SecurityWorldMarket

03/06/2021

Pandemic broadens scope for contactless biometrics

Rockville, Md (USA)

The Covid-19 pandemic has widened the opportunity window for contactless biometric technology, according to the latest intelligence from research company Fact MR, whose analysts suggest that a surge in the need for high-end security across government establishments as well as corporates has led to mounting demand for biometric technology.

The company's latest research report on the Contactless Biometrics Market finds that while the past half-decade witnessed technological up gradation of biometric technology, demand for contactless biometrics has also increased. Based on latest assessment by an ESOMAR-certified market research and consulting firm, in 2020, out of every 10 biometric unit sales, four were contactless. The outbreak of Covid-19 further unfurled the utility of the less-prominent features of this technology, including identification of people with masks on the face and extended capability of temperature scanning.

As per this latest market intelligence report, the global contactless biometrics market is anticipated to exceed a valuation of US$ 9 Bn by 2021, and to expand at an impressive CAGR of around 16% over the forecast period of 2021 to 2031.

One of the key takeaways from the market study claims that in 2020, North America and Europe together accounted for over 57% of the revenue of the global contactless biometrics market, whilst the market in East Asia, South Asia, and Middle East and Africa is estimated to grow over 7-fold over the next ten years.

The hardware segment of this sector accounted for over 30% of global market revenue, and in terms of applications, fingerprint technology accounted for over one-quarter of the global market in 2020.

And, according to the research, contactless biometrics alone generated over US$ 5 Bn revenue from transportation & logistics, government and defence, and security applications in 2020.

The market is moderately concentrated, with companies such as Touchless Biometric Systems AG, Fujitsu Limited, and Fingerprint Cards AB accounting for a majority of the market share. “Collaborations play an important role in the market for contactless biometrics. While this stands as a win-win strategy, it also encourages the industry to adopt feedback-based product development,” comments a Senior Research Analyst from Fact MR.

Fingerprint applications have gained significant traction in the recent past, as they have enabled contactless card payment instead of using PINs. With growing urbanisation, the study suggests that the need for quicker authentication processes with be pivotal during the mid-to-long term. This highlights the potential for growth in the adoption of voice and iris applications, as they are considered to be hassle-free and less time consuming.


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