Scienza e Tecnologia
Contactless Biometrics Technology Market to Reach $48.23 Billion by 2030: Cognitive Market Research
The increasing number of incidences of data breaches among organizations has forced them to deploy technologically advanced contactless biometric machines, which are majorly driving the market growth globally. For instance, in 2021, IBM reported that 20% of businesses have deployed AI-based biometric authentication systems, and 40% partially started.
Contactless Biometrics Technology: by Components (Hardware, Software, and Service); By Application (Identity Verification, Payment & Transactions, and Access control); By End-use(Consumer Electronics, Banking & Finance, Healthcare, Defense & Security, Transport & Logistics and Others); by Region ( North America , Europe , Asia Pacific , Latin America , and Middle East , and Africa ) Global Industry Analysis, COVID-19 Impact, and Forecast, 2018-2030
An increasing number of smartphone users coupled with growing high-speed internet penetration is a major factor driving contactless biometric technology growth. The rising installation of several applications in smartphones or other devices stored an ample amount of data that needs a high level of security to access information. Whereas contactless biometric technology plays an important role in securing data through face recognition and fingerprint verification. Therefore, increasing awareness regarding the benefits of this technology is majorly fostering the market growth.
In addition, the rising need for secured payment transactions among financial institutions, government organizations, and industries such as retail and airports are majorly adopting this technology which is further expected to propel the market growth.
The high cost of deploying contactless biometric technology is hindering market growth. Facial recognition technology provides frictionless access, which is expensive and raises data privacy risks. The cost of deploying a contactless biometric machine is higher as compared to mobile access control. In addition, several challenges with the use of facial recognition systems, such as illumination, pose variations, changes in facial expression, low resolutions, and aging, are imposing some limitations which are expected to restrain the market growth to a certain extent. However, market players are striving to develop advanced technology, which is expected to surge the market growth in the future.
The emergence of new technologies such as Artificial intelligence (AI), IoT, Machine Learning (ML), and Deep Learning (DL), which are associated with behavioral biometric technology, is expected to drive market growth during the forecast period from 2023 to 2030. Machine learning technology enables biometric machines for the decision-making process. ML solution is responsible for learning human behavior and continuously enhancing human behavior that can be used to authenticate transactions or sessions. Therefore, the increasing need for a highly secured authentication process with the advent of new technologies is projected to augment the contactless biometric technology market growth over the forecast period.
Due to the outbreak of COVID-19, governments of several states have imposed lockdowns with the safety measures like social distancing and decentralization, which have generated the need for contactless biometric technology. This solution helps verify individual identity with a secure authentication process. In addition, the increasing number of cyber-attacks and data breaches in financial institutions have encouraged them to adopt biometric solutions to prevent such activities.
Post-pandemic, companies are focusing on developing new solutions for contactless biometric machines, giving momentum to market growth. For instance, in June 2022 , AI Innovator Moqi launched contactless biometric scanners in order to meet the demand for post-pandemic identity solutions. This solution can capture 10 HD fingerprints within 120 seconds, and scanning is unaffected by wet, dry, or rough fingers, which was difficult for convectional contact-based scanners.
Factors such as increased use of biometric technology in government projects, integration of iris scanners in smartphones, and the growing number of fraudulent activities followed by increased security concerns have driven the IRIS recognition market growth. In addition, stability, uniqueness, and security are the important aspects driving the demand for the iris recognition market.
Facial recognition consists of a quick, automatic, secure, and seamless verification, as no physical contact is required, like fingerprint or other security measures. Government initiatives for deploying new technologies in emerging regions are expected to further drive market growth. In addition, the rising adoption of facial recognition systems across several sectors, such as government, retail-e-commerce, telecom & IT, healthcare, and others, is the major factor driving the market growth.
Cognitive Market Research has evolved as one of the leading market research and consulting firms providing services across multiple domains. Our team of researchers gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operating across the value chain. As a market research company, we gather information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.
Follow Us: LinkedIn | Twitter
Blog:
Why there is an Increasing Demand for Natural and Organic Pet Food in the Market?
How Sentiment Analysis will Help Your Business?
Articles
The Factors Creating Better Opportunities For The Barge Services?
Why the demand for bakery mixers is increasing?
https://www.cognitivemarketresearch.com/assets/images/report_images/report_infographics/Telemedicine_market_report_1680084165.png
How to Contact Us:
Nicolas Shaw
Global Sales Manager
Cognitive Market Research
Phone: USA: (+1) +1 312-376-8303 | Europe and UK: (+44) 20-8144-9523
Asia Pacific : (+852) 81930785 | India: (+91) 983-496-8611
Email: sales@cognitivemarketresearch.com
Web: https://www.cognitivemarketresearch.com
Athenaeum Subscription
Logo: https://mma.prnewswire.com/media/1989016/Cognitive_Market_Research_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/contactless-biometrics-technology-market-to-reach-48-23-billion-by-2030-cognitive-market-research-301805297.html