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NEW YORK, July 18, 2022 /PRNewswire/ — According to the latest market research study published by P&S Intelligence, the contactless biometrics market was worth around $17,389.2 million in 2021, which is expected to hit $59,501.4 million value in 2030, advancing at a 14.6% CAGR from 2021 to 2030. The primary drivers of this increase include the rising security concerns and demand for contactless biometric technology, as well as the government measures that encourage its usage.
Moreover, the main applications of contactless biometric systems are access control, onboarding & KYC, and criminal identification & forensics. The usage of such systems for forensic and criminal identification purposes is primarily driven by the rise in the count of fraudulent activities and identity thefts and a growth in digital identity use cases across verticals.
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Segmentation Outlook
- Due to the increasing need for software to enhance device compatibility for various applications, the software category holds an over 40% share in the market and is predicted to continue dominating in the coming years.
- Moreover, in terms of contactless biometrics market share, the services category holds the third spot, and in the years to come, it is predicted to grow at a significant rate. This is due to the category’s inclusion of managed services, analysis & advisory services, feasibility assessment services, and training & consulting services, all of which are necessary for end users to operate their biometric systems successfully and efficiently.
- Additionally, the face recognition technology holds the biggest market share due to its high degree of security, reliability, and affordability.
- The usage of the iris recognition technology is predicted to grow at around 16% CAGR in the coming years. This may be because the system operates by emitting infrared light at the iris, which reveals the intricate patterns inside, thus tackling many of the challenges associated with simple facial identification.
- With a revenue share of over 30% in 2021, the government sector is the largest end user in the market. This is because several national governments are using contactless biometric technologies to reduce criminal activity and secure their premises.
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Regional Analysis
- The North American market share is around 30%, because of the surging demand for queueless passenger checks, seamless border crossings, secure & rapid-access controls, and quick identification of persons.
- Furthermore, the European contactless biometrics market is the second-largest, and it will advance at a significant CAGR during the forecast period. This is because of the increasing requirement for contactless identification in busy places.
- The APAC contactless biometrics market, which is the third-largest, is advancing at the fastest pace, due to the frequent technological developments, coupled with the growing disposable income.
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About P&S Intelligence
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
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