Contactless Biometrics Technology Global Market Report 2024

The contactless biometrics technology market size has grown rapidly in recent years. It will grow from $14.29 billion in 2023 to $17.09 billion in 2024 at a compound annual growth rate (CAGR) of 19.6%. The growth observed in the historical period can be attributed to the emergence of mobile devices, increased demands in the retail and hospitality sectors, advancements in workforce management, and the widespread adoption of technology in the financial sector.

The contactless biometrics technology market size is expected to see rapid growth in the next few years. It will grow to $34.27 billion in 2028 at a compound annual growth rate (CAGR) of 19%. The anticipated growth in the forecast period can be ascribed to a growing demand for security solutions, an increasing need for fraud prevention measures, the desire for frictionless transactions, and considerations related to geopolitical factors and national security concerns. Noteworthy trends expected in the forecast period encompass heightened integration with Internet of Things (IoT) devices, expanded applications in the healthcare sector, advancements in the accuracy of facial recognition technology, and increased integration with wearable devices.

The growing concerns over security are anticipated to drive the expansion of the contactless biometrics technology market in the coming years. Security concerns encompass apprehensions about safeguarding assets, information, systems, or individuals from a myriad of threats, vulnerabilities, and risks, spanning personal, organizational, or societal levels. In response to these worries, contactless biometrics technology offers secure and convenient authentication methods that significantly mitigate fraud and bolster security across various sectors. For instance, a report by Experian Plc. revealed a 19% surge in fraud reports in 2022, exceeding 5.8 million cases. Additionally, financial losses from fraud skyrocketed by 77% in 2021, surpassing $6.1 billion, while consumer identity theft complaints rose by 3.3%, totaling over 1.43 million in 2021 from approximately 1.39 million in 2020. Consequently, the mounting apprehensions regarding security are fueling the expansion of the contactless biometrics technology market.

Leading companies in the contactless biometrics technology domain are actively innovating to meet the escalating demand for such solutions, exemplified by products such as the MOQI A1 Pro contactless biometric scanners. These scanners epitomize biometric identification or verification methods that eschew physical contact with a device, leveraging various techniques such as facial recognition, iris recognition, and contactless fingerprinting to authenticate individuals based on unique physical characteristics. For instance, Moqi, a prominent technology firm based in China, introduced the MOQI A1 Pro in June 2022. This contactless Livescan solution excels in swiftly and accurately capturing high-definition fingerprints, even from dry, wet, or rough fingers, generating rolled and flat fingerprints with just one contactless scan. Notably, its structured lighting system ensures precise and hygienic fingerprint scanning, while its sleek, black matte design, coupled with IP64-rated water and dust resistance, ensures durability and operational resilience. Moreover, with built-in stereo speakers and status LEDs, the scanner provides user-friendly guidance throughout the scanning process, ensuring seamless and efficient operation. This innovative solution underscores a commitment to addressing pressing security concerns while delivering enhanced user experiences and operational efficacy in diverse environments.

In August 2021, Telos Corporation, an American information technology enterprise, completed the acquisition of Diamond Fortress Technologies for an undisclosed sum. This strategic move is aimed at enhancing Telos Corporation's security offerings through the integration of cutting-edge contactless biometrics technology, broadening its market penetration, and safeguarding valuable intellectual property and talent. Diamond Fortress Technologies, based in the United States, specializes in the development of contactless biometric technology and biometric security software.

Major companies operating in the contactless biometrics technology market are 3M Cogent Inc., Fujitsu Limited, NEC Corporation, Thales Group, BIO-key International Inc., Assa Abloy AB, IDEMIA SAS, Synaptics Incorporated, HID Global Corporation, Zwipe AS, Fingerprint Cards AB, Precise Biometrics AB, Crossmatch Technologies Inc., Aware Inc., Innovatrics s.r.o., nVIAsoft Corporation, Touchless Biometric Systems AG, Gemalto N.V., FaceFirst Inc., CrossCore Biometrics LLC, M2SYS Technology Inc., Cognitec Systems GmbH, Egis Technology Inc., Suprema Inc., Veridium Corporation.

North America was the largest region in the contactless biometrics technology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contactless biometrics technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the contactless biometrics technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Contactless biometrics technology involves the use of biometric identification methods that do not necessitate physical contact between the sensing device and the individual undergoing identification. This technology is applied across diverse industries, owing to its convenience, efficiency, and enhanced hygiene when compared to traditional contact-based biometric systems.

The primary categories of contactless biometrics technology include face recognition, iris recognition, voice recognition, fingerprint recognition, and others. Face recognition is a method that employs technology to identify or verify individuals by analyzing and comparing patterns in their facial features. It encompasses various components, such as hardware, software, and services, with end-users spanning healthcare, defense and security, banking, financial services, insurance (BFSI), government, and other sectors.

The contactless biometrics technology market research report is one of a series of new reports that provides contactless biometrics technology market statistics, including contactless biometrics technology industry global market size, regional shares, competitors with a contactless biometrics technology market share, detailed contactless biometrics technology market segments, market trends and opportunities, and any further data you may need to thrive in the contactless biometrics technology industry. This contactless biometrics technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The contactless biometrics technology market includes revenues earned by entities by providing services such as biometric system integration, biometric access control solutions, biometric payment solutions, biometric identity verification services, and biometric authentication as a service. The market value includes the value of related goods sold by the service provider or included within the service offering. The contactless biometrics technology market also includes sales of fingerprint scanners, iris recognition devices, voice recognition software, facial recognition systems, and wearable biometric devices. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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