Contactless biometrics technology market on track for US$116.6 billion by 2033, driven by a 17.8% CAGR – Future Market Insights

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This article is brought to you by Retail Technology Review: Contactless biometrics technology market on track for US$116.6 billion by 2033, driven by a 17.8% CAGR – Future Market Insights.

The contactless biometrics technology market is expected to have a total value of approximately US$22.6 billion in the year 2023.

Over the course of the next decade, it is anticipated that this market will grow significantly and reach a total worth of approximately US$ 116.6 billion by the year 2033. This growth is estimated to occur at a CAGR of 17.8% from 2023 to 2033.

Contactless biometrics ensure unified customer service. They are simple and fast compared to traditional methods of verification including PINs or credentials, making them suited for swift transactions and hectic working environments. The COVID-19 outbreak has increased the public's knowledge of hygiene and safety. As they negate the need for physical touch, contactless biometrics are attractive in uses including security control, transaction processing, and wellbeing.

Beyond controlling access and transactions, contactless biometrics are discovering usage in medical services, automobiles, and retail, boosting their significance and demand. Many governing bodies and regulatory agencies recognize the importance of biometric systems for enhancing security. They are developing regulations and guidelines to encourage long-term utilization and growth in the industry.

In the United States, the expanding use of non-contact biometrics techniques in defense and federal operations is anticipated to push up consumption of the technology. Aware, HID Global, M2SYS Technology, IdentyTech Solutions, and several more are significant contactless biometrics technology solution suppliers available in the United States. As a result, the vast number of such businesses in the country ultimately stimulates demand for the contactless biometrics technology sector.

The contactless biometrics technology sector of China has seen amazing development and creativity in the past couple of years. China's tremendous technological development, massive population, and expanding urbanization have produced an ideal environment for the widespread use of contactless biometrics. Banks and fintech firms in China are paving the way in incorporating contactless biometrics such as facial identification and fingerprint verification into payment systems and smartphone apps, offering payments seamless.

Key Takeaways:

  • The contactless biometrics technology market in the United Kingdom is anticipated to expand at 9.3% in 2023.
  • The contactless biometrics technology market in the United States is projected to attain a market value of 20.2% in 2023.
  • The market for contactless biometrics technology in Japan is predicted to contribute 1.9% revenue in 2023.
  • The contactless biometrics technology market in South Korea is anticipated to have a 2.3% market share in 2023.
  • The facial recognition segment is predicted to expand at a CAGR of 17% until 2033.

“Facial recognition technology established itself as a significant player, with uses involving security monitoring, purchases, and handheld gadgets. Problems about security and confidentiality of information prompted a boost in regulatory oversight and compliance procedures.” - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.

Competitive Landscape:

The market is characterized by intense rivalry, with several leading rivals controlling a sizable market share. The primary focus is on innovative product development and collaboration among important parties.

  • Pangiam acquired Trueface, an innovator in facial recognition, machine vision, and AI, in June 2021. Because of this transaction, Pangiam has granted usage of Trueface technology such as social isolation compliance surveillance and contactless temperature measurements.
  • Nedap, a security service management firm, joined Thales Group, a developer of biometric security systems, in July 2020. Through this collaboration, Nedap incorporated Thales Group's facial identification system into its physical safety solution.

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