Future Market Insights, Dubai: Global spending on contactless biometrics technology is set to total US$ 16.6 Bn by 2020-end, with annual growth expected at a solid 16% rate over that registered in 2019. According to the latest report by Future Market Insights (FMI), the COVID-19 pandemic, which has created a sudden need for social distancing, has accelerated the consideration of contactless biometric technology across the globe.
With the extension
of coronavirus-related lockdowns in multiple countries, there have been new,
sudden pockets of contactless biometrics technology demand over their
contact-based counterparts. The technology provides the added benefit of
limiting contact over finger scanners and other shared surfaces which favors
megatrends influenced by the COVID-19 outbreak.
Services Emerging Lucrative over S/W and H/W
contactless biometrics software to account for 45% of the total adoption in
2020. A greater need for touchless access control and workforce management biometric
solution is likely to build a new business case for the deployment of facial
recognition software. Focusing on service offerings will remain a key to
gaining distinct competitive edge, with enterprises putting increased emphasis
on their digital strategy during the pandemic.
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“The COVID-19 pandemic could fuel a large-scale
technology transition and encourage more organizations to adopt contactless
biometrics technology. From contactless payments and digital signatures for
legal documents to identification and authentication of healthcare workers, contactless
biometrics technology is set to play a significant role in the future,” says
the FMI analyst.
North America Leads, with 31% of Global Market
In 2019, adoption of
contactless biometrics technology was particularly strong in North America,
which accounted for nearly one-third of the total market revenue. While the
COVID-19 outbreak will impact the installation rate of contactless biometrics
technology with the US emerging as the worst-hit country, demand contraction
will remain low in the region in 2020.
FMI finds that
leading market players are wasting no time responding to significantly rising
demand for contactless procedures, considering strong consumers’ focus on
reducing contact with shared public spaces and external machines. These
companies are set to launch new biometric products integrated with advanced
sensors which will help extend touchless access control across many
ombudsmen and research institutes remain a key focus area of the market
players. A growing number of new entrants and startups are also vying a pie of
this lucrative, and have a major sales increase during the pandemic.
Source: Future Market Insights