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Contactless Biometrics Technology Market by Technology(Contactless Fingerprint Technology, Facial Recognition, Iris Recognition, Palm Vein Recognition, Voice Recognition, and Contactless Cards), Applications(Identity Verification, Payments & Transactions, and Access Control), Offering (Hardware, Software, and Services), and Industry Vertical (BFSI, Government & Law Enforcement, Healthcare, Military & Defense, Retail, Education, Hospitality, and Automotive): Global Opportunity Analysis and Industry Forecast, 2021–2027

A08844
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Jun 2021 | 403 Views
 
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Contactless biometrics technology is a biometric authentication method, which does not allow the user to conduct any physical contact with the device. Contactless biometrics technology is a highly accurate and secure method for personal biometric identification (including contactless modalities) and employed for staff registration, time attendance, and management. Furthermore, contactless biometrics are used to collect an individual's data through face detection, recognition, and cloud plat forming. In addition, rising demand for high safety standards in the commercial, public, and private sectors is expected to drive the market growth. Furthermore, it isexpected that growinguse of automatic identification and data capture (AIDC) technology acrossindustries such as e-commerce, retail industries, BFSI industry, and border control applications; and increased support from governments to encourage use of touch less authentication technology is anticipated to drive market development.

COVID-19 scenarioAnalysis:

  • Global contactless biometrics technology market has been significantly impacted by the COVID-19 outbreak. New projects throughout the world have stalled, which, in turn, have led to decline in demand for analog semiconductors.
  • Global factories have struggled to integrate new contactless biometric technologies as workers have stayed in their homes, which disrupted the global supply chains.
  • The impact of COVID-19 on this market is temporary as just the production and supply chain is stalled. Once the situation improves, production, supply chains, and demand for contactless biometric technologies are gradually going to increase. 
  • This COVID-19 lockdown would help companies think about more advanced contactless biometric technologies to enhance efficiency.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Growth adoption of contactless biometrics solutions in financial institutions for the secure financial transactions across the globe is anticipated to fuel the market growth. The contactless biometrics technology enables longer running times with less cleaning and less consumables, minimizing the maintenance cost. However, the higher cost of contactless biometrics solutions is anticipated to hamper to the growth to some extent of the market for contactless biometrics technology. Moreover, identity theft or data theft is a significant growth risk as it can pose a serious threat to the protection of sensitive information, or even increase the threat to national security.

The globalcontactless biometrics technology market trends are as follows:

Increase in adoption of Artificial Intelligence (AI) and Machine Learning (ML)

Increasing implementation of cloud-based services such as Artificial Intelligence (AI) and Machine Learning (ML) for contactless biometrics technology is expected to drive demand for contactless biometrics technology, to improve system compatibility for various applications.

Rise inadoption of smartphones and tablets

Rising penetration of smartphones and tablets coupled with focus of manufacturers on facial recognition software for their smartphones is anticipated to drive the demand for contactless biometrics solutions as an added layer of verification to unlock their smartphones. Contactless biometrics also offers encrypted access to applications and allows payments authenticated.

Growth in adoption of contactless technology in various industry verticals

High adoption rates of biometrics in the healthcare sector are expected to drive the contactless biometrics technology market. In addition, due to high implementation of touchless biometrics systems for government and military applications, North America is expected to lead the global contactless biometrics technology market. Also, the increasing numbers of air travelers around the globe have increased demand at airport facilities for more secure and advanced identifying solutions. The solutions estimate the vital signs of a passenger, allowing for touchless health screenings at airport kiosks through voice recognition. Furthermore, by implementing temperature sensors to capture body temperature and imaging cameras, manufacturers are also focusing on advancing their existing contactless biometrics solutions.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2020–2027

  Base year considered

  2019

  Forecast period

  2021–2027

  Forecast units

  Value (USD)

  Segments covered

  Technology, Applications, Offering, Industry Vertical, and Region

  Regions covered

North America (Canada, Mexico, and U.S.), Europe (France, Germany, UK, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific), and LAMEA (Africa, Latin America, and Middle East)

  Companies covered

Major players analyzed are3M (U.S.), Aware, Inc. (U.S.), Fujitsu Ltd. (Japan), Griaule Biometrics (U.S.), Lumidigm Inc. (U.S.), NEC Corp. (Japan), Privaris (U.S.), RCG Holdings Limited (U.S.), Siemens AG (Germany) and Thales SA (France)

Key benefits of the report:

  • This study presents the analytical depiction of the globalcontactless biometrics technology industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the globalcontactless biometrics technology system market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global contactless biometrics technology market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed globalcontactless biometrics technology market analysis based on competitive intensity and how the competition will take shape in coming years.

Key segments covered:

Segments

Subsegments

  Technology

  • Contactless Fingerprint Technology
  • Facial Recognition
  • Iris Recognition
  • Palm Vein Recognition
  • Voice Recognition
  • Contactless Cards

  Application

  • Identity Verification
  • Payments & Transactions
  • Access Control

  Offering

  • Hardware
  • Software
  • Services

  Industry Vertical

  • BFSI
  • Government & Law Enforcement
  • Healthcare
  • Military & Defense
  • Retail
  • Education
  • Hospitality
  • Automotive

Questions answered in thecontactless biometrics technology market research report:

  • Which are the leading market players active in the contactless biometrics technology market?
  • What would be the detailed impact of COVID-19 on the market?
  • What current trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the contactless biometrics technology market?
  • What are the projections for the future that would help in taking further strategic steps?
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

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With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

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We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

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Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

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AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
 
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