Biometric sensors market to be worth $1.6bn by 2023
04 August 2017 07:04 GMT

The global biometric sensors market was valued at US$710 mn in 2014 and is anticipated to reach US$1,6bn by 2023, according to a new analysis.

Transparency Market Research makes the prediction in its new market report titled - Biometric Sensors Market.

The group cites factors such as increasing application of biometric technology for better security purpose in commercial centers and buildings such as offices and airports.

Furthermore, growing application of fingerprint and facial recognition as biometric technology in consumer electronics such as smartphones, laptops and other smart handheld devices are acting as major drivers for biometric sensors market at the global level.

However, the group said a lack of standardization in the process of development and implementation is restraining the biometric sensors market. Furthermore, there are a number of issues including lack of well-trained personnel to manage biometric facilities, varied accuracy of the vendor's mathematical algorithms and users not well-informed about biometrics, the consequences of which have not yet been fully addressed.