The global Biometric Sensors market is anticipated to grow at a significant CAGR of around 11.7% during the forecast period 2024-2031. The rise in adoption of biometric-based identity and authentication methods by several end-user industries attributed to rising security threats and incidences of duplicate identity cases are factors that drive global biometric sensors market growth. For instance, in January 2022, Samsung launched new fingerprint security IC (integrated circuit) S3B512C with enhanced security features. The new payment security is EMVCo and Common Criteria Evaluation Assurance Level (CC EAL) 6+ certified and performs in line with Mastercard’s latest Biometric Evaluation Plan Summary (BEPS) with several specifications for biometric payment cards. The IC combines a fingerprint sensor, Secure Element (SE), and Secure Processor, that ads an extra layer of authentication and security in payment cards. The high cost of biometric sensors and technology and easy availability of alternative cheap non-biometric technologies are hampering the market to grow. Furthermore, the increasing privacy breaches related concerns are anticipated to become opportunities for the biometrics sensor market.
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Impact Of COVID-19 Pandemic On Global Biometric Sensors Market
The biometric sensors in COVID-19 were impacted due to a slowdown in production by OEMs and the reduction in demand for biometric devices has slightly pulled down. Furthermore, several shortages of components have significantly that is impacted the supply chain of the biometrics sensor market. In addition, the adoption of biometric sensors in the healthcare sector has increased due to the prevention taken by the government to avoid direct contact.
Segmental Outlook
The global biometric sensors market is segmented based on the sensor type, application, and end-user. On the basis of sensor type, the market is segmented into capacitive sensors, optical sensors, thermal sensors, ultrasound sensors, electric field sensors. Based on the application, the market is segmented into voice scan, finger scan, hand scan, facial scan, iris scan, vein scan, and others. Based on the end-user, the market is sub-divided into consumer electronics, travel and immigration, government and law enforcement, banking & finance, commercial, automotive, smart homes, and others. Among the sensor types, optical sensors are dominating in the market attributed to becoming an indispensable tool for manufacturers by which they can save power, time, and money, because of the rapid and precise measurements they provide.
by Type (Capacitive Sensors, Optical Sensors, Thermal Sensors, Ultrasound Sensor, Electric Field Sensors),
By Application (Voice Scan, Finger Scan, Hand Scan, Facial Scan, Iris Scan, Vein Scan, and Others), and
by End-User (Consumer Electronics, Travel and Immigration, Government and Law Enforcement, Banking & Finance, Commercial, Automotive, Smart Homes, and Other)
The North America Region is Fastest Growing in The Global Biometric Sensors Market
Growing application of biometric technology in commercial centers and international airports and also in the region online transactions in the region are prominent, attributed to the higher internet penetration in the United States and Canada that is coupled with the increasing e-commerce sales. Moreover, in various industries, it is been Integrating the automatic payment system in the vehicle. Across the region, various government initiatives are been implemented that include investing in building civil identity systems with the incorporation of biometrics, and such projects are on the rise. This application includes systems law and order, universal identity, border security, and others. The United States uses its Office of Biometric Identity Management (OBIM) for the supply of the technology for storing, matching, and sharing biometric data.
Market Players Outlook
The major companies serving the global biometric sensors market include Arana Security, Fujitsu Ltd., Fulcrum Biometrics, HID Global Corp., ID R&D, IDEX Biometrics ASA, Precise Biometrics, SparkFun Electronics, Springer Nature Switzerland AG, Thales Group, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2021, NEXT Biometrics has signed a 5-year partnership agreement with a European Tech giant and this agreement covers FAP20 sensors, which is a market segment with a large number of potential for NEXT. The 5-year global agreement has prime focused on NEXT high profile FAP20 sensor and the partner has aimed at designing NEXT fingerprint sensors into biometric fingerprint readers and other fingerprint that are enabled devices. The NEXT FAP20 sensor will provide a high level of security, that is proven by the FBI certification.?
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global Biometric Sensors market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market
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