by on October 4, 2023
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According to market research reports, the global Contactless Iris Recognition Technology Market size was estimated to be USD 13.09 billion in 2020, and it is projected to reach USD 62.64 billion by 2030, growing at a CAGR of 19% during the forecast period.

The rising need for touchless and contactless authentication solutions, increasing security concerns, and the growing adoption of contactless biostatistics technology by various end-use industries such as healthcare, banking, finance, and retail are some of the major factors driving market revenue growth.

The implementation of contactless biostatistics technology in these industries helps to ensure the safety and security of customers and staff by reducing the risk of contamination. Throughout the forecast period, the demand for touchless biometric solutions such as iris, voice, and facial recognition is expected to fuel global revenue growth.

It is worth noting that the COVID-19 pandemic has also played a significant role in accelerating the adoption of contactless biostatistics technology, as it has increased the demand for touchless and contactless solutions across various industries.

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contactless Iris Recognition technology is driven by the need for enhanced security measures to protect against fraud and identity theft. Traditional forms of authentication, such as passwords or PINs, can be easily compromised or forgotten, whereas biometric authentication relies on unique physiological or behavioral traits that are difficult to replicate or steal. By implementing contactless Iris Recognition, organizations can ensure that only authorized individuals have access to important resources and prevent unauthorized access to sensitive data.

Governmental agencies and the military are increasingly adopting biometric authentication tools to strengthen security and protect classified information. Iris Recognition provide a higher level of assurance compared to traditional identification methods, reducing the risk of impersonation and unauthorized access. This has led to a growing market for contactless Iris Recognition technology, driven by the demand from these sectors.

Additionally, the rising popularity of Smart Cities and smart homes has contributed to the increased demand for contactless Iris Recognition technology. By integrating biometric authentication systems with smart home appliances such as Smart Locks and security cameras, homeowners can enhance their security and convenience. Biometrically controlled access systems eliminate the need for physical keys or cards, reducing the risk of lost or stolen credentials. This integration enables seamless and secure access control, ensuring that only authorized individuals can enter the premises.

Overall, the use of contactless Iris Recognition technology offers stronger security measures, reduces the risk of fraud and identity theft, and aligns with the growing trend of Smart Cities and smart homes, creating a high demand for these solutions.

Leading companies operating in the market are:

  • NEC Corporation
  • Thales Group
  • Gemalto NV
  • Fujitsu Limited
  • 3M Cogent
  • Idemia Group
  • Apple Inc.
  • Synaptics Incorporated
  • Crossmatch Technologies, Inc.
  • Applied Recognition, Inc.

Global Contactless Iris Recognition Technology Market Segmentation:

Technology Outlook (Revenue, USD Billion; 2019-2032)

  • Iris Recognition
  • Iris Recognition
  • Fingerprint Recognition
  • Others

Application Outlook (Revenue, USD Billion; 2019-2032)

  • Security and Surveillance
  • Banking & Finance
  • Healthcare
  • Others

Regional Outlook:

The report offers in depth analysis of leading regions categorized into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Regional Analysis covers:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • U.K.
    • Rest of EU
  • Asia Pacific
    • India
    • China
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • U.A.E
    • Rest of MEA

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Application Insights:

The global Contactless Iris Recognition Technology Market is segmented based on applications, including security and surveillance, banking and finance, healthcare, and others. According to market research reports, the security and surveillance segment is expected to account for the largest revenue share during the forecast period.

Contactless biometric technology is widely employed in security and surveillance applications to improve safety and security measures. It is used in access control systems to recognize individuals and grant them access to secure locations. It is also utilized in border control systems to confirm traveler identity and detect any suspicious behavior. Law enforcement organizations use contactless biometric technologies to identify criminals and monitor their movements.

In addition to security and surveillance, contactless biometric technology is being increasingly used in banking and finance applications to improve customer authentication and fraud prevention measures. In healthcare, it is used to ensure accurate patient identification and improve patient data security. Contactless biometric technology is also finding applications in various other industries, including transportation, retail, and hospitality.

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