Biometric Sensor Market Size to Reach $1.83 Billion by 2024: Grand View Research, Inc.

SAN FRANCISCO, June 16, 2016 /PRNewswire/ --

The global Biometric Sensor Market size is expected to reach USD 1.83 billion by 2024, according to a new report by Grand View Research, Inc. Technological proliferation and increasing demand in commercial buildings, consumer electronics, and banking applications are expected to drive the market growth.

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The development of advanced multimodal techniques for biometric authentication and recognition techniques, which employ verification of more than one biometrics enabling increased security levels across the end-use applications, is driving industry growth. The use of biometric Sensor in consumer electronic devices, such as smartphones and tablets, has resulted in an exponential increase in the sensor shipments.

End-users are increasingly adopting the advanced sensing and authentication technologies aimed at restricting unauthorized access and increasing security. Advanced recognition techniques such as DNA matching as well as vein, iris, and retina recognition have been increasingly adopted across distinct end-use verticals over the past few years.

However, concerns raised over cultural barriers and issues, such as the prevention of misuse of an individual's biometrics, may pose a challenge to the market growth over the next eight years.

Browse full research report with TOC on "Biometric Sensor Market Analysis By Product (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 Buildings, Defense, Medical, BFSI) And Segment Forecasts To 2024" at: http://www.grandviewresearch.com/industry-analysis/biometric-sensor-market

Further key findings from the report suggest: 

• Optical, capacitive, thermal, ultrasound, and electric field Sensor are extensively used in capturing an individual's biometrics. Optical Sensor accounted for over 40% of the industry share and are expected to sustain their supremacy over the forecast period. Fingerprint scanners used in commercial buildings and offices for access control and log management extensively employ optical Sensor for capturing, recognizing, and verifying fingerprints.
• The finger scan application segment acquired a significant share of the industry, accounting for over 40% of the overall share and is expected to maintain its dominance over the forecast period. The hand and face scan applications are increasingly gaining prominence, owing to the enhanced security features that they offer.
• The rising application of fingerprint and facial recognition and authentication as biometric technology in devices such as smartphones, tablets, and laptops, along with other smart handheld devices, have led to the market proliferation. The consumer electronics segment dominated the overall end-use industry accounting for over 25% of the market volume share in 2015.
• The rapidly declining prices of such sensing components to be used in smartphones and tablets are expected to lead to a gradual decrease in the revenue generated over the forecast period. The entry of sensor and component manufacturers from the Asia Pacific countries, such as China and Taiwan, has led to increased competition in the industry, resulting in an overall decline in the sensor prices.
• Asia Pacific dominated the global industry, contributing over 35% of the market revenue in 2015. The presence of key sensor and consumer electronics vendors in the region has led the region to hold a major share in the biometric Sensor industry.
• Key vendors include 3M Company, Crossmatch, NEC Corporation, IDEX ASA, and ZKTeco Inc. Manufacturers are offering technologically advanced and distinguished products and are adopting innovative distribution strategies, such as e-commerce retailing apart from directly supplying to the end-use industries.

Grand View Research has segmented the global biometric sensor market on the basis of product, application, end-use and region: 

• Biometric Sensor Product Outlook (Volume, Million Units; Revenue, USD Million; 2015 - 2024) 
  • Capacitive Sensor
  • Optical Sensor
  • Thermal Sensor
  • Ultrasound Sensor
  • Electric field Sensor
• Biometric Sensor Application Outlook (Volume, Million Units; Revenue, USD Million; 2015 - 2024) 
  • Voice scan
  • Finger scan
  • Hand scan
  • Facial scan
  • Iris scan
  • Vein scan
  • Others
• Biometric Sensor End-Use Outlook (Volume, Million Units; Revenue, USD Million; 2015 - 2024) 
  • Consumer electronics
  • Commercial buildings
  • Defense
  • Medical
  • BFSI
  • Others 
• Biometric Sensor Regional Outlook (Volume, Million Units; Revenue, USD Million; 2015 - 2024) 
  • North America
  • Europe
  • Asia Pacific
  • RoW

Browse related reports by Grand View Research: 

• Compressor Control System Market - http://www.grandviewresearch.com/industry-analysis/compressor-control-system-market

• Nanosensors Market - http://www.grandviewresearch.com/industry-analysis/global-nanosensors-market

• Environmental Sensor Market - http://www.grandviewresearch.com/industry-analysis/environmental-sensor-market

• Photoelectric Sensors Market - http://www.grandviewresearch.com/industry-analysis/photoelectric-sensors-market

About Grand View Research 

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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