Allied Market Research (AMR) has updated its forecast for the biometric sensors market. The company previously predicted the global market to reach $1.92 billion in 2025 and now expects it to climb to $3.31 billion in 2030. This figure is based on a market valuation of 1. $16 billion in 2020 and a CAGR of 11.8. percent.
While the new figure is consistent with earlier RAM reports, the numbers themselves are still oddly modest. AMR has previously predicted that the fingerprint sensor market alone will be worth $9.41 billion in 2027, while MarketsandMarkets puts the fingerprint sensor market at $5.8 billion in 2026. These two figures are difficult to reconcile with AMR’s latest forecasts for the overall biometric sensor market.
Even so, the trends in the latest report are consistent with those detailed elsewhere. In this regard, AMR has noted that many supply chains and factories have been disrupted due to COVID-19, which has slowed the growth of the biometric sensors market internationally. However, the firm believes the market will recover before the end of the year now that production has resumed and developers are pouring more funds into biometrics R&D.
AMR went on to suggest that the demand for biometric sensors will grow as people look for ways to combat rising rates of identity fraud. Biometric sensors will also be deployed in smartwatches and other wearable devices. These devices are becoming increasingly popular with consumers, although high costs may slow the pace of this growth.
Digging into the details, optical sensors accounted for the largest share with a quarter of the market in 2020, although the thermal sensor market is showing the highest CAGR as more and more manufacturers are leveraging these sensors for the applications of smart home. The finger scanning segment also led the market with a quarter of the market, although iris scanning is growing at a faster rate.
Finally, the Asia-Pacific region accounted for the lion’s share of revenue and will maintain its position throughout the forecast period. AMR has listed Fujitsu, Thales, IDEX, NEC and Precise Biometrics among the top players in the field of biometric sensors.
March 4, 2022 – by Eric Weiss