Global Biometric Sensors Market to Reach $1.6B by 2023

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The global biometric sensors market was worth $710 million in 2014 and is expected to rise at a CAGR of 9.6% from 2015 to 2023 to reach a figure of $1.6 billion by 2023, according to a report by Transparency Market Research.

Volume-wise, the global biometric sensors market is anticipated to expand at a CAGR of 15.8% between 2015 and 2023 to reach 1.8 billion units by 2023. Biometric sensors use physical traits of humans and integrate it with digital technology to create a biometric security solution. Such a solution comprises of a biometric sensor with an electrical device that converts biometric feed such as fingerprint, face, or the voice of a human into an electrical signal. These sensors offer quick verification and identification and are therefore used for filtering out security issues from various industrial verticals.

The global biometric sensors market is expected to grow at a rapid pace amidst growing concerns pertaining to security and privacy. Furthermore, an increasing demand for smart gadgets that are equipped with biometric security systems is also driving the overall market. As these sensors are light, they can be easily installed in spaces that need tight security. The growing need for security at places such as office buildings and commercial centers is also fueling the demand for biometric sensors across the globe. Additionally, usage of facial and fingerprint applications in smart devices is also likely to propel this market in the coming years.



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