Biometric Sensors Market to Register CAGR of 9.6% from 2015 to 2023 due to Growing Usage in Smart Devices

Transparency Market Research has recently published a research report, titled “Biometric Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.” The report presents a fair case of the market’s current condition through Porter’s five forces analysis. Additionally, it also provides a SWOT analysis to highlight the strengths, weaknesses, opportunities, and threats influencing the segments of the overall market. Through primary and secondary research methodologies, the research report provides the readers a holistic view of the global biometric sensors market.

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According to the research report, the global biometric sensors market was worth US$710.0 mn in 2014 and is expected to rise at a CAGR of 9.6% from 2015 to 2023 to reach a figure of US$1.6 bn by 2023. Volume-wise, the global biometric sensors market is anticipated to expand at a CAGR of 15.8% between 2015 and 2023 to reach 1,799.6 mn units by 2023. Biometric sensors use physical traits of humans and integrate it with digital technology to create a biometric security solution. Such a solution comprises of a biometric sensor with an electrical device that converts biometric feed such as fingerprint, face, or the voice of a human into an electrical signal. These sensors offer quick verification and identification and are therefore used for filtering out security issues from various industrial verticals.

The global biometric sensors market is expected to grow at a rapid pace amidst growing concerns pertaining to security and privacy. Furthermore, an increasing demand for smart gadgets that are equipped with biometric security systems is also driving the overall market. As these sensors are light, they can be easily installed in spaces that need tight security. The growing need for security at places such as office buildings and commercial centers is also fueling the demand for biometric sensors across the globe. Additionally, usage of facial and fingerprint applications in smart devices is also likely to propel this market in the coming years.

The global biometric sensors market is segmented on the basis of type, application, end use, and region. The types of biometric sensors are captive sensors, thermal sensors, optical sensors, ultrasound sensors, and electric field sensors. The application of these sensors is seen in voice scanning, finger scanning, facial scanning, hand scanning, iris scanning, vein scanning, and others. The end users of these sensors are commercial centers and buildings, consumer electronics, medical and research labs, banking, the financial services sector, defense and security, and others. Geographically, this market is segmented into North America, Europe, Asia Pacific, and Rest of the World.

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Some of the important players in the global biometric sensors market are CrossMatch Technologies, Inc., Infineon Technologies AG, 3M, ZKTeco Inc, NEC Corporation, Safran, Precise Biometrics Ab, Fulcrum Biometrics, IDEX ASA, and Suprema Inc. The report profiles these players and provides an explanation of the competitive landscape of the global biometric sensors market. Additionally, the research report also mentions the research and development activities, financial overview, joint ventures, investment outlook, and business and marketing strategies of these important players in the global biometric sensors market in the foreseeable future.

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