The Global Biometric Sensors Market was valued at US$ 802.2 million in 2015 and is projected to expand at a CAGR of 8.3% during the forecast period (2017–2025). Growing proliferation towards smart phones, watches, and other smart wearable with features like fingerprint scan, iris recognition, palm scan and face identification are expected to be major factors driving growth of the global biometric sensors market over the foreseeable future. The demand for biometric sensors is anticipated to surge over the forecast period, as application of biometric authentication is expanding to luxury cars for better driving experiences. Increasing demand for advanced security measures is also contributing to the positive development of the market. Growing digitalization and financial institutions are focusing on biometric alternatives for authenticating mobile bankers that stabilizes both simplicity and security. Increasing application of biometric technology in education centers, commercial centers, offices, and research institutes are stimulating the growth of the market over the forecast period.
The growth in the revenue of the global biometric sensors market is attributable to growing application of biometric technology in hospitals and research laboratories. Growing use of biometric technology in diverse sectors, which includes airports, business centers, defense academies and banking institutes coupled with rising application of facial and finger scan solutions for residential security purposes are key aspects fueling the demand for biometric sensors globally.
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Increasing application of biometric technology in government sectors is one of the major reasons driving growth of the market. The government of India has familiarized Aadhaar Card allotted by Unique Identification Authority of India (UIDAI) for biometric attendance scheme in government establishments. Increasing reserves and initiatives based on security-related developments in government institutes and cross-border organizations are also expected to fuel the market growth over the forecast period. Moreover, installation of biometric systems for attendance purpose is nowadays common in both large and medium sized organizations. Also, certain organizations are implementing face scanner and iris scanner for better management of data security and authentication. These factors are supporting growth of the market. Furthermore, increasing prevalence of identity theft and incidences of security faults is leading to the development of biometric sensors with latest technologies. The application of integrated fingerprint readers and biometric lock system in luxury hotels is also contributing to growth of biometric sensors market. The demand for biometric sensors across the globe is expected to increase over the forecast period, owing to increasing technological advancements and rising industrialization. However, high cost of these biometric sensors and maintenance cost of the whole biometric system are some of major factors hampering the market growth.
Key takeaways of the Biometric Sensors Market: