Global biometric sensors market was valued at US$ 1.4 Billion in 2021 and is expected to surpass US$ 3.6 Billion by 2030, registering a CAGR of 11.4% during the forecast period (2022-2030), according to the Global biometric sensors market Report, by Product Type (Capacitive Sensors, Optical Sensors, Thermal Sensors, Ultrasound Sensors, and Electric Field Sensors), by Application (Voice Scan, Finger Scan, Hand Scan, Facial Scan, Iris Scan, Middleware, Vein Scan, and Others ), by End-Use Industry ( Consumer Electronics, Smart Phones, Smart Watches, Other Smart Gadgets, Automotive, Hospital, Commercial Center, Educational Hubs, Research labs, Banking and Financial sector, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
The growing proliferation towards smartphones, watches, and another 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.
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.
Key Developments
- In June 2021, Accu-Time System, Inc. developed AccuCloud Time Collection Solution, a cloud-based timekeeping system, AccuCloud is a scalable, enterprise-grade cloud-based employee time and attendance monitoring and data gathering solution developed to interact with ERP (Enterprise resource planning), HCM (Human capital management),and back-end systems.
- In September 2020, Fulcrum Biometrics, Inc. which provides biometrics and identity management solutions announced that they acquired the DelaneyBiometrics business, along with intellectual property and distribution rights from Delaney Secure Ltd., a U.K.-based company specialized in access control and cloud-based time and attendance system.
Global Biometric Sensors Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has had a substantial impact on worldwide economies, manufacturing of goods, supply chain operations, and the corporate sector was severely affected by the pandemic as a lockdown was imposed across the globe. Infrastructure projects for the corporate sector and manufacturing sector were delayed due to which demand for biometric sensors declined during the pandemic period as security is the top priority for corporate and manufacturing sector infrastructure where biometric sensors are used on a large scale.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/biometric-sensors-market-754
Browse 150 market data tables* and 90 figures* on “Global biometric sensors market- Global forecast to 2030”
Key Trends and Analysis of the Global biometric sensors market:
- North America region held a dominant position in the global biometric sensors market in 2021 and is expected to retain its dominance throughout the forecast period. Mobile phones are now widely used for a variety of applications such as communication, internet surfing, mobile banking, etc. As the number of smartphone users is increasing in North America, security has become a major concern and hence biometric authentication has become an important feature of a smartphone.
- The Asia Pacific region is expected to witness significant growth in biometric sensors market over the forecast period, due increasing adoption of biometric authentication in government buildings in countries such as India, Japan, South Korea, and others. This will help the government bodies to trace employee attendance, productivity, and time. The countries are spending on biometrics so as to strengthen the national security of the countries by adopting biometric solutions such as e-gates, automated biometric identification, mobile fingerprint scanners, and fingerprint verification systems.
- Major players operating in the Global biometric sensors market include Companies covered as a part of this study include 3M Cognet, Inc., Crossmatch Technologies Inc., Idex Asa, Infineon Technologies Ag, Fulcrum Biometrics, Safran, Precise Biometrics Ab, NEC Corporation, Zkteco Inc., Suprema Inc., Morpho SA, Daon, Inc., Cognitech Systems, GmbH, IDTECK, and Accu-Time Systems, Inc.
