The global contactless biometrics technology market size is expected to reach USD 30.15 billion by 2027, registering a Compound Annual Growth Rate (CAGR) of 20.3% from 2020 to 2027, according to a new study by Grand View Research, Inc. Rising demand for security and surveillance owing to the increasing threats of terrorist attack and penetration of contactless biometrics solutions in enterprise applications is anticipated to propel the market growth. The demand is steadily increasing amid the COVID-19 outbreak. This pandemic has also influenced various digital businesses, which are now developing facial recognition systems to secure their online platforms.
Rise of digital banking across the globe is a major impetus behind the introduction of voice and facial recognition in banking and financial sector. For instance, in June 2016, Citigroup Inc. introduced voice biometrics to verify customer’s identities. The use of contactless biometrics authentication for banks offers an additional, convenient, and user-friendly way of verifying their customers, thus delivering a consistent and superior user experience with strong and secure authentication across channels.
Moreover, software vendors are providing various development kits in the market, allowing technology providers to provide advanced contactless biometrics software for their hardware. For instance, in January 2020, FaceFirst, launched a Software Development Kit (SDK) for developers of identity verification products to integrate advanced facial recognition into their systems. The SDK works offline or online, runs in a docker container, and supports Linux OS to enable easy integration into any IoT device.
Vendors are focusing on agreements, acquisitions, and new product development in order to maintain their position in the market. For instance, in June 2019, HID Global announced an agreement to acquire an identity solutions business of De La Rue. The acquisition helped the former company to strengthen its position in government identification market.
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