The global biometric sensors market depicts the presence of a substantially competitive landscape, says Transprarency Market Research, based on a research report. Numerous local as well as international companies operate in this market. Most companies are incorporating strategies such as mergers and acquisitions, collaborations, and partnerships, expand in the global biometric sensors market. Moreover, the players are also focusing on improving the device quality as well as services provided. The competition is likely to intensify as the number of companies grows in the global biometric sensors market. Some of the major players operating in the market are CrossMatch Technologies, Inc., Infineon Technologies AG, 3M, NEC Corporation, ZKTeco Inc, Suprema Inc., IDEX ASA, Precise Biometrics Ab, and Safran, among several others.
According to expert analysts from Transparency Market Research, the global biometric sensors market is prognosticated to expand at a splendid CAGR of 9.6% during the forecast period ranging from 2015 to 2023. The market had registered revenue worth US$710.0 mn in 2014. This revenue is expected to reach a valuation of 1625.8 mn by the end of the forecast period.
The global biometric sensors market is segmented on the basis of type, application, and end use. With respect to application, the market showcases the fingerprint sensors segment to lead with highest revenue generation capacity. This is mainly due to an increase in demand and use of authentication-based services. This is mainly due safeguard and secure important data and other information stored in systems. From a regional perspective, Asia Pacific holds a leading position in the global biometric sensors market, mainly due to increasing number of corporate companies in the region.
Increasing Need for High Security Standards Boosts Biosensors Market’s Growth
The demand for fingerprint identification is increasing by the day, mainly due to rising use of latest smart devices and smart phones. Several organizations need to store classified information. Moreover, entry to several places needs to be facilitated through restriction. These are major reasons that necessitate the use of biometric sensors, thereby driving growth in the global biometric sensors market.
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In addition, with several advancements in technology occurring at a breath-neck pace, an increasing level of sophistication exists in terms of security and data protection. This factor too majorly contributes towards the global biometric sensors market’s expansion. The sensor technology is being made substantially lightweight and compact, as well as equipped with state-of-the-art security features. With increasing demand for such advantages and features, the global biometric sensors market is expected to witness a major surge in terms of revenue generation in the near future.
Lack of Availability and Standardization Issues Hamper Market’s Presence
However most of the sensors are substantially expense. This might make it difficult for several small organizations having less capital to procure them. Moreover, these sensors are still not in vogue in various developing as well as underdeveloped economies as a result of high cost and less availability. These are two major factors acting as restraints affecting the global biometric sensors market. There also exists lack of standardization in terms of development and implementation of sensor devices.