The latest information from the research company suggests that, rising demand for security and surveillance due to an increasing threat of terrorist attack and penetration of contactless biometrics solutions in enterprise applications is anticipated to propel the market growth.  Additionally, the demand is steadily increasing amid the COVID-19 outbreak. This pandemic has also influenced various digital businesses, which are now developing facial recognition systems to secure their online platforms.

A rise in digital banking across the globe is creating major impetus behind the introduction of voice and facial recognition in the banking and financial sector. For instance, in June 2016, Citigroup Inc. introduced voice biometrics to verify customer’s identities. The use of contactless biometrics authentication for banks offers an additional, convenient, and user-friendly way of verifying their customers, thus delivering a consistent and superior user experience with strong and secure authentication across channels.

Moreover, software vendors are providing various development kits to the market, allowing technology providers to offer advanced contactless biometrics software for their hardware. By way of example, according to Grand View, in January 2020, Facefirst, launched a software development kit (SDK) for identity verification product developers to integrate advanced facial recognition into their systems. The SDK works offline or online, runs in a docker container, and supports Linux OS to enable easy integration into any IoT device.

The analysts found that vendors are focusing on agreements, acquisitions, and new product development in order to maintain their position in the market. In June 2019, for example, in order to strengthen its position in the government identity market, HID Global announced an agreement to acquire the identity solutions business of De La Rue.

Some of the key organisations named by the analysts as major players in this market include Aware Inc.; Fingerprint Cards AB; Fujitsu Limited; Gemalto N.V.; HID Global; Idemia; M2sys Technology; NEC Corporation; Nviasoft; and Touchless Biometric Systems AG.