Global financial movements are becoming digitalized, several banks are employing novel technologies such as, next generation identification measures, to battle fraud, make transactions more safe and secure, and to improve the customer experience. In order to authorize monetary transactions, business clients simply place a finger inside a small desktop scanner than entering PINs or passwords. This technology is considered highly protected, owing to the distinctiveness of individual’s finger prints. Application of fingerprint readers along with biometric lock system in luxury hotels is one of the driving factor for the market. Government organizations are also opting for biometric systems for better management of employee attendance, which is another prime reason for the growth of market. North America is expected to gain major traction over the forecast period, due to increasing application of biometric sensors in different industries for security in the U.S. and Canada. However, high cost of installation and maintenance of the whole biometric system are some of restraining factors for the market.
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Biometric sensor is a transducer that converts a biometric treat like voice, fingerprint, face, iris of an individual into an electrical signal. Escalating application of wearable and portable biometric devices is likely to drive the growth of biometric sensors market over the forecast period. Rising digitalization and financial establishments are concentrating on biometric alternatives for secure and better operations. Increasing incidences of identity and data theft is fueling the demand for advanced biometric systems, which in turn is having a positive impact on the market for biometric sensors. Research centers, hotels, commercial centers, offices, airports, financial centers, and educational hubs are some of the key end user of the biometric sensors. High security defense academies are also opting for advanced biometric systems in order to secure the crucial information. Defense and army offices are key areas where biometric systems are installed for better operations.
The global biometric sensors market was valued at US$ 969.4 million in 2017 and is expected to witness a CAGR of 8.3% during the forecast period (2018 – 2025).
Growing security threat and growth in the demand for biometric sensors in smart gadgets is a prominent factor to fuel the Biometric Sensors market
Developing technological advancement in wearable consumer electronic gadgets is boosting the application of biometric sensors which senses the body temperature, heart rate, and other major attributes of the individual who is wearing the device. Growing implementation of fingerprint sensors in smartphones drives the growth of the market. Increasing application of biometric sensors in cars for better driving experiences is another driver for biometric sensor market globally. Biometric identity features in luxury cars comprises fingerprint, voice, gesture, and iris recognition, which are some the major attributes fueling the demand for biometric sensors. North America is leading the market, followed by Europe. Proliferation of biometric sensors in educational centers, research laboratory and hospitals is fueling the market. The biometric sensors are often exposed to potential challenges, which may manipulate them compromising the security of the system. These factors hinder the growth of the market over the forecast period. Strategic partnership agreements with raw material suppliers along with merger and acquisition are some of the prime business strategies followed by the companies operating in the biometric sensors market to strengthen foothold in the market globally.
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