Global Biometric Sensor Market Overview
The key driver impacting the biometric sensor market is the increase in the number of identity threats and the emergence of touch-less fingerprint technology. For instance, According to the Federal Trade Commission (FTC), in 2020, there were around 4.8 million identity theft and fraud reports obtained by the FTC in 2020, an increase of 45 percent from 3.3 million in 2019. It is typically due to the 113 percent augment in identity theft complaints. In 2020, about 1.4 million complaints were for identity theft, an increase from 651,000 in 2019. In addition, the Identity theft complaints responsible for 29% of all complaints received increased from 20% in 2019. Moreover, the growing adoption in commercialized buildings, medical & research labs, banking sectors, and smart weapons contributes to biometric sensor market demand in the coming years.
According to Value Market Research, the global Biometric Sensor market size was valued at about USD 3555.9 million in 2020 and is estimated to grow at a CAGR of around 13% during the forecast period 2021 to 2027.
The rising technological advancements and growing applications for biometric sensors across various end-use segments will likely augment the need for biometric sensors in the forecast period. However, the high cost of biometric technology hampers the market in the long run. In addition, the easy availability of alternative cheap non-biometric technologies is negatively impacting the market growth. Nevertheless, the industry trends, including the mounting popularity of wearable devices, such as smartwatches and smart bands with biometric sensors, might provide massive market opportunities to the key players of the market.
The Biometric sensor market is widespread, with many local and international players. The market leaders follow diverse strategies to strengthen their market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The key players taken in the report are Crossmatch, 3M Company, NEC Corporation, Fulcrum Biometrics LLC, AB, IDEX ASA, Precise Biometrics, Suprema Inc., and ZKTeco Inc.
In this research report, the Biometric Sensor market is segmented by type and application and region.
Analysis by Type:
By type, the report is categorized into capacitive sensors, ultrasound sensors, optical sensors, thermal sensors, and electric field sensors. The optical sensors segment dominates the type segment with over 42% share in 2020. It is due to the wide usage of sensing components in applications such as iris scan, hand scan, and finger scan, where it compares the captured image to the standard image for verification and authentication. Moreover, optical sensors are utilized among several applications than other types of sensors existing in the market, which contributes to the optical sensors segment's growth in the forecast period.
Analysis by Application:
By application, the report is segmented into voice scan, finger scan, hand scan, facial scan, iris scan, vein scan, and others. The finger scan segment dominates the application segment with the highest share in 2020. It is due to the rising demand for finger scan integrated smartphones, tablets, and laptop devices that ensure enhanced data security. Moreover, the high demand for smart gadgets with advanced biometric sensors technology thus contributed to the growth of the finger scan segment in the forecast period.
Analysis by Region:
In the regional outlook of the global Biometric sensor market, the Asia-Pacific region is expected to hold a market share of around 52% in the forecast period. It is due to the presence of key component manufacturers in countries from the Asia Pacific, such as China and Taiwan. Moreover, governments from numerous countries and states have ordained regulations governing the gathering, usage, and discarding of such intimate information by entities, but the substance of these laws varies widely over regions across the region, contributing to the tremendous market growth across Asia-Pacific.
Market Segmentation covered in the Report:
By Type
- Capacitive Sensors
- Ultra Sound Sensors
- Optical Sensors
- Thermal Sensors
- Electric Field Sensors
By Application
- Voice Scan
- Finger Scan
- Hand Scan
- Facial Scan
- Iris Scan
- Vein scan
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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