Global Contactless Biometrics Technology Market Insights, Revenue Analysis, and Future Outlook | Valuates Reports
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How Strong Is the Market Growth Outlook for the Contactless Biometrics Technology Market?
The contactless biometrics technology market size has grown rapidly in recent years. It will grow from $17.09 billion in 2024 to $20.25 billion in 2025 at a compound annual growth rate (CAGR) of 18.5%. The growth in the historic period can be attributed to rise of mobile devices, retail and hospitality demands, workforce management, financial sector adoption.
The contactless biometrics technology market size is expected to see rapid growth in the next few years. It will grow to $40.71 billion in 2029 at a compound annual growth rate (CAGR) of 19.1%. The growth in the forecast period can be attributed to increasing demand for security, rising need for fraud prevention, demand for frictionless transactions, geopolitical factors and national security concerns. Major trends in the forecast period include increased integration with IoT devices, expansion in healthcare applications, advancements in facial recognition accuracy, integration with wearable devices.
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Which Major Growth Drivers Will Influence the Contactless Biometrics Technology Market by 2029?
The increased escalating security worries are expected to propel the growth of the contactless biometrics technology market going forward. Security worries refer to concerns or anxieties about protecting assets, information, systems, or individuals from various threats, vulnerabilities, and risks. These worries can arise in different contexts, including personal, organizational, or societal levels, encompassing a wide range of potential security issues. Contactless biometrics technology addresses security worries by providing secure and convenient authentication methods that significantly reduce fraud and enhance security across various industries. For instance, according to a report Ecommerce fraud trends and statistics 2024 published by Mastercard, a US-based global payments network, global ecommerce fraud losses reached $41 billion in 2022 and are projected to exceed $48 billion in 2023. The fastest-growing threat, with reports indicating that retailers in the U.S. lost over $89 billion annually due to promotional exploitation. Friendly Fraud Expected to account for 61% of all chargebacks, costing merchants over $100 billion this year. Account Takeover (ATO) Increased by 131% in late 2022, posing a significant risk to online retailers. Therefore, increased escalating security worries are driving the growth of the contactless biometrics technology market.
How Is the Contactless Biometrics Technology Market Segmented?
The contactless biometrics technologymarket covered in this report is segmented –
1) By Type: Face Recognition, Iris Recognition, Voice Recognition, Fingerprint Recognition, Other Types
2) By Component: Hardware, Software, Services
3) By End Use Industry: Healthcare, Defense And Security, Banking Financial Services And Insurance (BFSI), Government, Other End Users
Subsegments:
1) By Face Recognition: 2D Face Recognition, 3D Face Recognition, Thermal Face Recognition, Facial Landmark Recognition, Other Face Recognition Techniques
2) By Iris Recognition: Near Infrared Iris Recognition, Long Range Iris Recognition, Multimodal Iris Recognition, Other Iris Recognition Techniques
3) By Voice Recognition: Speaker Identification, Speaker Verification, Text-independent Voice Recognition, Text-Dependent Voice Recognition, Other Voice Recognition Techniques
4) By Fingerprint Recognition: Optical Fingerprint Recognition, Capacitive Fingerprint Recognition, Ultrasonic Fingerprint Recognition, Thermal Fingerprint Recognition, Other Fingerprint Recognition Methods
5) By Other Types: Hand Geometry Recognition, Vein Recognition, Signature Recognition, Gait Recognition, DNA Recognition, Other Emerging Biometric Technologies
Which Trends Are Expected to Redefine the Contactless Biometrics Technology Market Landscape?
Major companies operating in the contactless biometrics technology market focus on developing innovative solutions, such as MOQI A1 Pro contactless biometric scanners, to meet the growing demand for contactless biometrics technology. These scanners refer to biometric identification or verification methods that do not require physical contact with a device. These technologies use various methods, such as facial recognition, iris recognition, and contactless fingerprinting, to identify individuals based on unique physical characteristics. For instance, in June 2022, Moqi, a China-based technology company, launched MOQI A1 Pro. This contactless Livescan solution is designed to capture high-definition fingerprints quickly and accurately, even with dry, wet, or rough fingers. The scanner can generate rolled and flat fingerprints with just one contactless scan, offering a larger capture area and higher image quality than traditional contact-based scanners. The key to the process is its structured lighting system, which ensures precise and hygienic fingerprint scanning. Additionally, it features a sleek, black matte form factor and offers IP64-rated water and dust resistance, with the capability of operating in temperatures ranging from 0 to 50°C. The scanner also includes built-in stereo speakers and status LEDs to guide users through scanning.
Which Organizations Are Key Contributors to the Contactless Biometrics Technology Market?
Major companies operating in the contactless biometrics technology market are 3M Cogent Inc., Fujitsu Limited, NEC Corporation, Thales Group, BIO-key International Inc., Assa Abloy AB, IDEMIA SAS, Synaptics Incorporated, HID Global Corporation, Zwipe AS, Fingerprint Cards AB, Precise Biometrics AB, Crossmatch Technologies Inc., Aware Inc., Innovatrics s.r.o., nVIAsoft Corporation, Touchless Biometric Systems AG, Gemalto N.V., FaceFirst Inc., CrossCore Biometrics LLC, M2SYS Technology Inc., Cognitec Systems GmbH, Egis Technology Inc., Suprema Inc., Veridium Corporation
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What Are the Regional Market Share Projections for the Contactless Biometrics Technology Market?
North America was the largest region in the contactless biometrics technology market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contactless biometrics technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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