A recent report by ABI Research reveals that revenues for biometric hardware devices are projected to reach $9 billion worldwide by 2027. This represents a significant increase from the $7 billion recorded in 2022. The growth in biometric devices is closely tied to the rising adoption of biometric capabilities in consumer electronics such as smartphones, tablets, and wearables. While fingerprint sensor revenues are expected to remain stable at $1.5 billion annually, there is rapid growth anticipated for face, voice, vein, ECG, and gesture biometrics.
The biometrics market can be viewed from two perspectives. Firstly, there are dedicated devices primarily used in government, security, enterprise, healthcare, and BFSI (Banking, Financial Services, and Insurance) sectors. These devices are often specialized for specific applications, such as biometric enrollment kits for citizen identification or eGate systems that employ biometric verification for border crossings. Secondly, smartphones and tablets are increasingly being used as platforms for biometric authentication. ABI Research highlights the growing biometric capabilities of these devices, with even low-end models incorporating biometric technologies, and a growing number of smartphone users adopting biometric authentication.
Lucas Stewart, a Research Analyst at ABI Research, explains that biometric verification is trending towards personal devices whenever possible, leveraging smartphones or other devices to capture or verify biometric data. This shift is driven by convenience, user experience, and the need for mobility. Biometric authentication is being incorporated into apps and websites as a replacement for passwords or as a means to verify one's identity. Additionally, standalone biometric devices are becoming more portable and handheld to cater to the demand for mobility.
Biometric locks present a significant opportunity in the market, especially as smart home concepts continue to advance. Another growth area worth monitoring is the border control market, where there is a growing need for efficient and secure international border crossings post-COVID. Stewart notes that as traveler volumes increase, the demand for biometric solutions in border control will rise. ABI Research predicts that biometric locks will experience the highest growth rate within the overall market, with shipments expected to increase from 9.3 million in 2022 to 35.5 million in 2027. Similarly, eGates are projected to exhibit strong growth with a compound annual growth rate (CAGR) of 12.8% from 2022 to 2027. The report provides detailed insights into various device types, submarkets, and biometric modalities.
Source: ABI Research
