Global Contactless Biometric Market was valued at USD 6.92 billion in 2019 which is expected to reach USD 22.87 billion by 2027 at a CAGR 19.8%.
Contactless biometrics is defined as identification of different faces on large scale. This technology is used to enhance security through face recognition. Also, contactless biometrics collect data of an individual by using cloud based platform.
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Market Drivers
Increase in adoption of cloud-based services like artificial intelligence and machine learning is expected to boost the global contactless biometric market growth. Furthermore, increase in penetration of Smartphones and tablets coupled with companied focusing on manufacturing of facial recognition software in smartphones by addition of verification layer to unlock the smartphones which is expected to propel the market growth. Moreover, rise in support from government legalization to encourage the usage of contactless authentication technology will fuel the market growth in near future. Also, high adoption of this technology in healthcare sector will grow the market significantly.
Market Restraints
However, high cost of contactless biometrics is the restraining factor which is expected to hinder the global contactless biometrics market growth.
Market Key Players
Various key players are discussed in this report such as Biorugged, Vision-Box, Aware, Cognitec, Authen Trend, IRIS ID, JENETRIC, Regula, Telpo, and IrisGuard
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Market Taxonomy
By Technology
- Contactless Cards
- Voice Recognition
- Palm Vein Recognition
- Iris Recognition
- Facial Recognition
- Contactless Fingerprint Technology
By Application
- Access Control
- Payments & Transactions
- Identity Verification
By Component
- Hardware
- Software
- Services
- Managed
By Industry Vertical
- Retail
- Military & Defense
- Healthcare
- Government & Law Enforcement
- BFSI
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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