Published Date: 10-Jul-2020
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According to a new report Global Contactless Biometrics Technology Market, published by KBV research, The Global Contactless Biometrics Technology Market size is expected to reach $18.6 billion by 2026, rising at a market growth of 19.1% CAGR during the forecast period. With the advent of computerized databases and digitization, there is a high rate of industrial adoption of contactless biometrics worldwide. The growing demand in condominiums and clubs around the world for a safe, clean, and comfortable authentication system is expected to promote market growth.
The software segment witnessed a rapid growth rate and is expected to remain dominant over the forecast period. Increasing acceptance of cloud-based technologies, Artificial Intelligence (AI) and Machine Learning (ML) for contactless biometrics solutions is projected to accelerate demand for software to strengthen device usability for various applications. The Services market is expected to witness a CAGR of 19.5% during (2020 - 2026).
The Government segment dominated the market in 2019 and is expected to remain dominant over the forecast period. Governments around the globe have begun to adopt contactless biometrics technology to minimize and control criminal activity. The healthcare sector is expected to register significant growth over the forecast period. Rapid technology advances and the AI-powered face and iris identification system allow medical facilities to track patients without the use of physical tracking devices.
Rising adoption of contactless biometrics solutions in defense and government applications is also expected to drive market demand in North America. In addition, extensive government initiatives to implement contactless biometric solutions to address the growing number of travelers and increase security at airport facilities are expected to drive regional demand. The Europe market is expected to witness a CAGR of 18.3% during (2020 - 2026). Additionally, The Asia Pacific market is poised to grow at a CAGR of 21% during (2020 - 2026).
Structural Insights: https://www.kbvresearch.com/contactless-biometrics-technology-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Fujitsu Limited, Thales Group S.A. (Gemalto NV), Assa Abloy AB, NEC Corporation, Aware, Inc., Fingerprint Cards AB, IDEMIA SAS (Advent International, Inc.), Touchless Biometric Systems AG, M2SYS Technology, Inc., and nVIAsoft Corporation.
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