The global Biometric Sensors Market is on the brink of surpassing the impressive milestone of USD 1.6 billion by 2023, exhibiting a remarkable CAGR of 12.1% throughout 2033, ultimately reaching a valuation of USD 4.9 billion.
The market is swayed by the surging sales of SVCs, which are primarily used to regulate voltage variations in transmission lines and the quality of the power supply in substantial industrial sectors, in the railway industry to replace the current grids and in the planned solar and wind stations.
Consumer goods are in high demand due to the expanding population, which has sped up the growth of the industrial manufacturing sectors, auguring well for the market's future trends.
The market overall exhibits a largely positive growth forecast. It is, however, not devoid of challenges or impediments. The following obstacles may present themselves in the market’s growth trajectory.
Attribute | Details |
---|---|
Biometric Sensors Market Estimated Value in 2023 | USD 1.6 billion |
Biometric Sensors Market Estimated Value in 2033 | USD 4.9 billion |
Biometric Sensors Market Value CAGR from 2023 to 2033 | 12.1% |
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The global biometric sensors market experienced a significant growth rate of 14.3% from 2018 to 2022, driven by increasing applications in security, authentication, and identity management across various industries.
Advancements in technology, such as improved accuracy, faster processing, and integration with mobile devices, propelled the market forward.
Attributes | Details |
---|---|
Biometric Sensors Market Value in 2018 | USD 820 million |
Biometric Sensors Market Value in 2022 | USD 1.4 billion |
Biometric Sensors Market Value CAGR from 2018 to 2022 | 14.3% |
The forecast for 2023 to 2033 however is even more promising, with a thriving outlook due to the proliferation of IoT devices, expanding use cases in healthcare, banking, and smart cities, as well as the integration of biometric sensors with AI and machine learning, leading to enhanced user experiences and heightened security measures.
This period is expected to witness a robust surge in demand for biometric sensors, solidifying their role as a cornerstone in the future of authentication and identity verification.
As per the biometric sensors market analysis by FMI, the industry is anticipated to garner revenue of about USD 4.9 billion by 2033, securing a 12.1% growth rate from 2023 to 2033.
The below section highlights values in terms of value, for important countries and the global landscape. The United States and China are expected to be dominant players by 2033. Both countries are likely to reach USD 1.3 billion and USD 419.5 million respectively by 2033.
The United Kingdom, Japan, and South Korea are equally lucrative markets. Manufacturers are finding opportunities in specific areas of deployment. From the analysis, it is clear that China is the fastest growing market. In value terms, however, the United States shall retain the top position.
Country | Value CAGR (2023 to 2033) |
---|---|
The United States | 10.3% |
The United Kingdom | 11.3% |
China | 13.1% |
Japan | 11.6% |
South Korea | 12.6% |
The United States is a pivotal driver due to its strategic focus on advancing defense technologies. It is likely to garner a value share of USD 1.3 billion by 2033.
The nation's robust research and development initiatives aimed at creating cutting-edge smart weapons reinforce its market dominance. Leading industry players continue to push technological boundaries, unveiling innovative solutions that fortify the arsenal of smart armaments.
The swift adoption of emerging technologies is another compelling factor, setting the stage for a transformative shift in precision and dependability across the smart weapons landscape.
The intricate synergy between biometric sensors and these advanced weapons systems further underscores the United States' pivotal role. Notably, the integration of biometric authentication, exemplified by fingerprint-based unlocking mechanisms in smart guns, exemplifies the nation's readiness to harness these innovations.
In China, a significant shift toward e-commerce and virtual payment methods is underway. The majority of e-commerce and banking activities now rely on virtual payment platforms like Apple Pay and Google Pay, predominantly facilitated through mobile devices.
The security of smartphones, consequently, underpinned by biometric technology, has emerged as a paramount concern among the Chinese populace. As a result, the forecast period anticipates a notable upsurge in the demand for biometric sensors.
This surge in demand for biometric sensors in China is a direct response to the growing importance of safeguarding personal and financial data in the digital realm.
As regulatory frameworks evolve to address data privacy and security concerns, biometric technology providers are navigating complex landscapes to align with these regulations. By 2033, the market in China is expected to total USD 419.5 million.
This aligns with China's ongoing efforts to strike a balance between fostering technological innovation and safeguarding user privacy. As these regulatory environments mature, they provide a conducive atmosphere for responsible biometric sensor adoption, further driving market growth.
The market for biometric sensors in Japan is forecast to reach USD 354.4 million by 2033. From 2023 to 2033, the anticipated CAGR is 12.6%. Facial biometrics is especially gaining traction in the Japanese market.
In 2018, a facial recognition project was initiated in a regulatory sandbox. Today, this project has come to fruition, with a consortium of dozens of companies interested in deploying biometric fintech. Today, 31 companies from various industries in Japan are considering optimal and regulatory frameworks to enable payments via facial recognition platforms.
