Contactless Biometrics Technology Market Average Price By Player, 2022-2030 - Future Market Insights

Contactless biometrics technology market accounted for around 40% of biometrics technology market. Rising adoption of contactless biometrics technologies such as contactless fingerprint technology, facial recognition, iris recognition, palm vein recognition, voice recognition, and contactless cards in various applications would drive the market growth.

These key applications include identity verification, payments & transactions, and access control which are set to show lucrative growth in contactless biometrics technology market. Integration of artificial intelligence technology with biometrics algorithms also expected to show remarkable growth in contactless biometrics technologies market during forecasted period.

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Future Market Insights had studied the contactless biometrics market and had laid down certain figures and estimations. However as of 2022, there is certain deviation between H1,2022(O)-H1,2022(P) and H1,2022(O)-H1,2021(A). H1,2022(O)-H1,2022(P) grew by 79 BPS points.

Development in smartphone technology has led to the implementation of various contactless biometric technologies, such as voice recognition, facial recognition, iris recognition etc.

These developments have also been extended to home security systems, museums etc. The Ministry of Civil Aviation in India also intends to roll out various facial recognition systems in airports direct the aviation system towards paperless travelling.

Moreover, H1,2022(O)-H1,2021(A) grew by 107 BPS points. In order to provide safety from COVID-19 in various offices, institutions and industries, contactless biometric technology witnessed a growth in sales. Various airports and banking institutions installed facial recognition technologies for carrying out their operations and growth in these two industries would lead to the growth in contactless biometrics. 

Japan is set to register exponential growth of contactless biometrics technology in the global contactless biometrics technology sales with a CAGR of 19.6% during 2022-30. Japan market is anticipated to create an absolute dollar opportunity of US$ 4,112.3 Mn during 2022-30.

Japan is one of the developed country and witness higher adoption of advanced digital technologies across the globe. For instance, in October 2021, Japanese government choose SAFR face biometrics for in-person service access. It provides its face biometrics technology that support the country’s digitalization initiatives. Thus, such government initiatives and rising digitalization development in the country is expected to propel the demand for the contactless biometrics technology in Japan.

Know more about the “Contactless Biometrics Technology Market is Expected to Show a Significant Growth During the Forecast Period 2022-2030.” Detailed Report - https://www.futuremarketinsights.com/reports/contactless-biometrics-technology-market

Why is Demand for Facial Recognition Segment Rising?

Facial recognition segment by technology will dominate the contactless biometrics technology market, and expected to reach 4.1X by 2030. Facial recognition segment is set to witness highest growth rate of 19.3% CAGR during 2022-30.

Integration of artificial intelligence with face biometric algorithms enhances the face recognition capability and helps determine the traits such as gender, ethnicity, age, facial hair, and glasses. Facial recognition technology helps to enhance or automate process and it provides greater face matching accuracy. Therefore, it is expected to boost the facial recognition segment during forecasted period.

Why is Demand Rising in the Identity Verification Segment?

The demand for the identity verification segment by application will dominate the contactless biometrics technology market. Identity verification segment is expected to grow at CAGR around 18.5% over the forecasted time period and it is estimated to grow almost 3.8X market by 2030.

Contactless biometrics technology is majorly used in identity verification applications such as physical access control for visitors and staff, access to enterprise-wide IT systems, time and attendance systems, payment solution and others. It also provides greater level of security to personal authentication system. Thus rising adoption of contactless fingerprint recognition, facial recognition, palm vein recognition, iris recognition, and others in identity verification applications is set to drive the market growth

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