Albany, NY -- (SBWIRE) -- 10/10/2017 -- The global market for biometric sensors is foreseen to experience a hike owing to the demand for identity technology. Biometric sensors are important facet of the identity technology that boosts its market demand, states Transparency Market Research (TMR) in its recent report. The global market of biometric sensors is extremely diverse and populated with several well-known firms working on the advancement of the technology. Infineon Technologies AG (Germany), CrossMatch Technologies, Inc. (U.S.), 3M (U.S.), ZKTeco Inc (China), NEC Corporation (Japan), Suprema Inc. (South Korea), Precise Biometrics Ab (Sweden), IDEX ASA (Norway), and Safran (France) among others. The market comprises of various International, regional, and local vendors. During the end of year 2016, Gmalto acquired 3M Cogent, with initial deal price og US$ 850 mn.
3M Cogent specializes in biometrics for civil ID, law enforcement, and border control. Moreover, Bpifrance and Advent International also took over Safran Identity and Security which marks the rise of collaborations, partnerships, mergers, and acquisitions among the regional and international players in biometric sensors market.As per the report by a TMR analyst, the market is anticipated to soar high in coming years. The global biometric sensors market was evaluated to be worth US$ 710.0 mn in the year 2014. This figure is likely to reach around US$ 1,625.8 mn by the end of year 2023.
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The robust CAGR of 9.6% from 2015 to 2023 is speaking of the strong market demand in coming years. Moreover, in terms of revenue, the market is anticipated to be evaluated around worth US$ 1,799.6 mn by the end of 2023, with gradually expanding CAGR of 15.8%. Several companies are competing neck-to-neck with each other to secure their place in the global or regional market. Various regional and local manufacturers are also selling high quality biometric sensors that are cost-effective as well as accurate. This intensifies the market scenario up a notch.
The biometric sensors have a wide range of usage in various domains. It is used in microphones to sense the voice and in high definition camera to sense face-detection and facial expressions. It is also used to observe and scan vein structure beneath the skin, including properties such as quick identification and verification as well. Such technological innovations in several domains including consumer electronics, automotive, defense and security, and commercial centers are fueling up the requirement for biometric sensors in the global market
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In various offices, smartphones, other smart gadgets, fingerprint identification technology has been gaining a lot of traction. There has been a heavy demand for sensor based wearable devices, tablets, watches, and several other consumer electronics, which contributes as some of the major factors for the market growth.
Although the market scenario of biometric sensors looks quite bright, but certain factors are likely to obstruct the fluent market growth. Regions with various cultural blockage are hampering the market growth. Moreover, improper standardization of the development and implementation process also pulls down the demand of biometric sensors in the market. There is also a shortage of skilled trainers to manage the biometric facilities, accompanied by inaccurate mathematical calculations from the vendor's end and uninformed users are some of the other contributing factors that are foreseen to hamper the market growth of biometric sensors on global scale.
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The consequences of these causes are not analyzed to the optimum yet, but are sure to trigger the fluctuation in market figures. Additionally, standardization with respect to features and authenticity of the design, low accuracy level, lack of reliability are also contributing in the decline of the market demand.
The study presented here is based on a report by Transparency Market Research (TMR), titled, "Biometric Sensors Market By Type (Capacitive sensors, Optical sensors, Thermal sensors, Ultrasound sensors, Electric field Sensors) By Application (Voice Scan, Finger Scan, Hand Scan, Facial Scan, Iris Scan, Vein Scan) By End use (Consumer electronics, Commercial centers and buildings , Medical and research labs , Banking, Financial services sector, Defense and security) Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023".