The global contactfree biometrics market is expected to reach a market size of USD 28.83 Billion in 2027 and register a robust CAGR over the forecast period due, according to the latest report by Reports and Data. Some key factors driving revenue growth of the global contactfree biometrics market include rapid technological advancements and increasing adoption of contactfree biometrics in the global healthcare sector.
Growth in digital banking globally is also propelling deployment of voice and facial recognition systems in the banking and financial industry. Contactfree biometrics enable a convenient, user-friendly approach of verifying customers to deliver superior and consistent experience and to secure their online platforms. Increase in demand for smartphones and tablets with facial recognition software for additional security of devices is also contributing to growth of the market.
Another key factor driving demand for contactfree biometric systems is growing adoption of cloud-based services such as machine learning (ML) and Artificial Intelligence (AI) to strengthen the compatibility of smart devices for varying applications. However, high cost of contactfree biometrics solutions is a key factor expected to limit adoption and deployment, especially in emerging economies.
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Further key findings in the report
- Increase in adoption of cloud-based services such as Machine Learning (ML) and Artificial Intelligence (AI) for contactfree biometric solutions is driving revenue growth of the software segment.
- Increasing adoption of fingerprint biometric solutions in consumer electronics has also been propelling growth of the global contactfree biometrics system market. Demand for fingerprinting-based biometrics solutions has been increasing due to increasing demand for contactfree card payments instead of physically inputting PIN for validation.
- The healthcare segment is witnessing high revenue contribution to the global contactfree biometrics market due to rapid adoption of more advanced technologies in the healthcare sector and rising use of Artificial Intelligence to track patients without using any physical tracking devices.
- Rise in adoption of advanced technologies in defense sector in North America is driving demand for these systems. Governments of countries in the region are increasing spending to enhance security at airports and to manage travelers and related logistics more efficiently, and this is expected to further propel demand for contactfree biometric technologies.
Facial recognition technology has a wide range of applications across various industries, such as security, law enforcement, and customer service. In the security industry, facial recognition is used to identify and track individuals in public places, such as airports, train stations, and stadiums. In law enforcement, facial recognition is used to identify suspects and to help solve crimes. In customer service, facial recognition is used to provide personalized services to customers, such as targeted advertising and customized shopping experiences.
Some leading companies operating in the global Contactfree Biometrics Market:
Fujitsu Limited, NEC Corporation, Fingerprint Cards AB, Aware Inc., nViaSoft, HID Global, Gemalto N.V., M2SYS Technology, IDEMIA, and Touchless Biometric Systems AG.
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The global market is further segmented into type and application:
Technology Outlook (Revenue, USD Billion; 2017–2027)
- Professional Services
- Managed Services
Application Outlook (Revenue, USD Billion; 2017–2027)
- Hand Geometry
End-Use Outlook (Revenue, USD Billion; 2017–2027)
- Banking and Finance
- Consumer Electronics
- Defense and Security
- Transport and Logistics
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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This technology uses algorithms to recognize and authenticate individuals based on the unique characteristics of their faces. It captures an image of a person's face and compares it with a database of images to locate a match.
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