According to a new report, published by KBV research, The Global Contactless Biometrics Technology Market size is expected to reach $50.4 billion by 2031, rising at a market growth of 16.6% CAGR during the forecast period.
The demand for contactless biometric solutions increases as consumers become more aware of security and privacy concerns. Users increasingly prefer seamless authentication methods that do not involve physical interaction, prompting businesses to invest in contactless biometric systems. This demand is particularly pronounced in sectors such as banking and retail, where customer experience is critical.
The Software segment is experiencing a CAGR of 15.9 % during the forecast period. This segment’s dominance can be attributed to the increasing demand for advanced biometric solutions that offer higher accuracy, efficiency, and security. Software solutions in contactless biometrics are essential for processing and analyzing biometric data, integrating seamlessly with various applications and systems.
The Face segment led the maximum revenue in the Global Contactless Biometrics Technology Market by Application in 2023, thereby, achieving a market value of $17.6 billion by 2031. The widespread adoption of facial recognition technology across various sectors, such as government, banking, retail, and transportation, has driven this segment’s growth. Facial recognition systems are valued for their convenience, speed, and accuracy, making them ideal for security and identity verification.
The Government segment is growing at a CAGR of 15.5 % during the forecast period. This is primarily due to the increasing adoption of biometric solutions for national identification programs, border control, and public safety initiatives. Governments worldwide invest heavily in contactless biometric technologies to enhance security measures, streamline citizen services, and prevent identity fraud.
Full Report: https://www.kbvresearch.com/contactless-biometrics-technology-market/
The North America region dominated the Global Contactless Biometrics Technology Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $17.5 billion by 2031. The Europe region is anticipated to grow at a CAGR of 16.2% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 17.2% during (2024 - 2031).
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