Biometric Sensors Market Continues to Grow Owing to the Demand from Various Governmental and Private Organizations to Secure and Protect Confidential Information and Systems

 

Biometric Sensors are small electronic devices that can detect physical changes, such as changing facial expressions, to determine an individual's identity. Biometric sensors were initially developed for use in prisons, but they quickly found a variety of other applications. Some biometric security systems rely on finger scanning; however, a more secure method is to use voice recognition to prevent unauthorized access to secured areas. If a criminal can't be caught by physical means, he has to be detected by voice or fingerprint recognition technology. Currently, biometric security systems can be found in airports, banks, and other businesses, but many people are finding that they are used even more frequently than previously realized. A growing trend is for businesses to take fingerprints and voiceprints and use them to gain access to secured areas.

Market Dynamics                                  

The main driving factor influencing the growth of the biometric sensors market is the increasing cases related to security breaches all across the world. In the last previous years, there have been various cases of hacking and cybercrimes all over the world, which has made organizations adopt advanced technologies such as biometric sensors. For instance, according to the U.S. United States Department of Homeland Security, there have been around 1473 security breaches in the region in which 164.68 million confidential records have been exposed. Moreover, huge investment in technologies related to security and favorable government policies is expected to drive the market growth of biometric sensors.

However, frequent technological glitches and the cost of biometric machines are the main restraining factor hindering the growth of the market.

This market is distributed in five regions that include North America, Europe, Asia-Pacific, Africa, and the Middle East, and Latin America. Among these, North America is expected to hold a bigger share of the biometric sensors market owing to the presence of key players in the region and the increasing cases of security breaches. Additionally, investors are leaning towards investing in the technological sector, which is expected to augment the growth of the biometric sensors market in the region. For instance, according to SelectUSA Investment Summit, in 2020 U.S. expenditure on technology devices, staff and services has been approximately US$ 1.85 million. The biometric sensor market in the Asia Pacific is estimated to witness significant growth owing to the governments' initiative to secure confidential data and information by adopting advanced technologies in private and government organizations.

Competitive Analysis

Key players operating in the biometric sensor market include ZKTeco Inc, Suprema Inc., IDEX ASA, Precise Biometrics AB, NEC Corporation, Fulcrum Biometrics LLC, Crossmatch, and 3M Company.

In February 2021, WhatsApp announced it will be using biometric sensors to protect the privacy and information of its users. Likewise, in January 2021 Apple announced optical in-display fingerprint sensors in its upcoming devices.