NEW YORK, Sept. 10, 2018 (GLOBE NEWSWIRE) -- The global biometric sensors market is expected to increase from USD 863.7 million in 2016, to USD 1,748.0 million in 2023, at a significant CAGR of 10.6% from 2017 to 2023. The factors driving the global biometric sensors market are rising security concerns, convenience in implementing these sensors across various industries and rising demand for fingerprint sensors and facial recognition sensors in smart-phones and other hand held devices. Technological advancement such as virtual reality and virtual assist and rising adoption of smart-phone linkage to meet the daily activities fuels the growth of the global biometric sensors market. Hand held devices and wearable devices such as smart watches, eyeglasses, ear pods and smart bands are using the biometric identification technologies and these gadgets also have the capabilities to capture an individual’s traits like blood pressure and heart rate. The growing use of such wearable and hand held devices and high degree of accuracy and sensitivity of such devices making biometric sensors popular in the global biometric sensors market. However, high initial and implementation cost may hinder the growth of the global biometric sensors market.
Key companies operating in the biometric sensor market include Crossmatch Technologies Inc., 3m, Suprema Inc., Zkteco Inc., Infineon Technologies Ag, Idex Asa, Fulcrum Biometrics, Safran, Precise Biometrics Ab, and Nec Corporation.
Key Findings from the Report:
- The global biometric sensors market is expected to reach USD 1,748.0 million by 2023
- Based on type:
° The optical sensors held the major share of the global biometric sensors market in 2016
° Ultrasound sensors segment is the fastest growing segment - On the basis of application:
° The finger scan segment was the largest segment in 2016
° Voice scan segment appears to the fastest growing segment followed by Iris scan application - The A multi-factor security access and identity authentication using biometric recognition provides smart-phone users higher convenience and better security
- Asia-Pacific region is expected to hold the major share of the global biometric sensors market during the forecast period
Global Biometric Sensors Market – Authenticating and Securing the Financial Data
Internet banking and mobile payments facilities are gaining popularity due to advent of 4G network connectivity revolution. Thus, the increasing number of hand held devices with mobile biometric options and rising security concerns to secure financial details are propelling the growth of the global biometric sensors market with enhanced security features. Further, graphene-based applications are the future of biometric sensors and offer opportunities for growth of the market in the coming years.
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Global Biometric Sensors Market- Regional Insight
Geographically, the biometric sensors market is divided into North America, Europe, Asia-Pacific (APAC) and Rest of World (RoW) based on revenue (USD million) and volume (million units). Asia-Pacific region is expected to hold the major share of the global biometric sensor market during the forecast period. The factors propelling the growth of the biometric sensors market in the APAC region are increasing number of hand held device users in the region coupled with rising disposable income. North America biometric sensor market is expected to register high growth over the forecast period. Increasing number of identity thefts and frauds along with growing data security concerns are some of the primary factors acting as drivers for the biometric sensor market in the region
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