Biometric Sensors Market Size To Touch USD 3.5829 Million By...| MENAFN.COM

Friday, 27 January 2023 12:15 GMT

Biometric Sensors Market Size To Touch USD 3.5829 Million By 2030 According To Acumen Research And Consulting


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TOKYO, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The Global biometric sensors market Size gathered USD 1,319.5 Million in 2021 and is set to garner a market size of USD 3,582.9 Million by 2030 growing at a CAGR of 11.9% from 2022 to 2030.

Biometric Sensors Market Overview

Biometric sensors are devices or technologies that are used to capture and measure unique physiological or behavioral characteristics of an individual, such as fingerprints, facial features, iris patterns, voice patterns, or hand geometry. These measurements are then used to identify or verify the identity of the individual. Biometric sensor technology can be divided into two main categories: physiological and behavioral.

Physiological biometrics, such as fingerprints and iris scans, measure the unique characteristics of the individual's body. Behavioral biometrics, such as voice recognition and hand geometry, measure the unique characteristics of the individual's behavior. These measurements are then converted into digital data, which can be processed, stored, and compared to other data in a database to verify the individual's identity.

The biometric sensors market refers to the market for devices and technologies that use biometric data, such as fingerprints, facial recognition, and iris scans, to identify and authenticate individuals. These sensors are used in a wide range of applications, including security and access control, mobile devices, and healthcare. The various end-use industries are healthcare, banking, and government.

The market for biometric sensors is propelled by the increasing demand for secure and convenient authentication methods, as well as the growing need for accurate identification in various industries. The market is expected to grow significantly in the coming years, driven by advances in technology and the increasing adoption of biometric sensors in a variety of applications.

Apple introduced the facial recognition system into their iPhones since the launch of Iphone X since face ID sensors have been used widely in smartphones for making payments, accessing sensitive information, and unlocking the phone.

Some of the key players in the biometric sensors market include Apple, Samsung, Microsoft, Fujitsu, and NEC.

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Biometric Sensors Market Report Coverage:

Market Biometric Sensors Market
Biometric Sensors Market Size 2021 USD 1,319.5 Million
Biometric Sensors Market Forecast 2030 USD 3,582.9 Million
Biometric Sensors Market CAGR During 2022 - 2030 11.9%
Biometric Sensors Market Analysis Period 2018 - 2030
Biometric Sensors Market Base Year 2021
Biometric Sensors Market Forecast Data 2022 - 2030
Segments Covered By Product, By Application, By End-Use, And By Geography
Biometric Sensors Market Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled CROSSMATCH Technologies Inc, Fujitsu, Fulcrum Biometrics, IDEX ASA, Infineon Technologies, Precise Biometrics AB, NEC Corporation, SAFRAN SA, Thales Group, and ZKTECO Inc.
Report Coverage
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

Biometric Sensors Market Research Report Highlights and Statistics

  • Global biometric sensors market size has been estimated as USD 1.3195 billion in 2021 and is expected to reach USD 3.5829 billion by 2030, and is growing at CAGR 11.9% over the forecast period.
  • The fingerprint recognition technology segment holds the largest biometric sensors market share during the forecast period, due to wide adoption in mobile devices.
  • The healthcare segment is expected to grow at the fastest CAGR during the forecast period, due to the increasing use of biometric sensors in healthcare applications such as patient identification, medical records management, and access control.
  • The Asia-Pacific region is projected to grow at the fastest rate and North America has the largest biometric sensors market share amongst all other regions.
  • The major players operating in the biometric sensors market are Apple, Samsung, Microsoft, Fujitsu, NEC, 3M, Bio-Key International, Crossmatch Technologies, Inc., Gemalto N.V., and HID Global Corporation, among others.

Trends in the Biometric Sensors Market

  • Advancements in technology: Biometric sensors are becoming more advanced and accurate, leading to increased adoption in various applications..
  • Growing demand for multi-factor authentication: Organizations are looking for more secure methods of authentication, and biometric sensors are being combined with other forms of authentication, such as password-based systems, to provide an added layer of security.
  • Increasing adoption in healthcare: Biometric sensors are being used in healthcare to improve patient identification and access control, and to manage medical records.
  • Rising demand for biometric sensors in government and military applications: Governments and militaries are using biometric sensors to identify and authenticate individuals, and to secure sensitive information.
  • Rising demand for remote authentication: With the covid-19 pandemic, remote authentication has become a necessary step to avoid physical contact and biometric sensors are increasingly used for that purpose.
  • Growing trend of biometric as a service: Biometric as a service is becoming more popular, allowing companies to outsource their biometric needs to a third-party provider.