Resona Holdings, a financial services company in Japan, is one of several sizable organizations leading the consortium. Dai Nippon Printing, consumer credit firm JCB Co. and Panasonic System Solutions Japan have joined Resona in creating the brain trust.
Projected to reach USD 1.3 billion by 2033, the United Kingdom is another opportunistic hotspot for key service providers. Market players are most likely to find opportunities in the law enforcement industry.
Throughout the United Kingdom, the police are deploying integrated biometrics fingerprint scanners. This enables them to maximize their presence and effectiveness.
An example of this is Integrated Biometrics (IB). The company’s fingerprint scanners have helped strengthen law and order in the homes of over 11 million citizens across England and Wales. These biometric scanners serve a dual purpose: enforce security and reduce implementation costs.
South Korea has presented significant opportunities for biometric sensor manufacturers, especially in the airline industry. In 2018, it was the first country to deploy a novel service. The NH NongHyup Bank introduced a boarding service utilizing palm vein biometrics.
The system provides for customers to register themselves at one of the bank’s local branches. Once registered, they can take any domestic flight via a contactless biometric boarding process. The facility was first implemented at the Gimpo International Airport, Jeju International Airport, and Gimhae Airport.
The biometric service can be utilized by everyone aged 20 and above. Such developments are likely to propel the South Korean market at a 12.6% CAGR until 2033, generating USD 197.7 million in revenue.
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The below section highlights the biometric sensors’ growth patterns based on key segments. By product type, optical biometric sensors are highly preferred. It is likely to register a 12% CAGR through 2033.
Based on application, preference for finger-based sensors is expected to enjoy high popularity. An expansion rate of 11.9% is projected for this segment from 2023 to 2033.
Category | Value CAGR 2023 to 2033 |
---|---|
Optical Sensors | 12% |
Finger Scan | 11.9% |
Optical biometric sensors are preferred due their extensive appeal to diverse smartphone manufacturers. A CAGR of 12% from 2023 to 2033 is expected for this segment.
Optical fingerprint sensors, discreetly positioned beneath a smartphone's screen, are highly sought after for capturing fingerprint data.
Leading companies, including Goodix, Fingerprints, Synaptics, CrucialTec, and Q Technology, are prominent providers of these optical sensors, further fueling their anticipated prominence.
The convenience and security offered by this technology, coupled with the futuristic design of placing the sensor beneath the screen, align well with the preferences of both smartphone manufacturers and users.
By application, finger scan biometric sensors are preferred. The segment shall rise at an 11.9% CAGR through 2033. A high degree of security and data protection is what is encouraging this segment’s expansion.
From automotive to banking and healthcare to education, finger-based biometrics are being preferred. Finger-based biometrics also provide faster access and do away with the need to remember complicated passwords.
The competition landscape in the biometric sensors industry is marked by intense rivalry among established players, innovative startups, and technology giants, all vying for market share in an ever-expanding field.
Industry leaders, alongside emerging companies with disruptive technologies, strive to meet diverse market demands across sectors such as security, healthcare, finance, and consumer electronics.
The regulatory compliance, privacy concerns, and the integration of AI-driven features are shaping the competitive landscape, driving organizations to differentiate through technological excellence, global reach, and customer-centric approaches, as they aim to secure a leading position in this dynamic and high-growth industry.
Recent Developments in the Market:
Report Attribute | Details |
---|---|
Market Value in 2023 | USD 1.6 billion |
Market Value in 2033 | USD 4.9 billion |
Growth Rate | CAGR of 12.1% from 2023 to 2033 |
Base Year for Estimation | 2022 |
Historical Data | 2018 to 2022 |
Forecast Period | 2023 to 2033 |
Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
Segments Covered | Product Type, Application, End-Use Industry, Region |
Regions Covered | North America; Latin America; Europe; Asia Pacific; The Middle East & Africa |
Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, China, Japan, South Korea, Thailand, Singapore, Indonesia, Australia, New Zealand, GCC countries, South Africa, Israel |
Key Companies Profiled | 3M Cogent Inc.; Idex A.S.A; Infineon Technologies; Fulcrum Biometrics; Safran; Precise Biometrics Ab; NEC Corporation; ZKTeco; Suprema Inc.; Daon Inc.; Cognitec; IDTECK; Accu-Time Systems Inc. |
Customization & Pricing | Available upon Request |
The market for biometric sensors is valued at USD 1.6 billion in 2023.
The biometric sensors market achieved a CAGR of 14.3% from 2018 to 2022.
The United States will likely account for USD 1.3 billion by 2033.
The United Kingdom is projected to grow at a CAGR of 11.3%.
The optical sensors segment is expected to hold the lead in the market.
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