Contactless Biometrics Technology Market Application Outlook (Revenue, USD Million; 2022-2030)
Contactless biometrics technology
market accounted for around 40% of biometrics technology
market. Rising adoption of contactless biometrics technologies such as
contactless fingerprint technology, facial recognition, iris recognition, palm vein recognition, voice recognition,
and contactless cards in various applications would drive the market growth.
These key applications include
identity verification, payments & transactions, and access control which are set to show lucrative growth
in contactless biometrics technology market. Integration of artificial
intelligence technology with biometrics algorithms also expected to show
remarkable growth in contactless biometrics technologies market during
forecasted period.
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Future Market Insights had
studied the contactless biometrics market and had laid down certain figures and
estimations. However as of 2022, there is certain deviation between
H1,2022(O)-H1,2022(P) and H1,2022(O)-H1,2021(A). H1,2022(O)-H1,2022(P) grew by
79 BPS points.
Development in smartphone
technology has led to the implementation of various contactless biometric
technologies, such as voice recognition, facial recognition, iris recognition
etc.
These developments have also been
extended to home security systems, museums etc. The Ministry of Civil Aviation
in India also intends to roll out various facial recognition systems in
airports direct the aviation system towards paperless travelling.
Moreover, H1,2022(O)-H1,2021(A)
grew by 107 BPS points. In order to provide safety from COVID-19 in various
offices, institutions and industries, contactless biometric technology
witnessed a growth in sales. Various airports and banking institutions
installed facial recognition technologies for carrying out their operations and
growth in these two industries would lead to the growth in contactless
biometrics.
Japan is set to register
exponential growth of contactless biometrics technology in the global
contactless biometrics technology sales with a CAGR of 19.6% during
2022-30. Japan market is anticipated to create an absolute dollar opportunity
of US$ 4,112.3 Mn during 2022-30.
Japan is one of the developed
country and witness higher adoption of advanced digital technologies across the
globe. For instance, in October 2021, Japanese government choose SAFR face
biometrics for in-person service access. It provides its face biometrics
technology that support the country’s digitalization initiatives. Thus, such
government initiatives and rising digitalization development in the country is
expected to propel the demand for the contactless biometrics technology in
Japan.
Know more about the “Contactless Biometrics Technology Market is
Expected to Show a Significant Growth During the Forecast Period 2022-2030.”
Detailed Report - https://www.futuremarketinsights.com/reports/contactless-biometrics-technology-market
Why is Demand for Facial Recognition Segment Rising?
Facial recognition segment by
technology will dominate the contactless biometrics technology market, and
expected to reach 4.1X by 2030. Facial recognition segment is
set to witness highest growth rate of 19.3% CAGR during
2022-30.
Integration of artificial
intelligence with face biometric algorithms enhances the face recognition
capability and helps determine the traits such as gender, ethnicity, age, facial
hair, and glasses. Facial recognition technology helps to enhance or automate
process and it provides greater face matching accuracy. Therefore, it is
expected to boost the facial recognition segment during forecasted period.
Why is Demand Rising in the Identity Verification Segment?
The demand for the identity verification segment by application will
dominate the contactless biometrics technology market. Identity verification
segment is expected to grow at CAGR around 18.5% over the
forecasted time period and it is estimated to grow almost 3.8X market
by 2030.
Contactless biometrics technology
is majorly used in identity verification applications such as physical access
control for visitors and staff, access to enterprise-wide IT systems, time and
attendance systems, payment solution and others. It also provides greater level
of security to personal authentication system. Thus rising adoption of
contactless fingerprint recognition, facial recognition, palm vein recognition,
iris recognition, and others in identity verification applications is set to
drive the market growth
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