Surge in the need for high-end security across government establishments as well as corporates has led to mounting demand for biometric technology. While the past half-decade witnessed technological upgradation of biometric technology, demand for contactless biometrics has also increased. Based on Fact.MR’s assessment, in 2020, out of every 10 biometric unit sales, four were contactless.
The outbreak of COVID-19 further unfurled the utility of the less-prominent features of this technology, including identification of people with masks on the face and extended capability of temperature scanning.
A recent study by Fact.MR on the Global Contactless Biometric Market offers a 10-year forecast for 2021 to 2031.
Key Segments Covered
- By Component
- Contactless Biometric Hardware
- Contactless Biometric Software
- Contactless Biometric Services
- Professional Services
- Managed Services
- By Application
- Face Biometrics
- Fingerprint Biometrics
- Hand Geometry Biometrics
- Iris Biometrics
- Voice Biometrics
- By End Use
- Banking & Finance
- Consumer Electronics
- Transportation & Logistics
- Defence & Security
- By Region
- North America
- Latin America
- East Asia
- South Asia
Key Takeaways from Market Study
- In 2020, North America and Europe together accounted for over 57% revenue of the global contactless biometrics market.
- The market in East Asia, South Asia, and Middle East and Africa is estimated to grow over 7-fold over the next ten years.
- The hardware segment accounted for over 30% of global market revenue.
- Fingerprint application accounted for over one-fourth of the global market in 2020.
- Contactless biometrics generated over US$ 5 Bn revenue from transportation & logistics, government and defence, and security applications.
- The market is moderately concentrated, with companies such as Touchless Biometric Systems AG, Fujitsu Limited, and Fingerprint Cards AB accounting for a majority of the market share.
What are the Key Opportunities for Contactless Biometric Manufacturers?
Surge in demand for contactless biometric solutions from clubs and condominiums is expected to be pivotal in the mid-to-long term. In April 2020, clubs and condominiums such as Residencial Alphaville Zero, Tamboré 1, and Residencial Alphaville 1 installed contactless biometrics access control. Government encouragement in terms of tax relief to providers can lead to mass adoption of contactless biometrics technology in the long-term.
Which Region Offers Larger Opportunity for Sales of Contactless Biometric Technology?
North America accounts for approximately 30% of the global sales value of contactless biometrics. The region is expected to offer around US$ 4.7 Bn absolute dollar opportunity from 2021 and 2031. The reason for high revenue generation from this region includes maturity of contact-based biometrics, which is making in-roads for touchless biometric systems.
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