The global biometric sensors market is majorly driven by innovative features of biometric sensors such as light weight and compact design, and growing demand for fingerprint identification in tables, smartphones, and other electronic devices. Moreover, increasing demand for fingerprint scanning biometric sensors in banks and offices, and rising adoption of stronger security systems across various industry sectors would provide several growth opportunities for the biometric sensor market in the coming years.
Global Biometric Sensors Market Report, published by Variant Market Research, forecast that the global market was valued at $868 million in 2016 and expected to reach $1,820 million by 2024; growing at a CAGR of 9.7% from 2016 to 2024. In geographical segments, Rest of the World (RoW) and Europe are expected to grow at a CAGR of 11.9% and 10.2%, respectively, over the forecast period 2016 - 2024.
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The global biometric sensors market is majorly driven by growing safety & security concerns, increasing fingerprint application in smartphones and other smart gadgets, growing popularity for consumer electronic products, and increased adoption of biometric sensors in various sector such as banking, automotive, healthcare, and others. However, high cost of investment for R&D may hinder the growth of the market.Moreover, increasing demand for wearable biometric devices would provide several growth opportunities for the market during the forecast period 2016 - 2024.
The global biometric sensors market is bifurcated into type, application, end-user, and geography. Type segment consist thermal sensors, ultrasound sensors, capacitive sensors, optical sensors, and electric field sensors.
Application segment includes hand scan, finger scan, vein scan, facial scan, voice scan, iris scan, and others. Additionally, end-user segment comprises consumer electronics, defense & security, medical & research labs, commercial centers & buildings, banking & financial services, and others.
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Among application segments, finger scan held the largest market share in 2016, owing to growing demand for data security and increase in cases of identity theft. Though, the voice scan segment is anticipated to attain fastest CAGR during the forecast period 2016-2024.
Commercial centers & buildings dominated the end-user segment accounting for around one-third of the global market share in 2016.
North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the major regions covered in the report. Asia-Pacific accounted for the largest market share of 34.2% in 2016, driven by increasing adoption of biometric sensors in various sectors such as, banking, IT & telecommunication, financial sector, and others.
North America accounted for the second largest market share of 28.8%, due to technological advancement and rising usages of biometric technology in commercial sectors and international airports. In terms of growth, RoW is anticipated to attain the fastest CAGR of 11.9% during the forecast period 2016-2024.
The growth would be primarily driven by increased penetration of smartphones and other biometric based electronics devices in countries such as Japan, China, and India.
Major key players in the biometric sensor market comprises ZKTeco Inc, NEC Corporation, Infineon Technologies AG, Safran, 3M, Suprema Inc., IDEX ASA, CrossMatch Technologies, Inc., Fulcrum Biometrics, and Precise Biometrics Ab, among others.
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Scope of Biometric Sensors Market
- Thermal Sensors
- Ultrasound Sensors
- Capacitive Sensors
- Optical Sensors
- Electric Field Sensors
- Hand Scan
- Finger Scan
- Voice Scan
- Vein Scan
- Iris Scan
- Facial Scan
- Consumer Electronics
- Defense & Security
- Medical & Research Labs
- Commercial Centers & Buildings
- Banking & Financial Services
- North America
- South Korea
- South America
- Middle East
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