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DUBLIN--(BUSINESS WIRE)--Nov 9, 2022--
The "Biometric Sensor Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global biometric sensor market is expected to grow from $2.30 billion in 2021 to $2.69 billion in 2022 at a compound annual growth rate (CAGR) of 17.1%. The biometric sensor market is expected to grow to $4.94 billion in 2026 at a CAGR of 16.4%.
Major players in the biometric sensor market are 3M Company, Crossmatch, Fulcrum Biometrics LLC, NEC Corporation, Precise Biometrics AB, IDEX ASA, Suprema Inc., ZKTeco Inc., SAFRAN S.A., SUPREMA, Mantra Softech (India) Pvt. Ltd., SparkFun Electronics, BioEnable Technologies Pvt. Ltd., NEXT Biometrics Group ASA, Synaptics Incorporated, HID Global Corporation, Integrated Biometrics, and NITGEN CO.LTD.
The biometric sensor market consists of sales of biometric sensor services by entities (organizations, sole traders, and partnerships) that are used to identify, verify, and authenticate the identification. 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.
The main types of biometric sensors are capacitive sensors, optical sensors, thermal sensors, ultrasound sensors, and electric field sensors. A capacitive sensor is an electronic device that can detect solid or liquid targets without physical contact. The different applications of biometric sensors include voice scans, finger scans, hand scans, facial scans, iris scans, vein scans, and other applications. The end-users for biometric sensors include consumer electronics, commercial centres and buildings, medical research and labs, banks and financial services sectors, defence and security, and other end-users.
North America was the largest region in the biometric sensor market in 2021. 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, the Middle East, and Africa.
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.
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.
In April 2020, Fujitsu Frontech North America Inc., a US-based leading provider of innovative technology and IT-based business strategies and applications, acquired Fulcrum Biometrics for an undisclosed amount. With this acquisition, Fujitsu Frontech North America, Inc. intends to improve its biometric authentication solutions business both nationally and globally and also expand its geographical footprint.
Fulcrum Biometrics is a US-based provider of advanced biometric hardware and software solutions for fingerprint, face, iris, palm print, palm vein, and voice biometrics.
Key Topics Covered:
1. Executive Summary
2. Biometric Sensor Market Characteristics
3. Biometric Sensor Market Trends And Strategies
4. Impact Of COVID-19 On Biometric Sensor
5. Biometric Sensor Market Size And Growth
5.1. Global Biometric Sensor Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Biometric Sensor Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Biometric Sensor Market Segmentation
6.1. Global Biometric Sensor Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.2. Global Biometric Sensor Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.3. Global Biometric Sensor Market, Segmentation By End-User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7. Biometric Sensor Market Regional And Country Analysis
7.1. Global Biometric Sensor Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Biometric Sensor Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Companies Mentioned
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/09/2022 10:59 AM/DISC: 11/09/2022 10:59 AM
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