Global Biometric Sensor Market - Forecasts from 2024 to 2029

Global Biometric Sensor Market - Forecasts from 2024 to 2029

Global Biometric Sensor market was valued at US$1,357.938 million in 2022 and is expected to grow at a CAGR of 11.63% over the forecast period to reach a total market size of US$2,932.871 million by 2029.

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 and research laboratories, which boosts the growth of the biometric sensor market.

Market Drivers:

Rising cyber attacks-

The global biometric sensor market is anticipated to experience significant growth during the forecast period, driven by a surge in cyber-attacks and security threats. The United States, in particular, witnessed a rapid increase in cybercrime, leading to catastrophic business disruptions and earning it the title of the fastest-growing crime. According to isaca.org, the projected cost of global cybercrime is estimated to reach an alarming US$10.5 trillion by 2025. Several factors contribute to the market's growth, including the escalating number of security threats and the growing demand for biometric sensors in smart devices.

The preference for smart wearable gadgets, smartphones, and other mobile devices that require unique identification is expected to drive consumer choices. The prevalent occurrence of privacy breaches further accentuates the importance of biometric sensors, creating a conducive environment for market growth. As cyber threats continue to evolve, the demand for biometric sensors is poised to increase as they play a crucial role in fortifying security measures across various applications and devices.

The Hand and Fingerprint Scan Market is Growing Fast-

Several 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.

Market Restraint:

Security and data breach-

The proliferation of security threats is escalating swiftly in the contemporary digital landscape. Given the close interconnectivity of banks and financial institutions via the Internet, the confidentiality of consumer data is increasingly vulnerable to cyber-attacks. The frequency of attacks on digital systems is on the upswing. In 2022, the Indian Computer Emergency Response Team (CERT-In) grappled with and managed a substantial 13,91,457 incidents, underscoring the magnitude of the challenge in safeguarding digital environments from security breaches.
Biometric sensor market analysis segmented by end user into Automotive, Consumer Electronics, Aerospace & Defense, BFSI, and Other

The analysis of the Biometric Sensor Market is categorized by end-users, including Automotive, Consumer Electronics, Aerospace and defense, BFSI, and other sectors. In the Automotive sector, applications include keyless entry and ignition, driver monitoring systems, personalized car settings, and in-vehicle payments. For Consumer Electronics, the focus is on smartphone unlocking, wearable authentication, secure payments, and access control for smart homes.

In Aerospace and defense, biometric sensors play a crucial role in ensuring secure access to military facilities, aircraft authentication, soldier identification, and border security checkpoints.

Within BFSI (Banking, Financial Services & Insurance), applications encompass ATM access, online banking login, mobile banking transactions, loan applications, and identity verification. Other applications include Patient identification, medication adherence monitoring, and secure access to medical records.

Market Developments:

December 2023- Eastern Bank PLC. and Oslo-based IDEX Biometrics signed an agreement to launch the world's first biometric metal card at the EBL Head Office in Dhaka, Bangladesh. With advanced security features and seamless transaction capabilities, the exclusive card not only offered financial solutions but also ensured a secure and hassle-free payment experience for cardholders.
November 2023- Touch Biometrix Limited, a global leader in biometric fingerprint sensor technology, successfully developed the world's largest TFT-based capacitive fingerprint sensor, utilizing their innovative Active Pixel architecture. The TCAP60 (FBI standard FAP60) was manufactured by Sharp Display Technology Corporation, a subsidiary of the Sharp group and a frontrunner in TFT display technology. This achievement stemmed from a collaborative development effort between Touch Biometrix and Sharp Display Technology.
October 2023- Fingerprints announced that its newly developed, comprehensive biometric system for PC makers launched and was undergoing evaluation by several PC OEMs. The system comprised Fingerprints' in-house microcontroller unit (MCU) paired with a fingerprint sensor optimized for PC requirements. The utilization of a customized MCU further enhanced Fingerprints' biometric Match-on-Chip PC solution.

Market Segmentation:

By Type
Physiological
Face
DNA
Fingerprint
Behavioral
Keystroke
Signature
Voice
By End User
Automotive
Consumer Electronics
Aerospace & Defense
BFSI
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Italy
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
Japan
China
India
Taiwan
Indonesia
Thailand
Others