The growing digitalization and financial institutions are focusing on biometric
alternatives are driving growth of Biometric Sensors market
Global financial movements are becoming digitalized, several banks are employing novel
technologies such as, next generation identification measures, to battle fraud, make transactions
more safe and secure, and to improve the customer experience. In order to authorize monetary
transactions, business clients simply place a finger inside a small desktop scanner than entering
PINs or passwords. This technology is considered highly protected, owing to the distinctiveness of
individual’s finger prints. Application of fingerprint readers along with biometric lock system in
luxury hotels is one of the driving factor for the market. Government organizations are also
opting for biometric systems for better management of employee attendance, which is another
prime reason for the growth of market. North America is expected to gain major traction over the
forecast period, due to increasing application of biometric sensors in different industries for
security in the U.S. and Canada. However, high cost of installation and maintenance of the whole
biometric
system
are
some
of
restraining
factors
for
the
market.
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Growing security threat and growth in the demand for biometric sensors in smart
gadgets is a prominent factor to fuel the Biometric Sensors market
Developing technological advancement in wearable consumer electronic gadgets is boosting the
application of biometric sensors which senses the body temperature, heart rate, and other major
attributes of the individual who is wearing the device. Growing implementation of fingerprint
sensors in smartphones drives the growth of the market. Increasing application of biometric
sensors in cars for better driving experiences is another driver for biometric sensor market
globally.
Biometric identity features in luxury cars comprises fingerprint, voice, gesture, and iris
recognition, which are some the major attributes fueling the demand for biometric sensors. North
America is leading the market, followed by Europe. Proliferation of biometric sensors in
educational centers, research laboratory and hospitals is fueling the market. The biometric
sensors are often exposed to potential challenges, which may manipulate them compromising
the security of the system. These factors hinder the growth of the market over the forecast
period. Strategic partnership agreements with raw material suppliers along with merger and
acquisition are some of the prime business strategies followed by the companies operating in the
biometric
sensors
market
to
strengthen
foothold
in
the
market
globally.
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