According to The Business Research Company’s Biometric Sensor, The biometric sensor market size has grown rapidly in recent years. It will grow from $3 billion in 2023 to $3.43 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to rising concerns about security, government initiatives and regulations, integration in consumer electronics, healthcare applications, rise of wearable devices.
The biometric sensor market size is expected to see rapid growth in the next few years. It will grow to $6.24 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to emerging applications in emerging markets, focus on user-friendly and convenient authentication, hospitality and travel industry integration, education sector adoption, demand for contactless authentication.
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Major trends in the forecast period include hybrid biometric solutions, smart city initiatives, transparent and explainable ai, integration in healthcare, emphasis on data privacy and security, behavioral biometrics..An increase in the number of identity thefts is expected to propel the growth of the biometric sensor market going forward. Identity theft is the theft of personal information, such as social security numbers, bank account numbers, or credit card numbers. Biometrics meet all of the requirements for authentication, non-repudiation, confidentiality, and integrity, which helps in reducing and eradicating identity theft. For instance, in 2021, according to the Identify Theft Resource Centre, a US-based non-profit organization, the total number of data compromises increased by 68% compared to 2020. Further, according to a report by the Federal Trade Commission (FTC), a US-based consumer protection agency, the number of identity theft cases in the US more than doubled in 2020 from 2019. Therefore, an increase in the number of identity thefts is driving the biometric sensor market growth.
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The biometric sensor market covered in this report is segmented –
1) Biometric Sensor Market By Type: Capacitive Sensors, Optical Sensors, Thermal Sensors, Ultrasound Sensors, Electric Field Sensors
2) Biometric Sensor Market By Application: Voice Scan, Finger Scan, Hand Scan, Facial Scan, Iris Scan, Vein Scan, Other Applications
3) Biometric Sensor Market By End-User: Consumers Electronics, Commercial Centers And Buildings, Medical Research And Lab, Bank And Finance Service Sector, Defense and Security, Other End-Users
Top Major Players
Product innovation is a key trend gaining popularity in the biometric sensor market. Companies in the market are focusing on product innovation and enhanced security measures such as biometric-enabled cards for payments. For instance, in July 2021, Thales Group, a French aerospace company operating in the biometric sensor market, launched the Thales EMV contactless biometric payment card. The contactless biometric card simplifies proximity payments while simultaneously ensuring a high level of privacy and security. A simple and secure personal enrollment method is used to load the user’s fingerprint data onto the card, which can be done at home or in a bank branch. The company is amongst the first to offer a contactless biometric card that meets all major payment scheme certification requirements.
The biometric sensor market report table of contents includes:
1. Executive Summary
2. Biometric Sensor Market Characteristics
3. Biometric Sensor Market Trends And Strategies
4. Biometric Sensor Market – Macro Economic Scenario
5. Global Biometric Sensor Market Size and Growth
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31. Global Biometric Sensor Market Competitive Benchmarking
32. Global Biometric Sensor Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Biometric Sensor Market
34. Biometric Sensor Market Future Outlook and Potential Analysis
35. Appendix
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https://www.thebusinessresearchcompany.com/report/contactless-biometrics-global-market-report
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