It was estimated prior to this unanticipated outbreak Contactless Biometrics Technology Market will reach CAGR of 18.4% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Contactless Biometrics Technology Market Insights
Contactless Biometrics Technology market is expected to witness a healthy CAGR of 18.4% over the next five years. Rising demand for high level of security in the commercial, public, private sector companies coupled with growing safety concerns towards health and hygiene amid the outbreak of COVID-19 is likely to create healthy growth opportunities in the near future.
Market Share Analysis
Contactless Biometrics Technology Market Share: By Component Type
Based on the component type, the market is segmented as hardware, software, and services. The software segment is expected to remain dominant in the market during the forecast period, propelled by growing adoption of artificial intelligence and machine learning to enhance their operations in various applications.
Contactless Biometrics Technology Market Share: By End-User Type
Based on the end-user type, the contactless biometrics technology market is segmented as government, banking & finance, consumer electronics, healthcare, transport & logistics, defense & security, and others. The government segment dominated the market and is also expected to remain dominant during the forecast period, owing to the rising adoption of contactless biometrics technology by several governments across the world to reduce and control the criminal activities across the nation.
Contactless Biometrics Technology Market Share: By Region
In terms of region, North America is likely to maintain its supremacy in the market during the forecast period, mainly driven by high demand for advanced technologies in the USA and Canada. Robust supply chain across the region with presence of large number of contactless biometrics technology providers as well as large consumer base is the key growth propeller of the market.
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