Contactless Biometrics Technology Market, By Technology (Facial Recognition, Iris Recognition, Vein Recognition, Palm Recognition, and Others), By Application (Government and Law Enforcement, Banking and Financial Services, Healthcare, Retail and E-commerce, Travel and Immigration, and Others), By End User (Public Sector and Private Sector), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Aug 2024

Code : CMI7331

Pages :155

Formats :

Excel and PDF

Industry : Consumer Electronics

Market Challenge - High implementation costs and lack of standardization in contactless biometric technologies

One of the major challenges currently being faced by the global contactless biometrics technology market is the high implementation costs associated with the deployment and integration of contactless biometric systems across various end-use verticals. Setting up the necessary hardware infrastructure including biometric readers, sensors, cameras, and other peripheral devices involves significant capital expenditure. Additionally, the costs pertaining to system integration, testing, employee training, and technical support further increase the overall outlay. The market is also constrained by the lack of universal standards for varied contactless biometric modalities. The absence of common protocols for the generation, storage, and matching of biometric data has created interoperability issues between solutions offered by different vendors. This challenges seamless data sharing and impedes large-scale adoption, especially across global enterprises with presence across multiple geographies.

Expansion of contactless biometrics in emerging markets and untapped industries

There lies a huge untapped potential for contactless biometrics in emerging economies of Asia Pacific, Latin America, Middle East, and Africa. With rapid digital transformation and rising digitization of government services, the application of contactless biometrics for secure authentication is expected to gain significant traction in these markets over the coming years. Furthermore, several industries such as BFSI, healthcare, and transportation continue to remain largely untapped for the deployment of contactless biometric technologies for streamlining identity verification, workforce management, and customer convenience applications. With growing deployment feasibility and security advantages, contactless biometrics is anticipated to experience strong uptake across new application areas and verticals outside the traditional government ID programs over the forecast period. This will present lucrative opportunities for established as well as emerging players in the contactless biometrics domain.