The global biometric sensor market will have grown at a rate of 9.6 percent between 2014 and 2023, according to a new report from Transparency Market Research. The report, entitled “Biometric Sensors Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015 – 2023”, estimates that the market was valued at about $710 million in 2014 and predicts that it will reach almost $1.8 billion by the end of the forecast period.
TMR highlights three major factors driving the market’s growth: Increased interest from the commercial sector, particularly with respect to access control; a growing appetite for fingerprint and facial recognition technology in consumer electronics like smartphones and laptops; and the rise of automotive applications. Looking to obstacles for the market, TMR points to “cultural barriers”; a lack of technological standards; shortcomings in training and expert knowledge; and variations in accuracy.
Like other recent reports from market research firms, TMR’s publication asserts that fingerprint scanning is the dominant modality, which together with facial recognition comprised 56 percent of total revenues in the market in 2014. TMR also highlights commercial facilities and the defense sector as the key market segments, which it says took together a total of 54 percent of revenues in that same year. Finally, TMR says that the US, China, Germany, India, Japan, and Taiwan are the countries pushing demand for biometric sensors.
(Originally posted on FindBiometrics)
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