Global Biometric Sensor Market Growth Rate 2024, Forecast To 2033
15 Feb, 2024
The biometric sensor market has demonstrated rapid growth, increasing from $3 billion in 2023 to $3.43 billion in 2024, reflecting a compound annual growth rate (CAGR) of 14.5%. Historical growth is associated with rising security concerns, government initiatives, integration into consumer electronics, healthcare applications, and the popularity of wearable devices. Projections indicate further growth to $6.24 billion in 2028, driven by emerging applications in emerging markets, user-friendly authentication, integration in hospitality and travel industries, and the demand for contactless authentication. Notable trends include hybrid biometric solutions, smart city initiatives, and an emphasis on data privacy and security.
Global Biometric Sensor Market Key Driver
An increase in the number of identity thefts is expected to drive the growth of the biometric sensor market. Identity theft, a rising concern, can be mitigated through biometrics, which offers authentication, non-repudiation, confidentiality, and integrity. The rising number of identity theft cases worldwide fuels the demand for biometric sensors for enhanced security.
Get A Free Sample Of The Global Biometric Sensor Market ReportGlobal Biometric Sensor Market Segments
The biometric sensor market covered in this report is segmented –
1) By Type: Capacitive Sensors, Optical Sensors, Thermal Sensors, Ultrasound Sensors, Electric Field Sensors
2) By Application: Voice Scan, Finger Scan, Hand Scan, Facial Scan, Iris Scan, Vein Scan, Other Applications
3) By End-User: Consumers Electronics, Commercial Centers And Buildings, Medical Research And Lab, Bank And Finance Service Sector, Defense and Security, Other End-Users
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North America was the largest region in the biometric sensor market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the biometric sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Biometric Sensor Industry Players
3M Company; Cross Match Technologies Inc.; Fulcrum Biometrics LLC; NEC Corporation; Precise Biometrics AB; IDEX ASA; Suprema Inc.; ZKTeco Inc.; SAFRAN S. A.; Mantra Softech Pvt. Ltd.; SparkFun Electronics; BioEnable Technologies Pvt. Ltd.; NEXT Biometrics Group ASA; Synaptics Incorporated; HID Global Corporation; Integrated Biometrics; NITGEN COLTD; Shenzhen Goodix Technology Co Ltd; Fingerprint Cards AB; Apple Inc.; Egis Technology; Qualcomm Incorporated; TDK Corporation; Vkansee Technology Inc.; Lumidigm Inc.; BIO-key International Inc.; M2SYS Technology; Nuance Communications Inc.; Fujitsu Limited; SecuGen Corporation
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Biometric Sensor Market Overview
A biometric sensor refers to a transducer that turns a biometric trait of an individual into an electrical signal. It tackles a variety of security-related concerns across multiple sectors to identify, verify, and authenticate the identification by using tools such as fingerprints, facial recognition, iris, and voice recognition.
Biometric Sensor Global Market Report 2023 provides data on the global biometric sensor market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The biometric sensor market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.