Biometric Sensors Market to Surge Past US$ 1.8 Billion by 2025
The Global Biometric Sensors Market was valued at US$ 802.2 million in 2015 and is projected to expand at a CAGR of 8.3% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Growing proliferation towards smart phones, watches, and other smart wearable with features like fingerprint scan, iris recognition, palm scan and face identification are expected to be major factors driving growth of the global biometric sensors market over the foreseeable future.
The demand for biometric sensors is anticipated to surge over the forecast period, as application of biometric authentication is expanding to luxury cars for better driving experiences. Increasing demand for advanced security measures is also contributing to the positive development of the market. Growing digitalization and financial institutions are focusing on biometric alternatives for authenticating mobile bankers that stabilizes both simplicity and security. Increasing application of biometric technology in education centers, commercial centers, offices, and research institutes are stimulating the growth of the market over the forecast period.
The growth in the revenue of the global biometric sensors market is attributable to growing application of biometric technology in hospitals and research laboratories. Growing use of biometric technology in diverse sectors, which includes airports, business centers, defense academies and banking institutes coupled with rising application of facial and finger scan solutions for residential security purposes are key aspects fueling the demand for biometric sensors globally.
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Growing application of biometric technology in government sectors is another prime reasons which is pushing the growth of the market. Government of India has familiarized Aadhaar Card allotted by Unique Identification Authority of India (UIDAI) for biometric attendance scheme in government establishments. Growing reserves and initiatives in the security-related developments in government institutes as well as cross-border organizations is expected to boost the growth of the market over the forecast period. Installation of biometric system is common to maintain attendance in large and medium sized organizations. Moreover, to manage data security and authentication, organizations are implementing face scanner and iris scanner for better operations. These factors are also having a positive impact on the market.
High price of advanced biometric sensors and maintenance cost of the whole biometric system are some of restraining factors for the market. However, growing prevalence of identity theft and incidences of security faults is stimulating the evolution of the market for biometric sensors. Additionally, application of integrated fingerprint readers along with biometric lock system in luxury hotels is also considered as driving factor for the market. Growing technological advancement and rising industrialization is expected to fuel the demand for biometric sensors across different regions globally.
Key takeaways of the Biometric Sensors Market:The global biometric sensors market is estimated to increase at a CAGR of 8.3% over the forecast period (2017–2025) as there exists a huge demanding market especially in North America and Europe.
The Optical sensors dominates the market in the product segment, owing to its accuracy, detectability, and experimental simplicity.Fingerprint scan dominates the market in the application segment, owing to increasing application across different end-use industry.Consumer electronics, banking, and financial sector are the major end users of biometric sensors market, owing to the high demand for fingerprint scan, palm scan, and gesture recognition features.
Some of the major players involved in global biometric sensors market are 3M, Crossmatch Technologies Inc., Idex Asa, Infineon Technologies Ag, Fulcrum Biometrics, Safran, Precise Biometrics Ab, NEC Corporation, Zkteco Inc. and Suprema Inc.
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