Biometric payment cards are expected to play a major role in a trend towards the use of multi-factor contactless transactions in the aftermath of COVID-19, ABI Research forecasts based on new research.
Contactless payment card issuances are expected to increase by 110 million more than previously expected to more than 2 billion in 2020, driven by demand for touchless interactions due to the pandemic. The new numbers mean that issuance estimates are up 6 to 8 percent from estimates made prior to the pandemic, for total year-over-year growth of 14 percent. Nearly two out of three new cards this year are expected to be contactless.
“Although the overarching trend toward contactless was well in place prior, COVID-19 will further increase the speed of contactless adoption, particularly within countries and economies where cash remains king, and usage not only being encouraged by payment ecosystem players and suppliers but also by governments and health organizations including the WHO,” explains Phil Sealy, Research Director at ABI Research.
“The way people pay for things is rapidly evolving and changing. COVID-19 has driven a significant shift in consumer spending habits spurred by economic uncertainly and a push toward the purchase of mainly essential items. There is also a surge in e-commerce whereby consumers are becoming even more heavily reliant on online retail channels to avoid crowded places to limit social interactions,” Sealy points out in the press release.
The firm notes that major payment networks including Visa and Mastercard have already increased contactless spending limits, and people are being urged by some government bodies to limit the use of cash in favor of digital payment methods.
The pandemic is also expected by analysts to impact several other market areas.
Facial recognition to drive video surveillance market to near $145B by 2027
Increasing facial recognition deployment is one of the main reasons why the video surveillance market is expected to reach $144.85 billion by 2027 on 14.6 percent growth, after generating $42.94 billion in revenues last year, according to Valuates Reports.
Other market drivers include rising support for smart cities among stakeholders and in policy, increased demand for cloud-based video surveillance services according to the report.
The 350-page “Video Surveillance Market” report considers the system types, components, applications, enterprise sizes and customer types that make up the market, and features profiles of market leading companies.
Temperature screening to surpass $1B next year
The market for temperature-screening technology is expected to surpass $1 billion in 2021, on a surge in demand caused by the COVID-19 pandemic, according to market research by Future Market Insights.
The “2020 Analysis and Review of Temperature Detection Screen Market by Product – Infrared Thermal Scanning Cameras and Contactless Temperature Detectors for 2020 – 2030” report suggests the market will continue to grow through 2030, with Europe reaching the largest market share. The report further analyzes the market according to product, type, and end-use.
Both contactless and infrared thermal detectors will go from small market shares to the majority of devices.
3D facial recognition to lead near-$11B market by 2025
3D biometric facial recognition will soon hold the largest share of the market, which will grow to $10.9 billion in 2025 from $4.4 billion in 2019, a CAGR of 17.6 percent, according to a new report from Mordor Intelligence.
The 116-page “Facial Recognition Market – Growth, Trends, and Forecast (2020-2025)” report suggests Asia-Pacific will register the highest growth over the forecast period, and that despite the presence of major players like Aware and Gemalto, the market is not consolidated, and is expected to be highly competitive over the near future.
Government initiatives drive healthcare biometrics market
Government initiatives to combat healthcare fraud and increase the security of healthcare information will be drivers for the healthcare biometrics market between now and 2027, according to new market research. Emerging applications in new clinical research fields are also expected to provide a market opportunity, as is improving healthcare infrastructure in developing countries. Consumer acceptance and hardware costs could pose barriers, however.
The “Global Healthcare Biometrics Market – Opportunity and Forecasts 2020-2027” report breaks down the market according to contact and non-contact segments, technology, end-user, and geography.
Automotive biometrics market to reach $329B by 2027
The market for biometrics in automobiles will grow at a 10.1 percent CAGR from 2020 to 2027 and reach $329 billion, according to a new market forecast, driven by changes in auto technology and a desire by manufacturers to enhance in-vehicle experiences.
The “Automotive Biometric Identification Market” report from Acumen Research and Consulting is 190 pages and considers the market according to modality, sensor type, component, application, and vehicle type.
The North American luxury vehicle market is expected to take a major share of the market, while the Asia Pacific market is tabbed for rapid growth over the forecast period.
Source: Biometric Update