Global Contactless Biometrics Technology Market Size By Technology, By Application, By Geographic Scope And Forecast
Contactless Biometrics Technology Market Size And Forecast
Contactless Biometrics Technology Market was valued at USD 6.92 Billion in 2019 and is projected to reach USD 29.10 Billion by 2027, growing at a CAGR of 19.8 % from 2020 to 2027.
Global Contactless Biometrics Technology Market Outlook
Recent outbreak of COVID-19 across the globe is the major factor expected to boost the demand of contactless biometric technology. Moreover, increasing demand for high level of security in commercial, private and public sector is propelling the market growth. Rapid increase in the automatic identification and data capture technology in e-commerce, retail industry, border control application, BFSI is fueling the market growth of contactless biometric technology. Furthermore, government initiatives to encourage the use of touch less technology also driving the market growth. Recently, in April 2020, Eitihad airways have announced a trial for contactless self-service at airport. However, data theft or identity theft is the major challenge industry is facing. Also, due to aging process, facial recognition technology must be enough efficient that can accommodate changes accordingly. In addition, high cost of contactless biometrics technology, errors such as variation in pose, expressions and illumination of face is restricting the market growth. Nevertheless, outbreak of COVID-19 throughout the globe is expected to provide fruitful opportunities for contactless biometric technology in the coming years.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The Global Contactless Biometrics Technology Market is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market.
Global Contactless Biometrics Technology Market Competitive Landscape
The Global Contactless Biometrics Technology Market study report will provide a valuable insight with an emphasis on global market including some of the major players such as Aware Inc., Fingerprint Cards AB, Fujitsu Limited, Gemalto N.V., HID Global, IDEMIA, M2SYS Technology, NEC Corporation, Neurotechnology, nViaSoft, Touchless Biometric Systems AG. and Mevion Medical Systems.
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