Biometric Sensors Market Dynamics

  • Growing adoption in financial services: Banks and other financial institutions are using biometric sensors to authenticate customers, and to secure transactions.
  • Biometric sensors for IoT devices: Biometric sensors are being integrated into IoT devices to improve security and access control.
  • Increasing use of biometric sensors in the automotive industry: Biometric sensors are being used in cars to improve driver identification and to provide access to the car's systems.
  • Increasing security concerns: With the growing number of security breaches and cyber attacks, organizations and individuals are becoming more aware of the need for secure and reliable authentication methods. Biometric sensors offer a high level of security and are becoming increasingly popular as a result.
  • Growing adoption of mobile devices: The increasing popularity of smartphones and other mobile devices has led to the widespread adoption of biometric sensors, particularly fingerprint scanners and facial recognition systems.
  • Convenience: Biometric sensors offer a convenient and easy way to authenticate users, without the need for passwords or other forms of identification.
  • Cost-effectiveness: Biometric sensors are becoming more affordable and cost-effective, making them accessible to a wider range of organizations and individuals.
  • Government regulations: Government regulations and laws are mandating the use of biometric technologies in certain industries, such as banking and healthcare, leading to an increase in demand.
  • Increase in e-commerce and online transactions: As e-commerce and online transactions continue to grow, the need for secure and reliable authentication methods is also increasing, leading to the growth of the biometric sensors market size.

Biometric Sensors Market Growth Hampering Factors

Despite the significant growth of the biometric sensors market, there are several factors that are hampering its growth. One major factor is the lack of standardization and interoperability among different biometric technologies. This can make it difficult for organizations to choose the right biometric sensors for their specific needs, and can also limit the ability of different systems to work together seamlessly. Another major factor is the high cost of implementing and maintaining biometric sensors, which can be a barrier for small and medium-sized businesses. Additionally, privacy and data security concerns are also a major concern for many individuals and organizations, as biometric data can be sensitive and vulnerable to breaches. Furthermore, lack of awareness and technical knowledge in certain regions and industries can also hinder the adoption of biometric sensors.

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Market Segmentation

  • Fingerprint recognition: widely used in mobile devices, laptops, and other consumer electronics.
  • Face recognition: used to identify and authenticate individuals heavily used in security systems, mobile devices etc.
  • Iris scan: This technology uses the unique patterns in the iris for identification and authentication widely used in security systems, healthcare, and other applications.
  • Voice recognition: uses the unique characteristics of a person's voice.
  • Hand geometry: Here authentication is done using the shape and size of a person's hand.
  • Other biometric sensors include vein recognition, gait recognition, and keystroke dynamics.
  • End-use industry: healthcare, banking and finance, government, consumer electronics, and others.

Biometric Sensors Market Overview by Region

  • North America has the largest biometric sensors market share owing to the presence of major players such as Apple, Microsoft etc. The USA and Canada are some of the richest and most advanced countries in the world with a high demand for advanced technologies.
  • Asia-Pacific is expected to have the fastest growth in the biometric sensors market size during the forecast time period. India and China have two of the largest consumer markets in the world, with a large population using smartphones and other electronic devices. These two countries are also amongst the fastest growing large economies in the world. China, Japan and South Korea have some of the biggest tech conglomerates
  • Europe is also expected to have a notable biometric sensors market share with the increasing adoption of biometric sensors in various end-use industries such as healthcare, banking, and government.

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Biometric Sensors Market Key Players

Apple, Samsung, Microsoft,3M Cogent, Fujitsu Limited, NEC Corporation,Crossmatch Technologies,Safran Identity & Security,ZKTeco Inc.,Bio-Key International Inc.,Fingerprint Cards AB,HID Global Corporation,IDEMIA,Imageware Systems Inc.,Integrated Biometrics LLC,Iritech Inc.,M2SYS Technology,Precise Biometrics AB,Synaptics Inc.,Thales Group,ValidSoft Limited,Fingerprint Cards AB,Synaptics Incorporated,Validity Sensors, Inc.,Siemens AG

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About acumen research and consulting :

Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

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