According to Technavio’s market research analysis, the global biometric sensors market is projected to grow at a CAGR of around 10% between 2016 and 2020. Several wearable devices, such as smartwatches, smart bands, eyeglasses, and ear pods are incorporating biometric identification capabilities and have the potential to recognize an individual's biometric traits like heart rate and blood pressure. The growing use of such portable, wearable biometric devices will propel the growth of biometric sensors market in the coming years. One of the latest developments in this market is the high adoption of mobile biometrics, thanks to the growing use of smartphones and the easy availability of 4G network connectivity. These factors have facilitated the use of mobile payments and have created a greater need for mobile biometrics to secure the financial details of an individual, which in turn, will drive the growth of the overall market in the coming years.
APAC is the largest revenue-generating region in the market and is likely to occupy more than 34% of the overall market revenue during the forecast period. Much of the region’s growth can be attributed to the growing shift of various organizations from smart-card-based systems to biometric-based systems. The governments of several APAC nations such as India are increasingly using fingerprint biometrics for varied purposes including supervision of employee attendance and for preventing infiltration across borders. The Indian government has also introduced Aadhar Card issued by Unique Identification Authority of India (UIDAI) for biometric attendance system in government organizations. The growing investments in the security-related projects and cross-border management will spur the growth prospects for the market in this region over the next few years.
Competitive landscape and key vendors
The global biometric sensors market is highly fragmented with the presence of well-diversified international, regional, and local vendors. The international vendors dominate the market in terms of features, quality, functionality, and service. There are several local and regional vendors who offer biometric sensors with a high level of accuracy at more affordable prices than the global players, which has intensified competition in the market. The international players are likely to grow inorganically during the forecast period by acquiring local or regional players. The market will also witness the entry of new players in the coming years.
Leading vendors in the market are -
Other prominent vendors in the biometric sensors market include Fulcrum Biometrics, IDEX ASA, and ZKTeco.
Segmentation by application and analysis of the biometric sensors market
The fingerprint recognition segment accounted for more than 46% of the total market share in 2015 and will continue to dominate the market during the forecast period. Vendors are introducing advanced fingerprint technologies like 3D fingerprinting and touchless sensing to create better awareness among the end-users. The growing demand for fingerprint biometric devices will aid the segment to register at a steady growth rate of more than 8% over the next four years.
Segmentation by end-use and analysis of the biometric sensors market
During 2015, the government sector dominated the biometric sensors market and occupied more than 48% of the total market share. Different biometric technologies are being used in the government sector, such as fingerprint recognition, DNA recognition, facial recognition, voice recognition, and iris recognition. The growing instances of terrorism activities across the globe has prompted several government organizations to embed iris scans and fingerprint scans in passports and visas. Moreover, the police officials are also making use of mobile biometrics for law enforcement to recognize a suspect quickly and precisely.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global biometric sensors market?
What are the key market trends impacting the growth of the global biometric sensors market?
What are the challenges to market growth?
Who are the key vendors in the global biometric sensors market?
What are the market opportunities and threats faced by the vendors in the global biometric sensors market?
Trending factors influencing the market shares of APAC, Europe, North America, and ROW.
What are the key outcomes of the five forces analysis of the global biometric sensors market?
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A biometric sensor converts unique biological traits like fingerprints, voice, or the face of a person into an electrical signal. The sensor analyzes the changes in pressure, temperature, light, and electrical conductivity using conventional digital cameras or a more complex network of sensors. Biometric sensors integrate physical traits of the human body with digital technology to provide biometric security. Most semiconductor devices like biometric security systems contain algorithms and template database to match live biometric samples with the stored samples in the database.
The report, global biometric sensors market, is part of Technavio’s hardware and semiconductor research portfolio. This portfolio provides a comprehensive market analysis along with the market share, market sizing, and market segmentations covering areas such as computing devices, displays, embedded systems, human machine interface, lighting, semiconductor equipment, and sensors. These market research reports provide a perspective on the various market opportunities and market threats along with the key trends that would influence the market growth during the forecast period. It presents insights into the changing competitive landscape and a detailed profiling and market analysis of the vendors. Also covered in the research are the key regions or countries that would have an impact on the market during the assessment years.