 2033 Value Projection | USD 76.84 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 237 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Application, Component, End-User |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Contactless Biometrics Technology Market Growth Drivers | The increasing demand for vascular biometrics |
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The application segment is divided into fingerprint, hand geometry, voice, iris, face, and others The iris segment dominated, with a market share of around 21.06% in 2023. This growth is attributed to its accuracy, fast, and convenient scanning method. The component segment is divided into hardware, software, and services. In 2023, the software segment dominated the market with 42.17%. This growth is attributed to the increasing adoption of new advanced technologies, including cloud-based services, Machine Learning (ML), and Artificial Intelligence (A.I.) for contactless biometrics solutions. The end-user segment is divided into transport & logistics, government, defense & security, healthcare & life sciences, consumer electronics, banking & finance, and others. In 2023, the government segment dominated the market with 22.08%. This growth is attributed to the surge in investments in innovative government technologies worldwide.
The technology offers an innovative & much safer mode based on hygiene & convenience amid the COVID-19 outbreak, helping to drive the growth of the contactless biometrics technology market. Further, the increasing adoption of contactless biometrics solutions in financial organizations for ensuring financial transactions worldwide is helping to stimulate contactless biometrics technology market growth during the forecast period. Additionally, the increasing use of systems in the financial services, customer electronics, and automotive industries, along with the growing use of biometric technology in customer electronics for authentication & identification applications, are also helping to boost market growth over the forecast period.
Market Restraints:
The high costs associated with biometric systems, along with challenges in accurately detecting unauthorized users and ongoing data security concerns, are key factors restraining market growth. Additionally, the need to establish broad ethical principles for artificial intelligence and the significant investment costs are further hindering market expansion. The high expenses related to deploying biometric services and software also pose a barrier to growth over the forecast period.
Market Opportunities:
The growing penetration of smartphones and tablets, coupled with the increasing use of facial and fingerprint recognition systems, is driving market growth. Rising investments in facial recognition technologies, particularly by defense and government sectors, are also stimulating expansion. Additionally, the trend toward digitalization, along with the increasing demand for contactless card payments instead of PIN entry, is propelling the market. The emergence of 4G and 5G network technologies, heightened competition among mobile carriers, and the standardization and upgrading of operating systems are further contributing to growth
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