The Europe Contactless Biometrics Technology Market would witness market growth of 16.2% CAGR during the forecast period (2024-2031).
The Germany market dominated the Europe Contactless Biometrics Technology Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3,425.4 million by 2031. The UK market is exhibiting a CAGR of 15.2% during (2024 - 2031). Additionally, The France market would experience a CAGR of 17.2% during (2024 - 2031).
Banks and financial institutions are increasingly adopting contactless biometrics for secure transactions. Facial recognition technology enables customers to authenticate their identities quickly while using mobile banking applications, reducing the risk of fraud. Contactless biometrics also enhances customer experience by facilitating smoother access to ATMs and branch services, where traditional PIN codes or cards may be cumbersome.
Governments utilize contactless biometrics for national identification programs, border control, and law enforcement. The ability to quickly verify identities at checkpoints or during investigations helps enhance security and streamline processes. Facial recognition systems are becoming standard in surveillance applications, providing law enforcement agencies with tools to identify suspects and manage public safety more effectively.
The rising Banking, Financial Services, and Insurance (BFSI) sector in the European Union (EU) is creating significant momentum for the growth of this market. According to the European Banking Federation, total deposits from businesses and households in the EU reached €16.5 trillion, marking a 5.7% growth. This increase, driven by household deposits (up 4.3%) and business deposits (up 8.6%), highlights the growing confidence in the financial system and underscores the demand for secure and efficient banking solutions. As the volume of transactions continues to rise, there is an increasing need for robust identity verification measures to ensure the security of these transactions. Thus, the rising BFSI sector in the EU is catalysing the growth of the contactless biometrics technology market.
Free Valuable Insights: The Global Contactless Biometrics Technology Market will Hit USD 50.4 Billion by 2031, at a CAGR of 16.6%
Based on Component, the market is segmented into Software, Hardware, and Service. Based on Application, the market is segmented into Face, Fingerprint, Iris, Hand Geometry, Voice, and Other Application. Based on End Use, the market is segmented into Government, Banking & Finance, Consumer Electronics, Healthcare, Defense & Security, Transport & Logistics, and Other End Use. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Component
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