A biometric sensor transforms an individual's biometric characteristics, such as fingerprints, faces, and voices, into electrical signals, enabling identity verification through specialized software and hardware. The market's growth is fueled by global immigration trends and concerns related to terrorism and law enforcement. Emerging technologies like ML and AI present new opportunities, with government regulations driving demand for these sensors. Touchless fingerprint technology, identity threats, and the popularity of wearable devices contribute to the market's expansion, especially in the BFSI sector.
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The adoption of biometric sensors in BFSI ensures secure transactions at ATMs, facilitating paperless and hassle-free services. Integration with AFIS and the emergence of AI and ML enhance the speed and accuracy of identification. However, the high installation cost hinders market growth. The COVID-19 pandemic negatively impacted the market, causing lockdowns, supply chain disruptions, and reduced research and development spending.
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Key Market Players:
- SAFRAN
- 3M
- ZKTeco INC
- SUPREMA INC
- INFINEON TECHNOLOGIES AG
- FULCRUM BIOMETRICS
- HID Global Corporation
- Idex Asa
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The global biometric sensors market is segmented into Asia Pacific, North America, Europe, and the Middle East & Africa. North America leads due to the growth of transportation infrastructure and its pioneering role in biometric authentication technologies. The region's focus on research and development, along with BFSI sector utilization, contributes to sensor demand. The Asia Pacific is the fastest-growing region, driven by security concerns and increasing adoption of biometric sensors in various sectors.
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