Press release
Biometrics Breakthrough: Biometric Sensor Market Ushering in a New Era of Security
Biometric Sensor Global Market Report 2024
The Business Research Company offers in-depth market insights through Biometric Sensor Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The biometric sensor market size has grown rapidly in recent years. It will grow from $3 billion in 2023 to $3.43 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to rising concerns about security, government initiatives and regulations, integration in consumer electronics, healthcare applications, rise of wearable devices..
The biometric sensor market size is expected to see rapid growth in the next few years. It will grow to $6.24 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to emerging applications in emerging markets, focus on user-friendly and convenient authentication, hospitality and travel industry integration, education sector adoption, demand for contactless authentication. . Major trends in the forecast period include hybrid biometric solutions, smart city initiatives, transparent and explainable ai, integration in healthcare, emphasis on data privacy and security, behavioral biometrics..
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Market Segmentation:
The biometric sensor market covered in this report is segmented -
1) By Type: Capacitive Sensors, Optical Sensors, Thermal Sensors, Ultrasound Sensors, Electric Field Sensors
2) By Application: Voice Scan, Finger Scan, Hand Scan, Facial Scan, Iris Scan, Vein Scan, Other Applications
3) By End-User: Consumers Electronics, Commercial Centers And Buildings, Medical Research And Lab, Bank And Finance Service Sector, Defense and Security, Other End-Users
Major Driver - The Rising Threat Of Identity Theft A Growing Menace For Biometric Sensors Market
An increase in the number of identity thefts is expected to propel the growth of the biometric sensor market going forward. Identity theft is the theft of personal information, such as social security numbers, bank account numbers, or credit card numbers. Biometrics meet all of the requirements for authentication, non-repudiation, confidentiality, and integrity, which helps in reducing and eradicating identity theft. For instance, in 2021, according to the Identify Theft Resource Centre, a US-based non-profit organization, the total number of data compromises increased by 68% compared to 2020. Further, according to a report by the Federal Trade Commission (FTC), a US-based consumer protection agency, the number of identity theft cases in the US more than doubled in 2020 from 2019. Therefore, an increase in the number of identity thefts is driving the biometric sensor market growth.
Competitive Landscape:
Major companies operating in the biometric sensor market report are 3M Company, Cross Match Technologies Inc., Fulcrum Biometrics LLC, NEC Corporation, Precise Biometrics AB, IDEX ASA, Suprema Inc., ZKTeco Inc., SAFRAN S. A., Mantra Softech Pvt. Ltd., SparkFun Electronics, BioEnable Technologies Pvt. Ltd., NEXT Biometrics Group ASA, Synaptics Incorporated, HID Global Corporation, Integrated Biometrics, NITGEN COLTD, Shenzhen Goodix Technology Co Ltd, Fingerprint Cards AB, Apple Inc., Egis Technology, Qualcomm Incorporated, TDK Corporation, Vkansee Technology Inc., Lumidigm Inc., BIO-key International Inc., M2SYS Technology, Nuance Communications Inc., Fujitsu Limited, SecuGen Corporation
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Top Trend - Pioneering Product Innovation In Biometric Sensors Market
Product innovation is a key trend gaining popularity in the biometric sensor market. Companies in the market are focusing on product innovation and enhanced security measures such as biometric-enabled cards for payments. For instance, in July 2021, Thales Group, a French aerospace company operating in the biometric sensor market, launched the Thales EMV contactless biometric payment card. The contactless biometric card simplifies proximity payments while simultaneously ensuring a high level of privacy and security. A simple and secure personal enrollment method is used to load the user's fingerprint data onto the card, which can be done at home or in a bank branch. The company is amongst the first to offer a contactless biometric card that meets all major payment scheme certification requirements.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Biometric Sensor Market Characteristics
3. Biometric Sensor Market Trends And Strategies
4. Biometric Sensor Market - Macro Economic Scenario
5. Biometric Sensor Market Size And Growth
…..
27. Biometric Sensor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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