According to the new Allied Market Research report, the global biometric sensor industry generated $1.16 billion in 2020, and is anticipated to generate $3.31 billion by 2030, witnessing a CAGR of 11.8% from 2021 to 2030.

Prime determinants of growth

Rise in number of identity threats, emergence of touch less fingerprint technology, and growth in popularity of wearable devices, such as smart watches and smart bands drive the growth of the global biometric sensor market. However, high cost of biometric technology and easy availability of alternative cheap non-biometric technologies hinder the market growth. On the other hand, the growing concerns related to privacy breaches presents new opportunities in the coming years.

Covid-19 Scenario

• The outbreak of the COVID-19 pandemic has had a slight negative impact on the growth of the global biometric sensor market.
• The pandemic caused disruptions in the supply chain and halted production facilities, thus hampered the growth of the market.
• However, the biometric sensors market size is anticipated to recover by the end of 2022, as market players are hugely investing in the R&D of biometric sensors.

The optical sensors segment to maintain its leadership status throughout the forecast period

Based on tire, the optical sensors segment held the highest market share in 2020, accounting for more than one-fourth of the global biometric sensor market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the thermal sensors segment is projected to manifest the highest CAGR of 12.9% from 2021 to 2030, owing to its integration in smart homes initiatives.

The finger scan segment to maintain its lead position during the forecast period

Based on product type, the finger scan segment accounted for the largest share in 2020, contributing to more than one-fourth of the global biometric sensor market, and is projected to maintain its lead position during the forecast period. Several market players are offering finger scan sensors for exhibiting enhanced functionality and accuracy to detect the identity of the person on border security lines and on airports, which in turn, drives the segment growth. However, the iris scan segment is expected to portray the largest CAGR of 14.2% from 2021 to 2030. Various market players are offering advanced iris scan, which acts as a safe identification tool and is the key driver of the segment.

Asia-Pacific, followed by North America, to maintain its dominance by 2030

Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global biometric sensor market. Moreover, the same region is expected to witness the fastest CAGR of 13.2% during the forecast period, owing to technological development in the emerging economies.

Leading Market Players