Biometric devices are security systems that use biometric sensors to recognize a person's identity by converting their unique characteristics into an electrical signal. These sensors measure different types of energy and can be used to authenticate and verify a person's identity with the help of specialized hardware. This technology is used in various industries, such as education, corporate, manufacturing, and defense, to solve security issues. North America is anticipated to have the largest market share of the global biometric sensor market during the forecast period due to increased R&D operations and technological breakthroughs by key players in developing smart weapons that use biometric technology. The demand for biometric sensors in North America is expected to grow significantly as a result. The Asia Pacific region is also expected to see significant growth in biometric sensor demand due to the increasing use of virtual payment systems and the need for biometric security measures for smartphones. India, China, and Indonesia are among the countries in the Asia-Pacific region that are moving towards e-commerce and virtual payments. Voice scanning is increasingly popular in various applications such as crime solving, cellphone unlocking, and protecting bank accounts. The financial sector is adopting this technology as a biometric authentication method, replacing passwords with voice recognition. This method is gaining trust and popularity as a reliable security measure.
The market for Biometric Sensors worldwide had a value of US$ 1.4 billion in 2021, and it is projected to increase to US$ 3.6 billion by 2030, with a compound annual growth rate (CAGR) of 11.4% during the period of 2022 to 2030.
Prominent Players in the Biometric Sensors Industry:
1. IDEX Asa
IDEX Biometrics ASA was established in 1996 and is headquartered in Oslo, Norway. The company has offices in the US, UK, and China and is engaged in various products, including biometrics, software products, sensors, and information technology. In 2022, IDEX Biometrics ASA partnered with TrustSEC to meet the increasing demand for digital authentication with biometric smart cards. Recently, on April 24, 2023, IDEX Biometrics ASA received a production order from PONE Biometrics for digital authentication.
2. Precise Biometrics Ab
Precise Biometrics Ab was established in 1997 and is headquartered in Lund, Sweden. The company has offices in the USA and China and is engaged in various products, including biometric technology, facial recognition software, and fingerprint algorithm solutions. In 2022, Precise Biometrics Ab entered into a license agreement with Isorg, an organic optical sensors company located in France, to provide a new technology of fingerprint sensors to the mobile industry.
3. NEC Corporation
NEC Corporation was established in 1899 and is headquartered in Minato, Tokyo, Japan. It operates in more than 50 countries worldwide and is engaged in providing IT systems and network systems to electric power companies, local governments, and medical institutions. In 2022, NEC Corporation launched a multimodal biometric authentication solution featuring the world's No. 1 face recognition and iris recognition.
4. Zkteco Inc.
ZKTeco was established in 1985 and is headquartered in Dongguan, Hebei, China. It operates in more than 100 countries worldwide and is engaged in providing biometric verification algorithm techniques, sensors, and software platforms. In 2022, ZKTeco launched world-class security systems.
5. Daon, Inc.
Daon, Inc., was founded in 1999 in Dublin, Ireland, and is headquartered in Fairfax, Virginia. It operates in Australia as well and is engaged in various products, including identity proofing, biometric authentication, and digital onboarding. In July 2019, Daon announced the launch of IdentityX Digital Onboarding 2.0. In 2023, Daon, Inc., launched its next-generation cloud-based platform called TrustX™.
6. Cognitech Systems, GmbH
Cognitec Systems GmbH was established in 2002 and is headquartered in Dresden, Germany. It operates in more than 50 countries worldwide and is engaged in various products for facial database search, video screening and analytics, border control, ICAO-compliant photo capturing, and facial image quality assessment. In 2023, Cognitec Systems, GmbH, introduced the addition of verification and PAD features to its photo capture devices.
7. Accu-Time Systems, Inc.
Accu-Time Systems, Inc. was established in 1991 and is headquartered in Ellington, Connecticut, United States. The company has offices in the US and UK and is engaged in various industries, including biometrics, electronics, and manufacturing. In 2023, Accu-Time Systems, Inc., launched new proprietory software called "Only|You™ Face."
8. Fulcrum Biometrics
Fulcrum Biometrics is a subsidiary of Fujitsu Frontech North America, which was established in 2002 and is headquartered in San Antonio, Texas, US. It operates in more than 90 countries worldwide and is engaged in various industries, including biometrics, information technology, and security. In 2023, Fulcrum Biometrics introduced the launch of a high-speed palm vein biometric retail payment solution in collaboration with Ingenico.
*Definition: Biometric sensors are a type of technology, either mechanical or electronic, that digitally captures biometric data such as facial features, palm prints, or iris patterns and transforms it into a biometric template.
