Accelerating at 9.6% CAGR, Biometric Sensors Market to Gain Traction Due to Demand in Data Safety and Security
The global biometric sensors market is likely to witness a surge in demand due to rise in demand for identity technology. Biometric sensors play a vital role in identity technology that fuels its market demand. The global biometric sensors market is foreseen to be highly populated and diverse, with the presence of various key players in the market that are working for the development of the biometric sensors technology. CrossMatch Technologies, Inc. (U.S.), Infineon Technologies AG (Germany), 3M (U.S.), NEC Corporation (Japan), ZKTeco Inc (China), Suprema Inc. (South Korea), IDEX ASA (Norway), Precise Biometrics Ab (Sweden), and Safran (France) among many of them. The market incorporates several local and global vendors. Firms are indulging into strategies such as mergers and acquisitions and collaborations to improve their market position. For an instance 3M Cogent was acquired by gmalto in 2016, at an agreement price of worth US$ 850 mn. Similarly, Safran Identity and Security was taken over by Bpifrance and Advent.
According to a recent report by Transparency Market Research (TMR), the global biometric sensors market is expected to surge in forthcoming years with a steady CAGR of 9.6% within the forecast period from 2015 to 2023. The global market was valued at a worth of US$ 710.0 mn back in 2014. The revenue is expected to go around worth of US$ 1,625.8 mn by the year end of 2023.
On the basis of application, the fingerprint sensors segment is the dominating one in the global biometric sensors market, due to its usage in authentication purposes in offices and other institutions. Moreover, increase in demand for data safety and security due to rising cases of identity theft is influencing the demand in biometric sensors market. Regionally, Asia Pacific dominated the overall market, trailed by North America, in 2014. The regions are expected to sustain their lead during the forecast period as well.
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Rise in Fingerprint Identification to Bolster Market Demand
Surge in demand for fingerprint identification for getting access in smart devices and smart phones is positively impacting the growth of biometric sensors market. Moreover, increased demand for smartwatches, wearable devices, consumer electronic products, and biometric sensor based tablets, are also contributing in the development of the overall market. Ease of usage of biometric sensors is another factor driving the demand in the market. These sensors are compact and lightweight, which makes them easy to handle and install. Additionally, rising demand for better data safety and security as per the application is another factor propelling the market growth.
Lack of Standardization of Development process to Hamper Market Demand
However, there are some factors are expected to hamper the market growth. There are several regions whose cultural hindrance is restricting the potential growth of the market. Along with this, lack of standardization of the implementation and development and process is as well expected to bring down the demand of global biometric sensors in the market.
The study presented here is based on a report by Transparency Market Research, titled “Biometric Sensors Market By Type (Capacitive sensors, Optical sensors, Thermal sensors, Ultrasound sensors, Electric field Sensors) By Application (Voice Scan, Finger Scan, Hand Scan, Facial Scan, Iris Scan, Vein Scan) By End use (Consumer electronics, Commercial centers and buildings , Medical and research labs , Banking, Financial services sector, Defense and security) Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023”.
- Surge in demand for fingerprint identification for getting access in smart devices and smart phones is positively impacting the growth of biometric sensors market.
- Ease of usage of biometric sensors is another factor driving the demand in the market.