Contactless biometrics estimated to bring in over $9B this year
The global market for contactless biometrics will generate more than $9 billion in revenue this year, and will grow at a robust 16 percent compound annual growth rate over the next decade, Fact.MR forecasts. That rapid rate of increase would lead to a market of just under $40 billion by 2031.
The 170-page ‘Contactless Biometrics Market, Forecast, Trend, Analysis & Competition Tracking – Global Market Insights 2021 to 2031’ report breaks down the market by region and modality, and examines the impact of the COVID-19 pandemic on the market.
Four out of every ten biometrics units sold last year were contactless, according to Fact.MR.
The report shows that last year, North America and Europe made up 57 percent of the market, and East Asia is expected grow at a 22 percent CAGR over the forecast period, just ahead of the South Asia and Middle East and Africa markets, which are both expected to grow at a 20 percent CAGR.
Hardware made up 30 percent overall in 2020, the report says. Fingerprint biometrics were the dominant modality, at just over a quarter of the market, though iris recognition is also expected to grow at the same rate as the overall market.
The transportation and logistics industries, government and defence, and security applications generated an estimated $5 billion in 2020.
A report published last year by KBV Research forecast a CAGR for contactless biometrics above 19 percent through 2026.