Contactless Biometric Market
Global Contactless Biometric Market was valued at USD 6.92 billion in 2019 which is expected to reach USD 22.87 billion by 2027 at a CAGR 19.8%.
Contactless biometrics is defined as identification of different faces on large scale. This technology is used to enhance security through face recognition. Also, contactless biometrics collect data of an individual by using cloud based platform.
The global technology, telecommunication, and media industry giants are expected to face necessities to take prime advantage of cloud platforms to develop efficient and powerful AI-based tools to serve a vast range of end-users. These tools are bound to accelerate experimentation, boost the advancement agility, and encourage digital transformation on a larger scale in organizations.
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Increase in adoption of cloud-based services like artificial intelligence and machine learning is expected to boost the global contactless biometric market growth. Furthermore, increase in penetration of Smartphones and tablets coupled with companied focuising on manufacturing of facial recognition software in smartphones by addition of verification layer to unlock the smartphones which is expected to propel the market growth. Moreover, rise in support from government legalization to encourage the usage of contactless authentication technology will fuel the market growth in near future. Also, high adoption of this technology in healthcare sector will grow the market significantly.
However, high cost of contactless biometrics is the restraining factor which is expected to hinder the global contactless biometrics market growth.
Global Contactless Biometric Market is segmented into technology such as Contactless Cards, Voice Recognition, Palm Vein Recognition, Iris Recognition, Facial Recognition, and Contactless Fingerprint Technology, by application such as Access Control, Payments & Transactions, and Identity Verification, by component such as Hardware, Software, Services, and Managed. Further, market is segmented into industry vertical, such as Retail, Military & Defense, Healthcare, Government & Law Enforcement, BFSI, and Others.
Also, Global Contactless Biometric Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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The primary research procedure is based on results of face to face interviews with industry experts and consumers. The secondary research process includes an intricate study of the scholarly journals and reports available online.
Market Key Players
Various key players are discussed in this report such as Biorugged, Vision-Box, Aware, Cognitec, Authen Trend, IRIS ID,JENETRIC, Regula, Telpo, and IrisGuard
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