ABI Research’s Biometrics Technologies and Applications market data report forecasts revenues for biometric hardware devices are set to reach US$9 billion worldwide by 2027.
The report noted that 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 specialised by application, for instance, a biometric enrolment 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.
Stuart posits that given convenience and user experience, we see a trend of biometric verification often going through a personal device where possible, that is 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.
“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,” Stuart continues.
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 reiterates that there is a significant opportunity here with the need for more efficient and secure international border crossing becoming clear post-COVID as traveller 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.