Biometric Sensors Market to Account for US$1,625.8 mn in Revenue by 2023
Biometric Sensors Market
Transparency Market Research has published a new market report titled - Biometric Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015 - 2023. According to the report, the global biometric sensors market was valued at US$710.0 mn in 2014 and is anticipated to reach US$1,625.8 mn by 2023, expanding at a CAGR of 9.6% from 2015 to 2023. In terms of volume, the biometric sensors market is expected to reach 1,799.6 mn units by 2023, expanding at a CAGR 15.8% (2015-2023).
Factors such as increasing application of biometric technology for better security purpose in commercial centers and buildings such as offices and airports are fueling the demand for biometric sensors globally. Furthermore, growing application of fingerprint and facial recognition as biometric technology in consumer electronics such as smartphones, laptops and other smart handheld devices are acting as major drivers for biometric sensors market at the global level. Technological advancement and increasing application of biometric car lock system in automotive industry are expected to stimulate the growth of biometric sensors market over the forecast period.
Browse the full Market Research report at
In terms of application, the market can be segmented into voice scan, finger scan, hand scan, facial scan and iris scan among others. Finger scan is the most attractive segment in biometric sensors market, followed by facial scan. Finger scan and facial scan segment together contributed more than 56% share of the total revenue in 2014. Factors such as rising security concern for identity theft and rising demand for data security have positively impacted demand for biometric sensors used in fingerprint and facial scanning.
In terms of end use, biometric sensor market can be segregated into consumer electronics, commercial centers and buildings (airports, offices), defense and security, medical and research labs and banking and finance services sector among others. Commercial center and building is the most attractive segment in the biometric sensors market, followed by defense and security sector. Commercial centers and buildings along with defense and security segment together accounted approximately more than 54% share of the total revenue in 2014.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Biometric Sensors Market