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

Transparency Market Research has published a new market report titled - Biometric Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015 - 2023. According to the report, the global biometric sensors market was valued at US$710.0 mn in 2014 and is anticipated to reach US$1,625.8 mn by 2023, expanding at a CAGR of 9.6% from 2015 to 2023. In terms of volume, the biometric sensors market is expected to reach 1,799.6 mn units by 2023, expanding at a CAGR 15.8% (2015-2023).

Browse the full 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 report at http://www.transparencymarketresearch.com/biometric-sensors-market.html

Factors such as increasing application of biometric technology for better security purpose in commercial centers and buildings such as offices and airports are fueling the demand for biometric sensors globally. Furthermore, growing application of fingerprint and facial recognition as biometric technology in consumer electronics such as smartphones, laptops and other smart handheld devices are acting as major drivers for biometric sensors market at the global level. Technological advancement and increasing application of biometric car lock system in automotive industry are expected to stimulate the growth of biometric sensors market over the forecast period.

Limitation of application in different geographical regions due to cultural barriers is one of the challenges that may hinder the growth of this market. Lack of standardization in the process of development and implementation is also restraining the biometric sensors market. Furthermore, there are a number of issues including lack of well-trained personnel to manage biometric facilities, varied accuracy of the vendor’s mathematical algorithms and users not well-informed about biometrics, the consequences of which have not yet been fully addressed. In addition, the absence of reliability, accuracy, and standardization in terms of authentication of design and features is another factor hampering the market growth.

By type, bio metric sensor market can be segmented into capacitive sensors, optical sensors, thermal sensors, ultrasound sensors and electric field sensors (e field). As of 2014, due to flexibility in application, low cost and wide awareness, optical sensors held the largest share in biometric sensor market.

In terms of application, the market can be segmented into voice scan, finger scan, hand scan, facial scan and iris scan among others. Finger scan is the most attractive segment in biometric sensors market, followed by facial scan. Finger scan and facial scan segment together contributed more than 56% share of the total revenue in 2014. Factors such as rising security concern for identity theft and rising demand for data security have positively impacted demand for biometric sensors used in fingerprint and facial scanning.

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 center and building is the most attractive segment in the biometric sensors market, followed by defense and security sector. Commercial centers and buildings along with defense and security segment together accounted approximately more than 54% share of the total revenue in 2014.

The market has been divided into major geographic regions such Asia Pacific, North America, Europe and Rest of the World (RoW). Increasing application of finger, facial and hand scan technology in industrial sector is driving the growth of biometric sensor market across different regions which include North America, Europe, Asia Pacific, and RoW. The U.S., Germany, China, Taiwan, Japan, India are major contributors in the increasing demand for biometric sensors globally. In 2014, Asia Pacific held the largest share in terms of revenue. Rising demand for biometric sensors in consumer electronics industry is major growth driver for biometric sensor market in Asia Pacific.

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

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This release was published on openPR.