Biometric Sensors Market to Account for US$1,625.8 mn in Revenue by 2023

Global market for biometric sensors has been covered under the scope of this report. Biometric sensors are an essential part of identity technology. They can be defined as a ubiquitous technology that can be used in high definition cameras primarily for facial recognition and microphones for voice capturing purposes. The specially-designed units that can be customized to scan the vein patterns beneath the skin are also biometric sensors.

Some key attributes of biometric sensors include fast verification and identification. Biometric sensors are breakthrough technology, which weed out various security-related issues from different domains. Technological advancements coupled with rising demand for biometric technology in different sectors such as automotive, commercial centers, consumer electronics and defense and security among others are offering great opportunities for the major players in the biometric sensors market.

Rising demand for fingerprint identification for gaining access in smart phones and other smart gadgets has positively impacted the growth of biometric sensors market. Growing demand for biometric sensor based tablets, smartwatches, wearable devices, and other consumer electronic products is acting as one of the major drivers for this market.

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Convenience of use and comprehensive nature of biometric sensors are among the key drivers for the global biometric sensors market. Biometric sensors are lightweight and compact in design. Furthermore, they can be easily installed in devices. Growing preference for stronger systems of security and convenience in terms of application are major factors contributing to the growing popularity of biometric sensors at the global level.

Increasing application of biometric technology in different sectors such as commercial centers, offices and airports coupled with rising application of finger and facial scan solutions in security and defense sector is some of the major factors contributing in the growing demand for biometric sensors market globally. Moreover, rising demand for fingerprint scanning biometric solutions for payments and banking is having a positive impact on the biometric sensors market.

By type, the market can be segmented into capacitive sensors, optical sensors, thermal sensors, ultrasound sensors and electric field sensors (e field). As of 2014, optical sensors held largest share in the market. Wide application in biometric systems and flexibility in application are major drivers for growth of optical sensors.

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In terms of application, the market can be segmented into voice scan, finger scan, hand scan, facial scan and iris scan among others. Fingerprint sensors are widely accepted in various industries for authentication purposes in biometric systems. Factors such as rising cases of identity theft and increasing demand for data security and safety are leading to a positive impact on the fingerprint scan market. Finger scan and facial scan together contributed more than 56% share of the total revenue in 2014. Convenience in terms of application along with compact design is some of the major attributes of biometric sensors which in turn are having a positive impact on the market.

In terms of end use, biometric sensor market can be segregated into consumer electronics, commercial centers and buildings (airports, offices), defense and security, medical and research labs and banking and finance services sector among others. Commercial centers and buildings along with defense and security segment together accounted approximately more than 54% share of the total revenue in 2014. Furthermore, application of face scanning biometric sensors in consumer electronic products such as laptops and smartphones is rising owing to increasing preference for data security and heightened safety. In addition, hand, iris and vein scanning biometric technology for authentication and identification is gaining popularity in different sectors which include banking and financial sector, medical and research labs and hotels due to rapid advancements in operation procedures, which is stimulating the market for biometric sensors globally.

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