Global Touchless Sensing Equipment Market 2016-2020
About Global Touchless Sensing Equipment Market
The global touchless sensing equipment market is largely driven by increasing adoption of voice recognition technology and touchless sanitary ware. Voice recognition is used in a variety of applications such as automatic speech recognition, voice biometrics, automotive voice recognition, smartphones, and other smart devices. Many countries have imposed regulations to prevent the use of mobile devices while driving, which has led to the increased adoption of voice recognition technology. Some of the countries that have imposed strict restrictions include Australia, the Philippines, the US, the UK, India, and Chile. In the US, though more than 13 states have imposed regulations to prevent the use of mobile devices while driving, they permit the use of hands-free systems. Hence, customers are increasingly adopting mobile devices that are equipped with voice recognition technologies, which help them access the device without the need to move their eyes off the road while driving.
Technavio’s analysts forecast the global touchless sensing equipment market to grow at a CAGR of 10.22% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global touchless sensing equipment market for 2016-2020. To calculate the market size, the report considers the revenue generated from unit shipments of equipment embedded with touchless sensing technologies.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Touchless Sensing Equipment Market 2016-2020
Technavio recognizes the following companies as the key players in the global touchless sensing equipment market: Nuance Communications, ValidSoft, Grohe, Jaquar, Kohler, Toto, 3M Cogent, BioEnable, Crossmatch Technologies, Iris ID, IriTech, Assa Alboy, Boon Edam, Dorma+Kaba Holdings, GEZE, Stanley Access Technologies, Motekforce Link, Qualisys, Gemalto, Honeywell Security and Safran Identity and Security.
Commenting on the report, an analyst from Technavio’s team said: “Rise in demand for voice authentication will be a key trend for market growth. Voice authentication is being integrated into mobile banking due to the need for a strong verification process. In regions such as Western Europe and North America, many banking customers use phone banking facilities. Hence, most of these financial institutions are using voice-based authentication solutions to accept or reject mobile transactions by a user. For instance, Nuance Communications' voice technology is being used by financial institutions such as Barclays Wealth, ING, and Santander. In addition, voice authentication in mobile devices provides strong security and is cost-effective. Hence, the trend of integrating voice authentication in mobile banking is expected to grow stronger over the years. Also, phone-based banking institutions are partnering with voice authentication vendors and the incorporation of voice metrics is becoming a key competitive advantage.”
According to the report, rise in demand for touchless access control will be a key driver for market growth. Government and private organizations involved in highly sensitive operations such as the BFSI sector face major challenges because of the constant changes in compliance requirements and the adoption of advanced technologies such as the internet of things (IoT) and enterprise mobility. Touchless access control systems help these organizations to meet security, access management, password management, compliance, and access governance requirements. Both government and private organizations are increasingly adopting touchless access control to improve operational performance in business areas such as risk management and fraud reduction. For instance, in the BFSI sector, the rise in a number of online transactions is leading to an increase in the cases of identity theft, data theft, card-related fraud, and insurance claim fraud. These factors drive the demand for access control in this sector.
Further, the report states that one of the major challenges that is inhibiting the growth of the touchless sensing technology is the high investment associated with its development and implementation, especially in touchless access control systems. Large-scale deployment of touchless sensing equipment in an enterprise is a time-consuming process and generally requires a huge investment. Budgetary constraints also limit the testing of these solutions and hence, any failure in the implementation can result in a huge loss for enterprises. Therefore, substitutes for touchless sensing technologies such as touch-based swipe cards, keypads, and touch biometrics still hold well for many companies because of their cost-effectiveness, specifically among small- and medium-sized enterprises (SMEs). In addition, touchless sensing technologies such as voice recognition and iris recognition require further investment, including the cost of system integration, hardware assistance costs, and middle-ware costs.
Nuance Communications, ValidSoft, Grohe, Jaquar, Kohler, Toto, 3M Cogent, BioEnable, Crossmatch Technologies, Iris ID, IriTech, Assa Alboy, Boon Edam, Dorma+Kaba Holdings, GEZE, Stanley Access Technologies, Motekforce Link, Qualisys, Gemalto, Honeywell Security and Safran Identity, Security.