Allied Market Research (AMR) has updated its forecast for the biometric sensor market. The firm previously predicted that the global market would hit $1.92 billion in 2025, and is now predicting that it will climb all the way to $3.31 billion in 2030. That number is based on a $1.16 billion market valuation in 2020, and a CAGR of 11.8 percent.
While the new figure is consistent with past AMR reports, the numbers themselves are still strangely modest. AMR has previously predicted that the fingerprint sensor market alone will be worth $9.41 billion in 2027, while MarketsandMarkets places the fingerprint sensor market at $5.8 billion in 2026. Both figures are difficult to square with AMR’s latest predictions for the biometric sensor market overall.
Even so, the trends in the latest report are in line with those detailed elsewhere. In that regard, AMR noted that many supply chains and factories were disrupted due to COVID-19, which slowed the growth of the biometric sensor market internationally. However, the firm believes that the market will recover before the end of the year now that production has resumed and developers are dedicating more funds to biometric R&D.
AMR went on to suggest that the demand for biometric sensors will increase as people search for ways to combat rising rates of identity fraud. Biometric sensors will also be deployed in smart watches and other wearable devices. Those devices are becoming increasingly popular with consumers, though high costs could slow the pace of that growth.
Digging into the details, optical sensors represented the largest share with one-fourth of the market in 2020, though the thermal sensors market will exhibit the highest CAGR as more manufacturers leverage those sensors for smart home applications. The finger scanning segment similarly led the field with a quarter of the market, though iris scanning will grow at a faster rate.
Finally, the Asia-Pacific region accounted for the lion’s share of the revenue, and will retain its position throughout the forecast period. AMR listed Fujitsu, Thales, IDEX, NEC, and Precise Biometrics as some of the key players in the biometric sensor space.
March 4, 2022 – by Eric Weiss