Growth in Specialized Devices and Smartphones Drive Biometric Hardware Revenues to US$9 Billion by 2027
NEW YORK, July 12, 2023 /PRNewswire/ -- According to a recent report from global intelligence firm ABI Research, revenues for biometric hardware devices are set to reach US$9 billion worldwide by 2027. Alongside strong growth in biometric devices, rising in revenue from US$7 billion in 2022, consumer electronics (smartphone, tablet, wearable) biometric capability will markedly increase in future years. Fingerprint sensor revenues will remain at a steady US$1.5 billion annually, with attach rates for face, voice, vein, ECG, and gesture biometrics increasing rapidly.
There are two angles to look at regarding the biometrics market. "First, we have dedicated devices, predominantly in the government and security space, as well as in enterprise, healthcare, and BFSI institutions. These are often specialized by application, for instance, a biometric enrollment kit for citizens' identities, or eGate systems which use biometric verification to clear those crossing a border," explains Lucas Stewart, Research Analyst at ABI Research. "Second, we can look at smartphones and tablets as a vessel for biometric authentication." ABI Research notes a strong uptick in the biometric capabilities of said devices, with low-end models increasingly equipped with biometric technologies and the overall smartphone user base seeing growing biometric penetration.
"Given convenience and user experience, we see a trend of biometric verification often going through a personal device where possible, that being using your smartphone or other to capture or verify your own biometric data, where apps and web pages increasingly incorporate biometric means of authentication as a password replacement or way to verify oneself," Stuart explains. "Alongside the usability factor, this trend is underpinned by a clear need for mobility. In terms of standalone biometric devices, the need for mobility in these larger scale kits manifests with movement toward more handheld and portable devices."
Biometric locks are a key area of opportunity and something we will see more and more of as smart home concepts progress. Regarding other key growth areas, the border control market should also be closely monitored. Stewart states, "There is a significant opportunity here with the need for more efficient and secure international border crossing becoming clear post-COVID as traveler volumes continue to rise." ABI Research forecasts biometric locks as the most rapidly growing device type within the wider market, rising from 9.3 million shipments in 2022 to 35.5 million in 2027. Similarly exhibiting strong growth are eGates, at 12.8% CAGR from 2022 through 2027. These key figures sit alongside additional detail and granularity for multiple device types, by submarket and biometric modality.
These findings are from ABI Research's Biometrics Technologies and Applications market data report. This report is part of the company's Trusted Device Solutions research service, which includes research, data, and ABI Insights. Market Data spreadsheets comprise deep data, market share analysis, highly segmented, service-specific forecasts to provide detailed insight into where opportunities lie.
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