Biometric Sensor Market Global Opportunity Analysis Report and Industry Forecast For 2014-2022


Posted October 11, 2018 by sandeeps88

Biometric Sensor Market Report published by Allied Market Research, forecasts that the global market is expected to garner $1.5 billion by 2022, growing at a CAGR of 9.6% from 2016 to 2022. In 2015,

 
Biometric Sensor Market Report published by Allied Market Research, forecasts that the global market is expected to garner $1.5 billion by 2022, growing at a CAGR of 9.6% from 2016 to 2022. In 2015, Asia-Pacific dominated the global market and contributed over 35% share owing to high-level security for both public and private sectors.
Biometric sensor device is a breakthrough technology, which eradicates various security-related issues from different domains. Constant downfall in the prices of biometrics sensors is registered, which makes it affordable. Multiple issues are reported with current security methods such as pin codes or passwords that can be easily hacked, whereas biometric sensor security systems are safer and authentic, driving its adoption in many segments.

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By types, optical sensors dominated the market in 2015. However, thermal sensor is estimated to witness the highest growth rate owing to increase in demand for temperature sensors among industrial end users, electronic devices, and developing automotive industry in emerging markets.
In application segment, finger scan held over 35% share in 2015 due to increased threat of cyber-attacks and security concerns. However, voice scan is expected to witness highest growth rate of 11.3% owing to rise in the demand for biometric sensors in consumer electronics and in smart gadgets for voice recognition.

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Commercial centers & buildings (airports, offices) contributed over 30% of the overall biometric sensor market in 2015. Growth in the demand for biometric sensors in commercial centers & buildings for authentication and security drives the growth of this segment worldwide.
However, consumer electronics is expected to grow fastest with a CAGR of 11.2%. This is attributed to increase in demand for smart devices, which utilize biometric sensors for fingerprint locks and voice-based locks systems.Asia-Pacific dominated the market in 2015 by accounting over 35% of the total market revenue, and is expected to maintain its dominance, thus creating new opportunities constantly. Some of the Asian Banks have introduced fingerprint-based authentication feature. Thus, demand for biometric sensors is expected to surge in the future.

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Categories Electronics , Software , Technology
Last Updated October 11, 2018