Contactless biometrics market projected to reach USD 70.48 Billion by 2032 with a CAGR of 15.7%.
From GlobeNewswire: 2025-02-05 10:00:00
The Contactless Biometrics Market was valued at USD 19.12 Billion in 2023 and is projected to reach USD 70.48 Billion by 2032, with a CAGR of 15.7%. The market is driven by the increasing demand for secure, contactless authentication solutions in various sectors like banking, finance, and public spaces post-pandemic hygiene.
Facial recognition leads the Contactless Biometrics Market in 2023, accounting for 42% of total revenue share. NEC Corporation’s NeoFace system is widely used in airports and financial institutions, solidifying the segment’s leading position. The Iris Recognition segment is also growing rapidly, with a projected CAGR of 18.21% over the forecast period.
In 2023, the Access Control segment dominated the market, contributing 45% of the total market share. Increasing security concerns have led to a higher demand for secure entry systems in high-security areas. The Identity Verification segment is expected to have the highest growth rate, with a CAGR of 17.07%, driven by the need for secure authentication in online transactions and identity management.
North America held the largest share of the Contactless Biometrics Market in 2023, driven by advanced technological infrastructure and high adoption rates. The Asia Pacific region is experiencing rapid growth, with an estimated CAGR of 17.38% over the forecast period, driven by the adoption of advanced technologies and growing security concerns. Countries like China, India, Japan, and South Korea are leading the way in utilizing biometric systems in government, banking, healthcare, and retail. In July 2024, Fingerprint Cards AB and IN Groupe launched a secure component solution for contactless biometric payment cards. HID and CERTIFY Health collaborated in September 2023 to streamline healthcare operations using facial recognition technology. SNS Insider offers consulting services for market assessment and competitive benchmarking in the contactless biometrics market.
Read more at GlobeNewswire: Contactless Biometrics Market Size to Surpass USD 70.48