Posted On: March 2, 2017/
Categorized In: Biometric News & Updates/
Written By: Starlink
Biometrics essentially is the statistical evaluation of biological data, which implies our physical and behavioural characteristics and biometric sensors scrutinize their electrical capacity, pressure, temperature, light and speed. Compact and concise in design, these are conveniently installed across multiple devices and effectively do away with security issues across several domains and are quintessential in this novel world.
As stated by Global Biometric Sensor Market, Opportunities and Forecasts, 2014 – 2022, a report published by Allied Market Research, the worldwide biometric sensor market is expected to reach $1.5 billion by 2022. While another report by Grand View Research expects it reach $1.83 billion by the end of 2024. Growing at a Compound Annual Growth Rate (CAGR) of 9.6%, as of 2016, it was valued just at $810 million. Owing to high level security for both public and private sector, Asia-Pacific came across as the dominating contributor with over 35% of the share. The region is expected to maintain the dominance and with multiple Asian banks introducing biometric authentications, the demand is expected to grow exponentially in the future.
Technological proliferation and increasing demand for biometric sensors across end-use segments such as commercial buildings, banking services, and consumer electronics will drive the growth of biometric sensor market in the forecast period. Another prominent factor is the ever-increasing risk of security breaches and demand for sensors in portable smart gadgets. Biometric sensors, today, are widely applied in scanning devices such as iris, finger, vein, heart-rate and facial. Further, biometric adoption is vigorously gaining popularity in the automotive sector. It’s expected to grow at a CAGR of 19.27% in the period between 2017 and 2021.
Concerns raised over cultural barriers, issues in its implementation and usage and high cost of R&D might pose a challenge and interrupt market growth.
Based on sensor type, application, end user and geography, here’s a segment review:
· Optical Sensors:- Finger and Hand Scan, Commercial Buildings, Asia-Pacific and Europe
· Thermal Sensors:- Facial and Hand Scan, Defense and Security, Asia-Pacific
· Electric Field Sensors:- Vein and Iris Scan, Banking sector and Medical Labs
· Capacitive Sensors:- Voice Scan, Electronics, North America
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