FMI Provides Contactless Biometrics Technology Market Projections in its Revised Report, COVID-19 Pandemic Shaping Global Demand

06/mag/2020 13:10:42 Ankush Nikam Contatta l'autore

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Greater emphasis on public safety monitoring and soaring need for patient screening and early detection are pushing the demand for more sophisticated touch-less biometrics technology. Driven by broadening application for identity verification, payments, transactions, and access control, global contactless biometrics technology market will grow exponentially at over 17% through 2030.

As indicated by a new report of Future Market Insights (FMI), the novel coronavirus outbreak will have a widespread influence on contactless biometrics technology market. A considerable uptick in online transactions will be a complementary force. Adoption rates will remain higher at facilities that require stringent surveillance, law enforcement, and access control. Key companies are leveraging demand from law enforced and government sectors. Healthcare and biotechnology facilities would account for a majority of demand, especially for facial recognition systems.

"An influx of innovative and secure avenues of healthcare applications will arise amid the COVID-19 pandemic, fostering demand specifically for iris recognition and facial recognition systems," projects the FMI report.

Contactless Biometrics Technology Market - Key Takeaways

  • Application for facial recognition will experience a boom, with soaring demand for verification and access control.
  • Demand for application in identity verification is soaring, followed closely by access control.
  • Software installed base continues to account for a significant market share.
  • North American market continues to lead, majorly driven by military and government applications.

Contactless Biometrics Technology Market - Key Driving Factors

  • Increasing government investments in iris recognition, facial biometrics, and fever detection is driving market growth.
  • Declining preference for contact forms of biometrics among enterprises, healthcare facilities, and border control units has augured well for market growth.
  • Visible rise in collaborations between biometric system vendors and governments for introducing citizen-centric contactless solutions is pushing demand further.
  • Operational benefits of accuracy, hygiene, security, and minimal maintenance are complementary to market growth.

Contactless Biometrics Technology Market - Key Restraints

  • High price point associated with contactless biometric systems in comparison to conventional systems limits broader adoption.
  • Privacy and security concerns remain longstanding constraints that go hand in hand with each new innovation introduced in market.

Competition Analysis

Key players are primarily investing in varying biometric modalities such as contactless fingerprint tech, facial recognition, voice and iris recognition, and palm vein recognition to appeal to a wider consumer base. Biometric system vendors will specifically emphasize raising awareness about the benefits of security and hygiene maintenance through contactless biometrics technology. The global COVID-19 pandemic has created opportunities for market players as touch based alternatives are losing their share to touch-less systems. Equipment manufacturers are collaborating with governments to contribute towards virus containment. Some of the leading players include but are not limited to IDEMIA, NEC, Fujitsu, and Gemalto.

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More About the Report

The FMI's market research report of 300 pages offers comprehensive insights on contactless biometrics technology market. The market is analyzed on the basis of technology (contactless fingerprint technology, facial recognition, iris recognition, palm vein recognition, voice recognition, and contactless cards), component (hardware, software, services, and others), application (identity verification, payments & transactions, and access control), and industry (BFSI, government & law enforcement, healthcare, military & defense, retail, and others) across six key regions (North America, Latin America, Europe, East Asia, South Asia and Pacific, and MEA).

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.

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