Biometric Sensors Market Forecast: Unpacking Trends And Predictions For 2021-2030

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Biometric Sensors market Size

Biometric Sensors Market Expected to Reach $3.31 Billion by 2030

The global biometric sensors market is set to grow due to identity threats, touchless fingerprint tech, and the popularity of wearable devices.” - Allied Market ResearchWILMINGTON, DE, UNITED STATES, October 28, 2024 /EINPresswire / -- Allied Market Research, titled,“Biometric Sensors Market by Type and Application: Global Opportunity Analysis and industry Forecast, 2021–2030”, the global biometric sensors market size was valued at $1.15 billion in 2020, and is projected to reach $3.31 billion by 2030, registering a CAGR of 11.8% during the forecast period. The North America region is expected to be the leading contributor to the global market during the forecast period, followed by Asia-Pacific and Europe.

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A biometric sensor is an identification and authentication device that uses automated methods of verifying or recognizing the identity of a living person, based on the physical attribute. These attributes include fingerprints, facial images, Iris, and voice recognition. Generally, the sensor reads or measures light, temperature, speed, electrical capacity, and other types of energy. Different technologies are applied to get the conversation using sophisticated combinations, networks of sensors, and digital cameras.

Many physical characteristics of a person, such as a face, iris, and fingerprints, are scanned by a biometric sensor and are converted to a digital image using an analog-to-digital converter. This digital information is stored in a memory and is used to verify or authenticate the identity of the person.

In the current modernized digital world, security threats are on a rapid rise. The global financial and banking sectors are interconnected via the Internet and the data related to consumers is highly confidential and prone to cyber-attacks. The current security systems implemented by organizations have multiple loopholes and are unsecured against high-level cyber-attacks. Further, the surge in demand for touchless fingerprint technology drives the biometrics sensors market.

Prominent factors that impact the biometric sensors market growth include the rise in several identity threats, the emergence of touchless fingerprint technology, and the growth in the popularity of wearable devices, such as smartwatches and smart bands. However, the high cost of biometric technology and easy availability of alternative cheap non-biometric technologies restrict the market growth. On the contrary, the growing concerns related to privacy breaches are expected to create lucrative opportunities for the market. Therefore, these factors are expected to affect the biometric sensors industry during the forecast period.

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Competitive Analysis:

The Biometric Sensors industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players in the global Biometric Sensors Market include,

CROSSMATCH Technologies Inc.
Fujitsu
Fulcrum Biometrics
Thales Group
IDEX ASA
Infineon Technologies
NEC Corporation
Precise Biometrics AB
SAFRAN S.A.
ZKTECO Inc.

Based on region, the biometric sensors market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is dominating the market, due to an increase in demand for smart weapons, and most of the smart weapons use biometric sensor technology, which further stimulates the demand for biometric sensors. The overall biometric sensors market analysis is determined to understand the profitable trends to gain a stronger foothold.

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Key Findings Of Study

- In 2020, the voice scan segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 13.9% during the forecast period.
- The thermal sensors segment is expected to witness the highest growth rate during the forecast period.
- Germany was the major shareholder in the European biometric sensors market, accounting for approximately 25% share in terms of revenue in 2020.

About Us:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

David Correa
Allied Market Research
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