North America to Account for 30% of the Global Contactless Biometrics Market
Fingerprint Recognition to Generate an Absolute Dollar Opportunity of over USD 5.4 billion by 2032
In a recent market study, Fact.MR covers recent developments in the global contactless biometrics market, highlighting vital aspects such as trends, drivers, opportunities, and restraints. The report studies recent developments in the segments of the market in terms of technology, component, application and industry.
NEW YORK, Jan. 12, 2022 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global contactless biometrics market is expected to increase at a CAGR of 16.4 percent from 2022 to 2032, from USD 17.1 billion in 2022 to USD 78.6 billion in 2032.
Face recognition is improved when artificial intelligence and biometric methods are combined. As a result, the demand for such capability in determining most notable attributes such as gender, ethnicity, facial hair, and glasses to propel the contactless biometrics market growth at a rate of 4.5X between 2022 and 2032.
The demand for end-to-end solutions is increasing, necessitating the integration of various software and middleware services. According to the above-mentioned trend, the contactless biometric industry is expected to account for roughly 43% of the worldwide biometrics market by the end of 2022.
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The integration of behavioral biometrics with biometric solutions, which aids in ensuring authentication in financial institutions, businesses, government facilities, and retail point of sale, is increasing the product's industrial demand.
Fintech companies, telecom operators, retailers, banks, and other industries have begun to use contactless biometrics technology for client identification. Furthermore, it is anticipated that it will become a required process for authenticating and identifying clients when opening a new or current account.
However, unlike passwords, biometric data is impossible to replace, which is a major market limitation. Because biometric data is physically irreplaceable, an alternative solution must be employed to replace biometric authentication.
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The majority of manufacturers are concentrating their efforts on creating subsidiaries in developing countries. Product launches, collaborations with major players, partnerships, and mergers and acquisitions are all examples of strategies. The following are some of the most significant developments:
Key Players in the Contactless Biometrics Market Include:
More Valuable Insights on Contactless Biometrics Market
Fact.MR provides an unbiased analysis of the contactless biometrics market, presenting historical demand data (2016-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global contactless biometrics market with a detailed segmentation on the basis of:
Key Questions Covered in Contactless Biometrics Market Report
Explore Fact.MR's Coverage on the Technology Domain –
Biometric Authentication Solution Market Analysis - Biometric authentication solutions are being more widely used as the demand for improved security and identification systems grow. The growing reliance on digital technologies and automation is likely to fuel the expansion.
IRIS Biometrics Market Forecast - The extensive use of IRIS biometrics for physical access security is propelling the IRIS biometrics industry forward. In addition, since the number of customers migrating to mobile banking grows at an exponential rate, numerous firms are implementing IRIS biometrics as security measures.
Vein Recognition Biometrics Market Insights – Efficiency and accuracy is expected to propel the demand for Vein recognition biometrics. Vein recognition biometrics are being used by banks and financial institutions in emerging countries such as India, China, Argentina, Mexico, Brazil, and South Africa to verify customer identities.
Facial Recognition Access Control Solution Market Scope - The market for facial recognition access control solutions is growing as people become more reliant on digital technology and automation. Furthermore, as the demand for improved security and identity systems grows, facial recognition access control solutions are becoming more popular.
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