The Global Biometric Sensor Market: Recent Developments and Segments

Published: Jan 2023

The Greek terms "bio" and "metric" are combined to form the term "biometrics," where "bio" stands for "life" and "metric" for "measure." The identification of a person's physical and behavioral traits is done via biometrics. This technique of identification is chosen over conventional ones such as PINs and passwords due to its accuracy and case sensitivity. Depending on how it is constructed, this system can be used as an identity or authentication system. In biometrics, sensors read or measure temperature, light, electrical capacity, speed, and other physical traits such as finger prints, among others. These types of security for organizational activities in hospitals and other government or non-government operations, such as common smartphone sensors, assist in providing high-profile security to the data related to organizations’ or individuals' identities. In addition, various public authorities, such as airport, are opting for this technology to enhance their services and decrease passport checking times. For instance, in November 2022, British Airways announced it would launch a trial program of biometric recognition for international flights. This means that customers will be able to scan their face, boarding pass, or passport on their smart devices, and when they reach their destination, Smart Bio-Pad cameras will verify their identity in three seconds, allowing them to keep their passports safe (in a suitcase, bag, or pocket). The trial is now open for passengers traveling from London Heathrow Terminal 5. Due to such factors, the global biometric sensor market is witnessing huge growth and is further anticipated to grow at a CAGR of 11.7% during the forecast period (2023–2029), according to OMR Research.

Segments of the Market

The global biometric sensors market is segmented on the basis of sensor type, application, and end-user. On the basis of sensor type, the market is sub-segmented into optical sensors, thermal sensors, capacitive sensors, ultrasound sensors, and electric field sensors. On the basis of application, the market is sub-segmented into voice scan, hand scan, facial scan, finger scan, iris scan, vein scan, and others. On the basis of end-user, the market is sub-segmented into consumer electronics, government and law enforcement, banking and finance, travel and immigration, commercial, smart homes, automotive, and others.

Recent Developments

Arana Security Ltd., Fujitsu Ltd., Fulcrum Biometrics Pvt. Ltd., HID Global Corp., ID R&D, Precise Biometrics, SparkFun Electronics, IDEX Biometrics ASA, Thales Group, NEC Corporation, ZKTeco Inc., and others are contributing to the market’s growth with their various mergers, collaborations, investments, and new technology innovations. Some of the recent developments in the market include:

In September 2022, Sentry Enterprises, a manufacturer of biometric identification solutions, selected the TrustedBio Max fingerprint sensor solution by IDEX Biometrics, a fingerprint authentication and identification solutions provider, for its biometric identity platform, SentryCard. According to IDEX, this solution will deliver improved performance and cost efficiency for users.

In November 2022, Banca Sella launched its biometric recognition credit card for trial, which will allow users to use their fingerprint for payments. The project is being led by Sella Group’s credit-specializing unit, Sella Personal Credit. According to the company, the biometric chip is powered by the POS (point of sale) for contact payments, and for contactless transactions, the chip has a magnetic field.

In November 2022, in Australia, a photo verification system is being launched for trial for the state digital ID program myGovID. The credentials will be saved on the citizens’ devices, and all the personal data will be in their hands. This initiative will allow citizens to renew their Working with Children Check and also prove their age when purchasing alcohol.

In November 2022, Keyo, a biometric identity company, launched the Keyo Network, a global biometric identity system. This system features a palm scanner and a software platform. This allows users to get access to their data and assets and make payments, redeem tickets, open doors, and perform other activities that require secure recognition of an individual without having to use their phones, cards, or keys.

In November 2022, IDEX Biometrics announced that a bank in the Middle East had deployed IDEX Biometrics sensor technology in their full-scale biometric payment card launch. This is the first initiative of its kind in the Middle East for customers. Further, the company claims that the solution will work seamlessly with any payment terminal and is certified by Visa and Mastercard.

In November 2022, IriTech, an iris recognition solution provider, collaborated with Integra Micro Systems, an Indian software firm, and the South Korean Institute of Blockchain Technology (IBCT) to launch a decentralized smartphone wallet that is secured with iris technology. According to the companies, the wallet is GDPI-compliant, in which all the private data, such as wallet private keys and biometric information, is not stored in the wallet system, but instead can only be accessed via decentralized IDs from various public and private organizations.

Conclusion

The market for biometric sensors is witnessing significant growth due to its use in every industry, whether it’s manufacturing, hospitality, healthcare, or any other private or public organization. The increasing incidents of data breaches and terrorist activities are prompting private and government entities to opt for biometric sensors in their day-to-day operations. For instance, in banks, biometric sensors such as fingerprints, facial recognition, and others are used widely in almost every country. Moreover, increasing net banking and online payment activities and increasing digitization regulations by developed and developing countries to reduce paper work are other factors that are assisting in the market’s growth. Although the market may face some restraints due to high installation and operational costs, increased online hacking activities such as fingerprint hacking, and others such as sometimes the AI may fail to recognize the correct person and instead recognize someone else, however, the market will continue to grow as a result of new technological innovations by companies that address the issue of data breaching and hacking as well as high costs. For instance, in November 2022, a new Web3 platform, Self, was launched for fraud prevention. The beta launch will allow users to create biometric and decentralized digital ID applications. The platform is based on blockchain technology that combines data sovereignty, end-to-end encrypted communications, and digital identity and verifies any activity in the user’s information before it is made public. Such initiatives by market players open new opportunities for the market.