Biometric Sensor Market - Forecasts from 2022 to 2027

The Biometric Sensor market was valued at US$1,047.289 million in 2020 and is expected to grow at a CAGR of 11.46% over the forecast period to reach a total market size of US$3,006.868 million by 2027.



Biometry is the statistical analysis of the physical and behavioral properties of biological data. The sensors generally determine electrical wattage, light, pressure, speed, and temperature. Their compact design allows them to be incorporated into devices easily. Security-related issues from various domains are eradicated by this breakthrough technology. Modern society considers them an essential tool to analyze and scan vein patterns and other unique fingertip features. Due to the increased reliance on the internet, better security and authentication methods have become more necessary over the past few years. Due to their various advantages, biometric sensors are used in commercialized buildings, banking sectors, and medical & research laboratories, which boosts the growth of the biometric sensor market. 

A rise in cyber-attacks and security threats is expected to propel the global biometric sensor market to significant growth during the forecast period. A vicious cyberattack causes catastrophic business disruption in the US, making it the fastest-growing crime. The global damages from cybercrimes are projected to reach US $6 trillion by 2021. (Source: isaca.org) 

In terms of contributing factors, the market is impacted by the increase in security threats and the increasing demand for biometric sensors in smart gadgets. It is expected that consumers will prefer smart wearable gadgets, smartphones, and other mobile devices that require unique identification. As privacy breaches become increasingly common, this will drive growth for the market. Through data breaches since 2019, at least 16 billion records have been compromised, including credit card data, address data, phone numbers, and other highly sensitive data.  (Source: selfkey.org). Biometric sensors market growth has been driven by various other factors along with a number of restraints, such as the high costs associated with the technology and products. 

Growth Factors:

The Hand and Fingerprint Scan Market is Growing Fast

A large number of new opportunities are expected to arise with the application of fingerprint scans and hand scans. The biometric sensors market size is expected to expand in the future due to the increasing demand for smart gadgets with biometric sensors. For authentication and verification purposes, hand sensors measure pulse rates, and fingerprint sensors monitor fingerprints.  In many organizations, people need to confirm their identities with passwords, PINs, or cards. Recently, mobile devices have been becoming more and more biometric. Authentication, online transactions, and many other services have been made possible through this technology. Banks use biometric technologies for many applications, including cash withdrawals at ATMs, authenticating mobile banking apps with fingerprint signatures, or combining face and voice recognition for online banking.  Biometric sensors have been adopted by governments around the world. Yoti's Biometric Mobile ID Solution is to be adopted by the UK Post Office on September 3, 2021. A new partnership with Yoti gives the UK Post Office an opportunity to play in the digital identity game.  In a joint effort, each company has released a new EasyID app that can store a digital identity document on standard smartphones. Another such example is UAE's first biometric authentication for e-commerce, launched by Abu Dhabi Islamic Bank, a financial institution, in partnership with digital payments expert Visa. The Tesco Bank app now allows customers to unlock their accounts using facial recognition. The bank is one of many to update their apps to work with Apple's Face ID.

The introduction of biometrics has also changed security operations at places like airports and international borders. Several countries around the world have already implemented biometric border checks. Also, numerous airports have adopted automatic facial recognition boarding systems, which save time and make passengers happy. An Amadeus system for touchless bag drop is tested at Heathrow Airport in London.  In order to achieve this goal, the Amadeus system features an infrared proximity sensor that tracks any finger placed near the screen.  

Restraints

Security that and data breach: 

The number of security threats is growing rapidly in today's modernized digital world. Banks and financial institutions are closely linked through Internet connectivity, and consumer data is highly confidential and at risk of cyber-attack. Attacks on digital systems are on the rise. In accordance with information reported to and tracked by the Indian Computer Emergency Response Team (CERT-In), a total number of 1,59,761, 2,46,514, and 2,90,445 digital banking cybersecurity incidents have been recorded in 2018, 2019, and 2020, respectively. 

COVID-19 Impact on Biometric Sensor Market:

In response to the spread of novel coronaviruses, hygiene related to the handling of surfaces, such as keypads, has received more attention. Contact-based methods such as PINs and keypads like those already in prevalent use are no longer popular, and the shift has been swift and long-term. As a result of the virus' impact, both customers and manufacturers have been left scrambling to find solutions. Aside from the other sensors driving the system, thermal sensors are also being used in biometric systems to measure body temperature.  Thus, COVID-19 has had a positive impact on biometric sensors.

Segmentation

By Type

• Physiological
• Face
• Fingerprint
• DNA
• Behavioral
• Keystroke
• Signature
• Voice

By End-User Industry

• Automotive
• Consumer Electronics
• Security and Surveillance
• Aerospace and Defense
• BFSI
• Others

By Geography

• North America
• U.S.
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• France
• Germany
• Italy
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• Japan
• China
• India
• Thailand
• Taiwan
• Indonesia
• Others