Biometric Sensors Market Size Projected to Garner USD 3,582.9 Million by 2030 growing at 11.9% CAGR - Exclusive Report by Acumen Research and Consulting
According to Acumen Research & Consulting, the Global Biometric Sensors Market Size was worth USD 1,319.5 Million in 2021 and is projected to be worth around USD 3,582.9 Million by 2030, growing at a CAGR of 11.9% in the coming years
Biometric Sensors Market Overview
The biometric sensor market is rapidly expanding and is expected to expand significantly in the coming years. Biometric sensors are used to capture and analyze specific physical and behavioral characteristics of an individual that are difficult to replicate, such as fingerprints, face, iris, voice, and body odor, making them useful for identification and authentication.
The market is being driven by rising demand for security in various industries, technological advancements, and government initiatives. The growing use of biometric technology in industries such as banking, healthcare, retail, and the government is a major driver of market expansion. Furthermore, biometric sensor technology advancements, such as more accurate fingerprint recognition and faster facial recognition, have made devices more reliable and user-friendly, driving the market growth.
Biometric Sensors Market Statistics
- Global biometric sensors market revenue collected USD 1,319.5 Million in 2021, with an 11.9% CAGR between 2022 and 2030
- North America biometric sensors market share occupied over 33% in 2021
- Asia-Pacific biometric sensors market growth is projected to record above 12% CAGR from 2022 to 2030
- Among products, the optical sensor sub-segment gathered around US$ 330 million in 2021
- By application, the finger scan sub-segment seized a 27% share in 2021
- The increasing adoption of smartphones is a key trend in biometric sensors that fuels the industry demand
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Biometric Sensors Market Dynamics
Increased security is a major factor driving the global biometric sensors market value. Biometric sensors can be used to secure and control access to sensitive areas, such as storerooms and back offices, as well as for overall access control, making it more difficult for unauthorized personnel to gain entry. Biometric sensors can be used to identify customers and enable personalized services such as loyalty programs, customer profiling, and targeted marketing, making customers' shopping experiences more convenient and enjoyable. In addition, biometric sensor technology can be used to help improve center safety by monitoring suspicious activity, identifying potential threats, and tracking people's movement throughout the facility.
However, the limited applicability of these sensors may limit the market growth. Biometric sensor technology, for example, may not be appropriate for certain applications or environments, such as high-security areas, adverse weather conditions, and extreme temperatures, limiting its widespread adoption. Aside from that, some people have ethical concerns about the use of biometric technology, such as the potential for misuse, surveillance, and discrimination, which can impede the technology's acceptance in some situations. Furthermore, these sensors can raise concerns regarding discrimination and bias, as the accuracy of certain biometric modalities, such as facial recognition, can vary depending on a person's race, gender, or age. This can lead to mistrust and reluctance towards the technology, which can limit its adoption in certain societies.
Biometric Sensors Market Segmentation
The global biometric sensors market is categorized into product, application, end-use, and geography.
- Based on the product, the market is split into capacitive sensors, electric field sensors, optical sensors, thermal sensors, and ultrasound sensors
- The application segment includes finger scan, facial scan, hand scan, iris scan, vein scan, voice scan, and others
- By end-use, the categorization is given as automotive, banking and financial sector, commercial center, consumer electronics, educational hubs, hospital, research lab, smartphones, and smartwatches
- The regional market is classified into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa
Biometric Sensors Market Share
As per our biometric sensors market forecast, the optical sensors product type collected the most revenue and will continue to do so in the coming years. Furthermore, capacitive sensors will have the second-largest market share in 2021.
In terms of the application segment, the voice scan sub-segment held a significant market share in 2021. The facial scan sub-segment is also expected to grow significantly between 2022 and 2030.
According to our biometric sensors industry analysis, the commercial center sub-segment will hold a significant share of the market; however, smartphones, consumer electronics, and hospitals are some of the end-uses where demand for biometric sensors is expected to increase in the coming years.
Biometric Sensors Market Regional Outlook
North America and Europe are anticipated to hold the greatest market shares due to the existence of major competitors and the widespread use of biometric technology across a variety of application sectors. In terms of growth, the Asia-Pacific region is anticipated to witness a significant growth rate in the coming years owing to the increased technology investments and rising acceptance across a range of application sectors.
In addition, the Middle East and Africa regions are projected to experience moderate market growth due to the growing use of biometric technology in governmental and military applications. Furthermore, South America is anticipated to experience moderate market growth as a result of the growing use of biometric technology in a variety of industries, including banking and government.
Biometric Sensors Market Players
Some prominent biometric sensors companies covered in the industry are CROSSMATCH Technologies Inc, Fujitsu, IDEX ASA, Fulcrum Biometrics, Precise Biometrics AB, Infineon Technologies, NEC Corporation, Thales Group, SAFRAN SA, and ZKTECO Inc.
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Mr. Frank Wilson
Acumen Research and Consulting
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