Biometric Sensor Market – Worldwide Growth and Trend Analysis
DecisionDatabases.com adds a new research “Global Biometric Sensor Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast ". This report has an in-depth study of the current market dynamics and future projections using analytical tools such as Porter’s Five Forces Model, value chain analysis, market attractiveness analysis, company share analysis, and brand share analysis.
The biometric sensor is a digital technology, which is used for personal recognition of the human body based on various biological and physical traits such as fingerprint, palm print, voices, face, hand geometry, behavioral characteristics or typing pattern. Fingerprinting is one of the oldest methods used for over a century to keep track of law-breakers. Biometric sensors are compact and lightweight in design with convenient installation property.
The growing technological advancement coupled with the rising application across a wide range of end-use industries are the major growth drivers of this industry. Moreover the rising concerns of security and privacy coupled with increasing demand for smart electrical gadgets is anticipated to have a positive impact on the market growth over the coming years. However, growing preference for electric vehicles (EV) along with limited usage of the technology due to lack of knowledge & geographical barriers are some of the key challenges, which may hamper the market growth in the near future.
The biometric sensor is evolving as a breakthrough technology and is expected to grow at a significant rate over the forecast period owing to its fast identification and verification quality. The emergence of online and mobile transactions has created a strong need for the usage of biometric sensor technology in the financial sector. Surging demand from various end-use industries such as consumer electronics, automotive and hospitality sectors is projected to fuel the market demand in the near future. Growing popularity of smart watches, tablets and other smart gadgets is likely to augment market growth over the forecast period due to rising application of fingerprint sensors as an integrated part of gadgets by manufacturers.
The global biometric sensor market has been segmented based on product into optical sensors, capacitive sensors, thermal sensors, electric field sensors and ultrasound sensors. The optical sensor is one of the major product segments and is expected to witness a substantial growth over the forecast period owing to rising usage of optical sensor integrated fingerprint scanners in offices, commercial buildings, and workspaces. Furthermore, the biometric sensor market has been segmented by applications into voice scan, hand scan, finger scan, vein scan, facial scan, iris scan and others. The finger scan is one of the major application segments and is projected to grow at a considerable rate over the forecast period on account of growing demand for finger scan enabled tablets, smartphones, and laptop devices for data security. The biometric sensor market has been segmented based on end use into, consumer electronics, BSFI, defense, commercial buildings, medical, and others. Consumer electronics is the fastest growing segment due to the surging popularity of fingerprint sensing technology in various smart gadgets.
Asia Pacific is one of the leading markets for biometric sensor and is expected to continue its dominance over the forecast period owing to the presence of a large number of key component manufacturers in the region. The key players include 3M, Cross Match Technologies, Inc., Fulcrum Biometrics, IDEX ASA, NEC Corporation, Precise Biometrics Ab, Safran, Suprema Inc, Synaptics, and ZKTeco Inc.
In June 2016, IDEX, a Norwegian sensor firm has announced its certification from FIDO Alliance for eagle range fingerprint sensor to ensure interoperability and compliance for their services and products.
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