Hand sensors measure pulse rates and fingerprint sensors monitor fingerprints for authentication and verification. Many organizations require people to use passwords, PINs, or cards to confirm their identities. Mobile devices have recently become increasingly biometric. This technology has enabled authentication, online transactions, and a variety of other services. Biometric technologies are used by banks for a variety of applications, such as cash withdrawals at ATMs, authenticating mobile banking apps with fingerprint signatures, and combining face and voice recognition for online banking. The biometric sensors market is expected to grow in the future as demand for smart gadgets with biometric sensors rises.
According to Data Bridge Market Research the Biometric Sensors Market accounted for USD 1.28 billion in 2021, and expected to reach USD 2.84 billion by 2029. The market is expected to grow with a CAGR of 10.45% in the forecast period of 2022 to 2029.
“Rising Innovative Multimodal or Multi-Factor Authentication to Facilitate Market Growth”
Biometrics-based identity and authentication methods, which are based on an individual's physical characteristics and behavior, have constantly been evolving and seen significant improvements in performance and robustness over the years. The innovative multimodal or multi-factor authentication, which involves verification using multiple biometric parameters, is expected to expand its application across multiple industry verticals.
What restraints the growth of Biometric Sensors Market?
“Lack of standardization”
Lack of standardization in the development and implementation of sensor devices, as well as high costs and limited availability, are limiting global market growth. However, various companies are working to reduce the effects of most restraints on the global biometric sensors market by regulating device costs and availability.
Segmentation: Biometric Sensors Market
The biometric sensors market is segmented on the basis of type, application and end use.
- On the basis of type, the biometric sensors market has been segmented into capacitive, ultra sound, optical, thermal, and electric field sensors.
- On the basis of application, the biometric sensors market has been segmented into voice scan, finger scan, hand scan, facial scan, iris scan, vein scan and others.
- On the basis of end use, the biometric sensors market has been segmented into consumer electronics, commercial centers and buildings, medical and research labs, banking sector, financial services sector, defense and security and others.
Regional Insights: North America is expected to dominate the Biometric Sensors Market
North America is expected to dominate the market because of the increased use of biometric technology in commercial centers and international airports. Growing use of biometric technology in commercial centers and international airports, as well as in the region, is attributed to higher internet penetration in the United States and Canada, which is accompanied by rising e-commerce sales. Furthermore, in a variety of industries, the automatic payment system has been integrated into the vehicle.
- In addition, the Asia-Pacific region is likely to register highest growth rate during the forecast period of 2022 to 2029 because governments from various countries and states have established rules governing the gathering, use, and disposal of such intimate information by entities. Furthermore, the presence of major sensor and consumer electronics vendors will boost the region's biometric sensors market growth during the forecast period.
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Recent Developments in Biometric Sensors Market
- In 2021, Thales Group, a French aerospace company active in the biometric sensor market, launched the Thales EMV contactless biometric payment card. The contactless biometric card simplifies proximity payments while maintaining a high level of privacy and security.
- In 2020, Fujitsu Frontech North America Inc., a leading provider of innovative technology and IT-based business strategies and applications in the United States, acquired Fulcrum Biometrics for an undisclosed sum. Fujitsu Frontech North America, Inc. plans to expand its geographical footprint and improve its biometric authentication solutions business through this acquisition.
The Prominent Key Players Operating in the Biometric Sensors Market Include:
- Thales (France)
- Safran (France)
- IDEMIA (France)
- NEC Corporation (Japan)
- Fujitsu (Japan)
- Fulcrum Biometrics (U.S.)
- Precise Biometrics (China)
- Infineon Technologies AG (Germany)
- IDEX (Norway)
- ZKTECO CO., LTD. (China)
- Suprema Inc. (South Korea)
- Mantra Softech (India) Pvt. Ltd. (India)
- SparkFun Electronics (U.S.)
- BioEnable Technologies Pvt. Ltd. (India)
- NEXT Biometrics Group ASA (India)
- Synaptics Incorporated (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of biometric sensors market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Biometric Sensors Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
