Rising Utilization of Biometric Security in Consumer Electronics Propelling Global Biometric Sensors Market
The rising smartphones market has provided the biometric sensors market a massive opportunity in recent years. Smartphone security has always been an important part of smartphone design, since saved passwords, financial details, or transaction details saved on smartphones can be misused. Biometric sensors can not only protect the confidentiality of such information, but can also replace passwords for authentication in many applications. The dual purpose served by biometric sensors in consumer electronics has propelled the global biometric sensors market at a promising rate over the past few years.
According to leading market intelligence firm, Transparency Market Research, the global biometric sensors market is expected to more than double in valuation between 2015 and 2023. The market is expected to exhibit a strong 9.60% CAGR in the period, rising from US$0.7 bn in 2014 to an estimated US$1.6 bn in 2023.
Demand for Biometric Sensors Rising due to Steady Usage in Smartphones
Fingerprint and facial scans collectively accounted for a majority share of the global market in 2014, with the two dominant segments taking up 56% of the market.
Motorola and Apple were among the first smartphone manufacturers to integrate fingerprint recognition into their flagship devices. Since then, most major smartphone manufacturers have added biometric identification in their flagship devices, with fingerprint recognition being the most popular type of biometric sensors used in consumer electronics. The convenience of installing fingerprint recognizing programs in smartphones has led to their widespread usage. Other than fingerprint recognition, iris recognition has also gained limited demand in smartphone design, with Microsoft using iris recognition in their flagship devices.
Other than smartphones, other consumer electronics such as laptops also now increasingly come with biometric identification, which is a much more convenient and secure alternative to conventional security tools such as passwords. The automotive industry has also started to incorporate biometric sensors in car design, due to the convenience they provide of not requiring a key at all.
Asia Pacific Market for Biometric Sensors Set to Remain Dominant
The rising utilization of biometric sensors in consumer electronics has driven the Asia Pacific biometric sensors market in recent years. Emerging countries in Asia Pacific such as China, India, Taiwan, and South Korea are attaining increasingly important roles in the global consumer electronics market, due to the rising prosperity of the average consumer in these countries. China and India, in particular, have emerged as high-volume markets for consumer electronics, due to their large populations and dynamic economic growth.
Browse Press Release: http://www.transparencymarketresearch.com/pressrelease/biometric-sensors-market.htm
However, high demand from the major conventional end users of biometric sensors – commercial centers, buildings, and defense and security – will propel the North America market for biometric sensors in the coming years. In Europe, Germany is expected to remain the largest market for biometric sensors.