Biometric Sensor Market Size to Reach $1.83 Billion by 2024

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The global Biometric Sensor Market size is expected to reach USD 1.83 billion by 2024, according to a new report by Grand View Research, Inc. Technological proliferation and increasing demand in commercial buildings, consumer electronics, and banking applications are expected to drive the market growth.

The development of advanced multimodal techniques for biometric authentication and recognition techniques, which employ verification of more than one biometrics enabling increased security levels across the end-use applications, is driving industry growth. The use of biometric Sensor in consumer electronic devices, such as smartphones and tablets, has resulted in an exponential increase in the sensor shipments.

End-users are increasingly adopting the advanced sensing and authentication technologies aimed at restricting unauthorized access and increasing security. Advanced recognition techniques such as DNA matching as well as vein, iris, and retina recognition have been increasingly adopted across distinct end-use verticals over the past few years.

However, concerns raised over cultural barriers and issues, such as the prevention of misuse of an individual's biometrics, may pose a challenge to the market growth over the next eight years.

Further key findings from the report suggest: 

• Optical, capacitive, thermal, ultrasound, and electric field Sensor are extensively used in capturing an individual's biometrics. Optical Sensor accounted for over 40% of the industry share and are expected to sustain their supremacy over the forecast period. Fingerprint scanners used in commercial buildings and offices for access control and log management extensively employ optical Sensor for capturing, recognizing, and verifying fingerprints.
• The finger scan application segment acquired a significant share of the industry, accounting for over 40% of the overall share and is expected to maintain its dominance over the forecast period. The hand and face scan applications are increasingly gaining prominence, owing to the enhanced security features that they offer.
• The rising application of fingerprint and facial recognition and authentication as biometric technology in devices such as smartphones, tablets, and laptops, along with other smart handheld devices, have led to the market proliferation. The consumer electronics segment dominated the overall end-use industry accounting for over 25% of the market volume share in 2015.
• The rapidly declining prices of such sensing components to be used in smartphones and tablets are expected to lead to a gradual decrease in the revenue generated over the forecast period. The entry of sensor and component manufacturers from the Asia Pacific countries, such as China and Taiwan, has led to increased competition in the industry, resulting in an overall decline in the sensor prices.
• Asia Pacific dominated the global industry, contributing over 35% of the market revenue in 2015. The presence of key sensor and consumer electronics vendors in the region has led the region to hold a major share in the biometric Sensor industry.
• Key vendors include 3M Company, Crossmatch, NEC Corporation, IDEX ASA, and ZKTeco Inc. Manufacturers are offering technologically advanced and distinguished products and are adopting innovative distribution strategies, such as e-commerce retailing apart from directly supplying to the end-use industries.