Biometric Sensors Market to Incur High Value Growth at High CAGR During 2023 En

Posted by Vikas Bahurupi on June 27th, 2018

Biometric sensors integrate with the physical traits of human body identification with digital technology in order to provide biometric security. Biometric security sensors which is based on matching the algorithms and template database available to the live biometric samples with the already stored samples in the database. Some of the physical traits used to prepare desired templates are face metrics, fingerprints and vein structures in hands among others. Some of the major driving factors of the market growth are the increasing concerns of privacy and security along with growing demand for smart gadgets with biometric security systems. The conversion of a biometric feed such as voice, face and fingerprints etc. into an electric signal via a transducer also known as a biometric sensor. Sensors generally are used to measure temperature, pressure, light, electrical capacity and speed. They are also lightweight and compact in design. Biometric sensors can also be installed in devices very conveniently. Fast verification and identification are some of the key attributes of biometric sensors. Weeding out various security related issues from different domains has resulted to be breakthrough technologies used in biometric sensors.

During the forecast period from 2015 to 2023, there is an expected positive growth due to factors such as increasing emphasis on better security and safety, application of fingerprint scan, facial scan and hand scan.A huge opportunity in the financial sector has been created for biometric security sensorsdue to the increasing emergence of mobile and online financial transactions. The advanced technology of biometric sensors can be used in a wide number of applications such as automotive, consumer electronics, commercial centers and hospitality industries. In sectors where safety, privacy and security are of primary concern, biometric sensors are expected to find opportunities in applications such as making transactions and operations.

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Some of the standard feature in consumer electronic products are biometric and fingerprint sensors. The key manufactures of smartphones and other gadgets have started offering fingerprint sensors as a part of certain products sensing the consumer preference for security and privacy. The increasing demand for biometric security technology is ion the rising trend due to the fact that the users of smartphones and other smart gadgets have become more familiar and comfortable with using security tools such as fingerprint identification for gaining access. The growing demand for tablets, smartwatches, wearable devices and other consumer electronic products are acting as one of the major drivers for this market. Furthermore, some of the factors acting as restraining factors for the market include limitation of application indifferent geographical regions due to cultural barriers and lack of standardization in the process of implementation and development of technical standards. However graphene enabled sensors are the future of the biometric sensor market.

The market based on types is segmented into capacitive sensors, optical sensors, thermal sensors, ultrasound sensors and electric field sensors (eField). Further the market based in terms of application, has been segmented into voice scan, finger scan, hand scan, facial scan, iris scan, vein scan and others. Also by end use, the market is segmented into consumer electronics, commercial centers and buildings, defense and security, medical and research labs, banking and financial services’ sector among others.

The global biometric sensors market is categorized geographically into North America, Europe, Asia Pacific and Rest of the World (RoW). The scope of the report is to offer an insight into biometric sensors market in these regions based on revenue (USD million) and volume (million units).

Competitive profiling of leading players in the industry and their market share to aid in strategic decision making are also included in the report. A proper insight into market dynamics, industry competition and strategies adopted by market leaders is provided by the market attractiveness analysis and company market share analysis.

The report also breaks down and reviews the factors impacting the market growth, which can be appropriately described as market drivers, restraints and opportunities. The various existing trends and their impact on the market growth is determined with the help of these factors. Overall taking into consideration the various factors which are affecting the biometric sensor market, the report also includes a holistic analysis of the global biometric sensor market and provides an estimate of growth for the period of 2015 to 2023.

The top leading players in the biometric sensors market are CrossMatch Technologies, Inc. (U.S.), Fulcrum Biometrics (U.S.), Infineon Technologies AG (Germany), 3M (U.S.), ZKTecoInc (China), NEC Corporation (Japan), Safran (France), Precise Biometrics Ab (Sweden), Suprema Inc. (South Korea) and IDEX ASA (Norway) among others.

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