The biometric sensors market share in Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to an increase in the population and adoption of enhanced technologies in smart infrastructure in developing countries such as India, China, and Indonesia. Also, various product launches and advancements in technologies in the market anticipate huge growth in the Asia-Pacific market.
Allied Market Research, titled, “Biometric Sensors Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global biometric sensors market size was valued at $1.15 billion in 2020, and is projected to reach $3.31 billion by 2030, registering a CAGR of 11.8% during the forecast period. The North America region is expected to be the leading contributor to the global market during the forecast period, followed by Asia-Pacific and Europe.
A biometric sensor is an identification and authentication device that uses automated methods of verifying or recognizing the identity of a living person based on physical attributes. These attributes include fingerprints, facial images, Iris, and voice recognition. Generally, the sensor reads or measures light, temperature, speed, electrical capacity, and other types of energy. Different technologies are applied to get the conversation using sophisticated combinations, networks of sensors, and digital cameras.
Many physical characteristics of a person, such as a face, iris, and fingerprints, are scanned by a biometric sensor and are converted to a digital image using an analog-to-digital converter. This digital information is stored in a memory and is used to verify or authenticate the identity of the person.
In the current modernized digital world, security threats are on the rise. The global financial and banking sectors are interconnected via the Internet, and the data related to consumers is highly confidential and prone to cyber-attacks. The current security systems implemented by organizations have multiple loopholes and are unsecured against high-level cyber-attacks. Further, the surge in demand for touchless fingerprint technology drives the biometrics sensors market.
Prominent factors that impact the biometric sensors market growth include the rise in several identity threats, the emergence of touchless fingerprint technology, and the growth in the popularity of wearable devices, such as smartwatches and smart bands. However, the high cost of biometric technology and the easy availability of alternative cheap non-biometric technologies restrict the market growth.
On the contrary, the growing concerns related to privacy breaches are expected to create lucrative opportunities for the market. Therefore, these factors are expected to affect the biometric sensors industry during the forecast period.
