Reports and Data is expecting to see major growth in the contactless biometrics market in the next few years. The firm predicts that the market will be worth $28.83 billion in 2027, a figure that corresponds to a CAGR of 19.9 percent.
Much of that growth can be attributed to the rising demand for contactless security solutions, including those that rely on facial recognition. Reports and Data noted that facial screening technology has become increasingly popular in airports, and especially with border security agencies that need a reliable way to identify travelers.
Demand has also proven to be high in the healthcare industry, and in a wide variety of private and commercial establishments. In the case of the former, contactless tech can enable safe communications between doctors and patients. In the case of the latter, it can help with surveillance, access control, and can support a more streamlined experience at checkout.
Reports and Data indicated that the demand for biometric access control will drive revenue in the software segment, while facial recognition will be popular with government organizations that want to use the technology for surveillance and criminal investigations. Revenue is expected to be particularly high in the Asia Pacific region, thanks in large part to digital acceleration and the ubiquity of smartphones in places like China and India.
COVID-19, meanwhile, has increased adoption rates of contactless technologies in virtually every industry, since there is a lower risk of spread with contactless technologies than there is with contact-based alternatives. In that regard, companies like FPC have repeatedly highlighted the benefits of contactless tech over the course of the pandemic.
In addition to FPC, Reports and Data identified Fujitsu, NEC, Aware, HID Global, and IDEMIA as some of the key players in the contactless biometrics space. Before the pandemic, the firm predicted that the face and voice recognition markets would reach $11.3 billion and $3.91 billion, respectively, and more recently published a separate report that predicts that the forensics technology market will hit $50.41 billion by 2027.
February 2, 2021 – by Eric Weiss