Infinium Global Research’s recent report on the “Global Biometric Sensors Market ((By Type (Capacitive sensors, Optical sensors, Electric field Sensors (eField), Ultrasound sensors, and Thermal sensors), By Application (Voice Scan, Finger Scan, Hand Scan, Facial Scan, Iris Scan, and Vein Scan), By End use (Consumer electronics, Commercial centers and buildings, Medical and research labs, Banking, Financial services sector, and Defense and security)) Global Industry Analysis, Trends, Market Size & Forecasts to 2028” provides a comprehensive outline of the factors responsible for the growth of the market. The Global Biometric Sensors Market was valued at around USD 4400 Million in 2022 and is expected to reach nearly USD 8300 Million in 2028, with a CAGR of 11% during the forecast period.

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Growing Adoption of Automated Fingerprint Identification Systems By the BFSI Industry is Driving the Growth

Biometric Sensor finds and analyses Voice Scan, Hand Scan, Facial Scan, and Iris Scan, Vein Scan, and Finger Scan information in a computer database to distinguish between known and unknown identities. With the help of the sensors in a single second, a sophisticated automated identification system can search over a billion identities. The advanced research and development, of the sensors, has evolved into a highly efficient and effective technology capable of moving through large datasets and finding likely fingerprint matches in minutes. Furthermore, the growing adoption of automated fingerprint identification systems by the BFSI industry is driving the growth of the market.

The outbreak of covid-19 had negative effects on the Biometric Sensors Market during the forecast period. A decrease in the crime rate during the covid-19 pandemic has restrained the growth of the market. Furthermore, fluctuation in the price of the raw material is the major factor affecting the growth of the market during the forecast period. Decreased research and development and a shortage of the workforce hampered the growth of the market during the covid-29 pandemic. The increased spread of the covid-19 pandemic forced to impose the lockdown restriction in various countries and affected the supply of the components needed to assemble the biometric sensors.

The Banking, Financial Services Sector Segment is Expected to Dominate the Market

The Global Biometric Sensors Market is bifurcated By Type, Application, and End-use. By End-use, the segment is further bifurcated into Consumer electronics, Commercial centers and buildings, Medical and research labs, Banking, Financial services sector, and Defense and security. The Banking, Financial services sector segment is anticipated to dominate the market growth during the forecast period. The banking, and financial services sector sub-segment held the largest share of the End User in 2020. BFSI has adopted automated Facial Scan, Hand Scan, and Finger Scan identification systems at a wide-scale as compared to other end users. Automated Finger Scan Identification Systems are used by BFSI for verifying the identity of the customer, and documentation, and to check criminal records to process the loan files for finalization. This decreased the fraud and theft in various Banking and Financial Institutions. These are the major factors that enhance the growth of the market during the forecast period.

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The Asia Pacific Region is to be Expected the Fastest-growing Region in Global Biometric Sensors Market

The Global Biometric Sensors Market is segmented into the Asia Pacific, North America, Europe, the Middle East & Africa, and South America. Furthermore, the Asia Pacific region is anticipated to grow at the fastest rate in the Biometric Sensors Market during the forecast period. Governments, law enforcement agencies, BFSI, and healthcare are some of the major users of automated fingerprint identification systems in the Asia Pacific region. Since the Asia Pacific region has a high crime rate, the integration of automated fingerprint identification systems with criminal records and other policing systems helps the law enforcement agencies tackle criminals more effectively and maintain law and order. Due to this factor, the demand for biometric sensors has increased during the forecast period in the Asia Pacific region.

Key Players Focus to Increase the Production Capacity by Collaborating with other Companies

The Global Biometric Sensors Market is intensely competitive with several multinational and local players. The major players are SAFRAN, 3M, PRECISE BIOMETRICS AB, NEC CORPORATION, ZKTECO INC., SUPREMA INC, INFINEON TECHNOLOGIES AG, FULCRUM BIOMETRICS, CROSSMATCH TECHNOLOGIES INC., Idex Asa, and several others are constantly focusing on developing products to gain a competitive edge in the market. The companies are applying various market strategies to sustain in the market such as advancements in the software, new software launch, and partnership during the forecast period.

For instance, In March 2022, Cognitec Systems made a partnership with SALTO Group which works in face recognition. In September 2021, IDEMIA launched a SaaS-based (Software as a service) Automated Biometric Identification System. Infinium Global Research’s recent report on the Global Biometric Sensors Market is an encompassment of such recent developments in the marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the Global Biometric Sensors Market and also estimates the impact of recent developments in the market.

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=> Comprehensive analysis of global as well as regional markets of the Biometric Sensors.

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=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand and/or diversify.