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Contactless Biometrics Global Market Report 2022: Ukraine-Russia War Impact
Major players in the contactless biometrics market are Touchless Biometric Systems AG, IDEMIA SAS, NViaSoft, Fujitsu Limited, NEC Corporation, Gemalto N. V, Aware Inc. , HID Global, M2SYS Technology, Neurotechnology, Assa Abloy AB, Blue Biometrics, EYN, FEITIAN Technologies Co.
New York, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Contactless Biometrics Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06370340/?utm_source=GNW
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The global contactless biometric market is expected to grow from $14.61 billion in 2021 to $17.27 billion in 2022 at a compound annual growth rate (CAGR) of 18.20%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The contactless biometric market is expected to reach $34.06 billion in 2026 at a compound annual growth rate (CAGR) of 18.51%.
The contactless biometric market consists of sales of contactless biometric products by entities (organizations, sole traders, and partnerships) that are used for identification and authentication or to identify people under surveillance.The use of contactless biometric verification permits user authorization without requiring a person to touch any machine sensors.
In addition, behavioral security technologies and multi-factor authentication utilizing non-contact biometrics are much more secure than the procedures are accustomed to.
The main components of contactless biometrics are hardware, software, and services.Contactless biometrics are used for identification or verification Biometrics based on human physical traits generally come in the form of hardware devices like fingerprint readers, iris readers, and palm readers.
The technologies are contactless fingerprint technology, facial recognition, iris recognition, palm vein recognition, voice recognition, and contactless cards.The applications are the face, fingerprint, hand geometry, iris, voice, and other applications.
The end users include government, bfsi, consumer electronics, healthcare, transport & logistics, defense & security, and other end users.
North America was the largest region in the contact biometric market in 2021 and is expected to be the fastest-growing region in the forecast period. The regions covered in contactless biometric market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rise of contactless payment systems is driving the growth of the contactless biometric market.Contactless payment is a wireless financial transaction in which a client authorizes payment for a purchase by bringing a security token very near the point of sale (PoS) scanner of the merchant.
For instance, in 2020, according to the US. research and markets, contactless payment terminals were valued at $13.23 billion, and by 2026, it is anticipated to grow to $51.07 billion. Therefore, demand for contactless biometrics will rise as the prevalence of increasing contactless payment systems rises.
Technological advances are a key trend gaining popularity in contactless biometrics major companies operating in contactless biometrics are developing new products or new technologies for strengthening the demand for contactless biometrics. For Instance, in 2019, Fujitsu Laboratories Ltd, a Japan-based research and technology company developed a technology that uses palm vein authentication to prevent the degradation of comparison accuracy It happens when encryption is used and the comparison processing time is accelerated.
In April 2019, Thales a European-based company designed to develop and manufacture electrical systems as well as devices and equipment acquired Gemalto for 4.8 Billion Euros ($4.92). With this acquisition, Thales and Gemalto will cover every step of the important decision-making process in the digital age, from sensor-generated data to real-time decision support. With 80,000 personnel across 68 countries, this acquisition brings Thales’s revenues to €19 billion and self-funded R&D spending to €1($1.02) billion annually. Gemalto Netherland-based company that provides a biometric contactless payment card pilot.
The countries covered in the contactless biometric market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The contactless biometrics market research report is one of a series of new reports that provides contactless biometrics market statistics, including contactless biometrics industry global market size, regional shares, competitors with a contactless biometrics market share, detailed contactless biometrics market segments, market trends and opportunities, and any further data you may need to thrive in the contactless biometrics industry. This contactless biometrics 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.
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