Frost & Sullivan has published a new report that suggests that businesses will need to implement contactless technologies in order to keep pace with the competition in a post-COVID-19 environment. In that regard, the company’s report on the Global Contactless Services Industry notes that more and more businesses are adopting touchless solutions to reduce the number of contact points in the wake of the pandemic.
That remains true even as more businesses are opening back up to full capacity. On that front, Frost & Sullivan noted that contactless technologies often deliver a better and more streamlined customer experience, which gives them an appeal beyond their health and safety benefits. The firm specifically indicated that a good digital experience can translate into a 10 percent increase in customer retention rates.
Of course, that demand for contactless solutions will also create significant business opportunities for the providers of contactless technologies. With that in mind, Frost & Sullivan has some advice for companies that are looking to capitalize on those opportunities, suggesting that start-ups should be moving to revenue-sharing models with their suppliers to get their products to the market. The firm similarly encourages systems integrators to deploy command centers that can handle inputs from a large number of remote devices. Healthcare companies, meanwhile, are encouraged to use digital twin and edge computing technology to improve their automated workflows.
“Organizations are adopting contactless solutions across all major industry segments with technological advancements that will aid them in making strategic and corrective decisions,” said Frost & Sullivan TechVision Industry Analyst Partha Sarathi Chakraborty. “This will inflate the demand for no-touch retail, digital wallet payment, and touchless biometrics solutions.”
Fact.MR has predicted that the contactless biometrics market will reach $78.6 billion by 2032. Juniper Research, on the other hand, noted that consumers were on pace to complete $2.5 trillion worth of transactions with contactless cards in 2021.