Global Touchless Sensing Equipment Market 2016-2020

Global outlook of the touchless sensing equipment market

Technavio’s market research analysts have predicted that the global touchless sensing equipment market will grow steadily during the predicted period and will post a CAGR of more than 10% by 2020. This industry research report identifies the increase in demand for touchless sensing in mobile devices to be one of the major factors that will have a positive impact on the growth of this market in the coming years. Several countries such as Australia, the Philippines, the US, the UK, India, and Chile have imposed strict restrictions that prevent the use of mobile devices while driving. The introduction of these regulations has resulted in the augmented demand for touchless sensing technologies such as voice recognition in mobile devices. As a result, there is an increasing demand and adoption of mobile devices equipped with voice recognition applications, which induces vendors to increase their R&D investment and develop applications with voice command options. Additionally, the demand for facial recognition systems in smartphones will also drive the demand for the market in the coming years.

The demand for advanced authentication processes will soon result in the implementation of voice recognition systems in mobile banking as well. Financial institutions will start using voice-based authentication solutions to accept or reject mobile transactions. In addition to advanced security, voice recognition systems are also cost-effective, which will increase their adoption in mobile banking in the next few years. The voice recognition system provided by one of the leading vendors, Nuance Communications, is already being used by financial institutions such as Barclays Wealth, ING, and Santander.

Competitive landscape and key vendors

The market is characterized by the presence of a number of large and small-scale vendors which often leads to price wars, in turn, intensifying the level of competition among vendors. Large vendors usually focus on the development of high-quality interfaces, whereas the small scale manufacturers focus on providing effective solutions to SMEs. The market is completely technology intensive which induces large players to acquire smaller players to maintain their market position. The need for a huge capital investment and the presence of large vendors restricts the entry of new players in the market.

The leading vendors in the market are -

• Nuance Communications
• ValidSoft
• Grohe
• Jaquar
• Kohler
• Toto
• 3M Cogent
• BioEnable
• Crossmatch Technologies
• Iris ID
• IriTech
• Assa Abloy
• Boon Edam
• Dorma+Kaba
• GEZE
• Stanley Access Technologies
• Motekforce Link
• Qualisys
• Gemalto
• Honeywell Security Group
• Safran

Segmentation by technology and analysis of the touchless sensing equipment market

• Automatic doors
• Contactless card access systems
• Gait analysis systems
• Iris recognition
• Voice recognition
• Touchless sanitary ware

Accounting for more than 77% of the total market shares, the voice recognition technology segment dominated the industry during 2015. The increase in demand for authentication in financial institutions, healthcare enterprises, and government organizations and the rise in investments by various countries in touchless biometrics will be the major factors that bolster the growth of this market segment.

Geographical segmentation and analysis of the touchless sensing equipment market

• Americas
• APAC
• EMEA

According to this market study, the Americas will account for more than 39% of the total market share by 2020 and will also dominate the touchless sensing equipment market throughout the forecast period. Factors such as the presence of several large companies and financial institutions, increasing government spending on access control, and the acceptance of access control among the government, transportation, healthcare, and BFSI sectors will augment the growth of the market in this region. Moreover, the increased awareness among end-users about the benefits of access control and the economic recovery in North America and the developing regions will also drive the demand for touchless sensing equipment in the coming years.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the global touchless sensing equipment market?
• What are the key market trends impacting the growth of the global touchless sensing equipment market?
• What are the challenges to market growth?
• Who are the key vendors in the global touchless sensing equipment market?
• What are the market opportunities and threats faced by the vendors in the global touchless sensing equipment market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global touchless sensing equipment market?

Technavio also offers customization on reports based on specific client requirement.

Related reports

• Global Access Control Solutions Market 2016-2020
• Global Access Control as a Service Market 2016-2020
• Global Biometrics in the Government Sector 2016-2020