Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by Infinium Global Research on the biometric sensors market provides an in-depth analysis of segments and sub-segments in the global as well as regional biometric sensors market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional biometric sensors market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecasts and dollar values of the global biometric sensors market. According to the report, the global biometric sensors market is projected to grow at a CAGR of 11% over the forecast period of 2022-2028.
The Global Biometric Sensors Market was valued at around USD 4400 Million in 2022 and is expected to reach nearly USD 8300 Million in 2028, with a CAGR of 11% during the forecast period. A biometric sensor converts a biometric characteristic of an individual, such as fingerprint, face, voice, and others, into an electrical signal. Such sensors are used to verify, authenticate, and identify identity via biometric technology with the help of special software and hardware. The growth of the market is driven by the growing immigration around the world and the possible terrorism and law and order threats. New opportunities are expected to rise as new technologies such as ML and AI are emerging in the market. Increasing utilization of the sensors by various government regulations has enhanced the demand and market growth during the forecast period.
The growth of the market is highly attributed to the increasing emergence of touch-less fingerprint technology and a number of identity threats. The increasing popularity of wearable devices, such as smart bands and smartwatches propels the growth of the biometric sensors market during the forecast period. Growing demand for smart gadgets, including smart bands, smartwatches, and smartphones, is increasing the utilization of biometric security sensors in the market. Biometric sensors are being widely adopted in BFSI. These Sensors are being integrated with automatic teller machines, or ATMs, to ensure the security of cash withdrawals and deposits. Furthermore, integrating automated fingerprint identification systems with the BFSI systems is helping the BFSI industry to offer paperless and hassle-free services such as account opening to their customers. Furthermore, new growth opportunities are in foresight as new technologies such as AI and ML are emerging in the market. The integration of these new technologies with AFIS is expected to increase the speed, efficiency, and accuracy of the sensors and identification. However, the high cost of installation of the sensor-related products is restraining the growth of the market during the forecast period.
The COVID-19 epidemic had a negative impact on biometric sensors market because of the lockdowns imposed by several countries. The outbreak of the covid-19 pandemic also affected biometrics investors, companies, customers, and developers. Furthermore slowdown in the production of the OEMs has pull-down the demand for biometric sensors during the spread of the coronavirus. Delay in the project completion and shortage of the components has majorly affected the manufacturing of the sensors. The major restraining factor for the growth of the market is decreased spending on research and development activities from major companies due to the increased spread of the covid-19 epidemic.
Based on the region, the worldwide biometric sensors market is segmented into the Asia Pacific, North America, Europe, and also the Middle East & Africa. Among the regions, North America is the largest region in the biometric sensors market due to the growth of the transportation infrastructure sector in the U.S. during the forecast period. North America is expected to dominate the market over the forecast period. North America has been one of the pioneers in biometric authentication technologies. Automated fingerprint identification systems are also being largely adopted and developed in North America which increased the demand for the sensors. Rising spending on research and development, and increasing utilization in the BFSI sector for verifying identity increased the demand and the production of the sensors in the Asian region. The Asia Pacific region is expected to be the fastest-growing region due to growing concerns related to security breaches in the region during the forecast period.
The report on the global biometric sensors market covers segments such as type, application, and end use. On the basis of type, the sub-markets include capacitive sensors, optical sensors, and thermal sensors. On the basis of application, the sub-markets include voice scan, finger scan, iris scan, and vein scan. On the basis of end use, the sub-markets include consumer electronics, commercial centers and buildings, banking, financial services sector, and defense and security.
The report provides profiles of the companies in the market such as SAFRAN, 3M, ZKTECO INC, SUPREMA INC, INFINEON TECHNOLOGIES AG, FULCRUM BIOMETRICS, HID Global Corporation, and IDEX Biometrics ASA
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of biometric sensors market. Moreover, the study highlights current
market trends and provides forecasts from 2022-2028. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings
an insight into the market share of the leading players.
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