Rockville, Nov. 17, 2022 (GLOBE NEWSWIRE) -- The contactless biometrics market research report published by Fact.MR delves into key observations concerning prominent expansion parameters prevailing across key segments for the upcoming decade. It provides details about growth drivers, trends, and opportunities across leading segments, including technology, component, industry, and application across 5 key regions.

Fact.MR, Rockville MD – A Market Research and Competitive Intelligence Provider: Demand in the global contactless biometrics market is projected to rise at 16.4% CAGR during the assessment period (2022-2032). Overall sales in the market are projected to reach a valuation of US$ 78.6 Billion by the end of 2032, opines Fact.MR.

With the increased penetration of smartphones and online-based services, the demand for facial and fingerprint recognition systems is expected to surge. Integration of artificial intelligence and machine learning along with biometric algorithm in defense and healthcare sectors to enhance the face recognition capability is rising.

As per the study, the contactless biometrics are used in retail and banking sector to protect the identity and assets of consumers. Hence, rising application of facial recognition systems and iris biometrics will fuel the demand for contactless biometrics across the globe.

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Further, with the expansion of healthcare, retail, and banking sector coupled with the proliferation of smartphone users is facilitating the growth in the market. Nowadays, majority of consumers rely on facial and iris recognition systems to safeguard their assets and properties. To capitalize on this, key players are deploying enhanced security features such as vein recognition software and others with highly-developed AI-based technology.

As per the study, the U.S. is expected to be at the forefront of this technology and will account for lion’s share in the market. With the presence of increasing number of start-ups and established players, the U.S. will emerge as the most lucrative pocket in North America. Increased adoption of contactless biometrics in military and government sector will fuel the adoption in the country.

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Competitive Landscape:

The contactless biometrics market is expected to be highly competitive, as per Fact.MR. Some of the leading firms are boosting their market presence by forming an alliance with end users. Meanwhile, some of the players are focusing on collaboration and are introducing cost-effective products to gain competitive edge.

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Biometric Middleware Market: The global biometric middleware market is expected to benefit from rising need for reliable and secure solutions. Sales in the market are projected to grow at a robust pace over the forecast period on the back of increasing application in defense, healthcare, and defense sectors. As per the study, the software segment is predicted to generate maximum revenues in the global biometric middleware market.

IRIS Biometrics Market: As consumers are now more than ever regarding the security concerns while using the online platforms, demand for IRIS biometrics systems is expected burgeon across the globe. Growing dependency on digital technologies and automation will drive the adoption of these systems in diverse industries. As per the study, the BFSI sector is expected to be the most lucrative segment in the market.

Vein Recognition Biometrics Market: Increasing prevalence of data breach and cyber-theft are raising concerns regarding security measures across the globe. Hence, end users are relying on technologically advanced safety systems such as vein recognition biometrics for security purposes, especially in the BFSI sector. On the back of this, nearly US$ 704 Million worth revenues are expected to come from BFSI sector and will surpass the mark of US$ 800 Million by the end of 2032.

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