Global Biometric Sensors Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1,820 million by 2024 from $868 million in 2016; growing at a CAGR of 9.7% from 2016 to 2024. By geography, Rest of the World (RoW) and Europe are expected to grow at a CAGR of 11.9% and 10.2%, respectively, during the forecast period.
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Innovative features of biometric sensors such as compact design and light weight, and rising demand for fingerprint identification in smartphones, tables, and other electronic devices are some of the factors driving the global biometric sensors market. However, high cost of research & development is expected to hinder the growth of the market. Irrespective of the challenges, increasing demand for fingerprint scanning biometric sensors in offices and banks, and rising adoption of stronger security systems across various industry sectors would generate numerous growth opportunities for the biometric sensor market in the forecast period.
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Type, application, and end user are the primary classification of the global biometric sensors market. The classification by type segment comprises thermal sensors, optical sensors, ultrasound sensors, capacitive sensors, and electric field sensors. The biometric sensor market by application is segmented into finger scan, facial scan, voice scan, hand scan, vein scan, iris scan, and others. In 2016, Finger scan dominated the market with largest share in the overall application segment, owing to rise in demand for data security and growth in cases of identity theft. However, the voice scan segment is expected to achieve the fastest CAGR during the forecast period 2016-2024. Furthermore, by end user, the market is categorized into consumer electronics, defense & security, banking & financial services, medical & research labs, commercial centers & buildings, and others. In 2016, commercial centers & buildings dominated the end user segment accounting for around one-third of the total market share.
North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major geographical segments of the global biometric sensors market. Asia-Pacific accounted for the largest market share of 34.2% in 2016, owing to rise in adoption of biometric sensors across various industries such as, IT & telecommunication, banking, financial sector and others. North America accounted for the second largest market share of 28.8%, driven by technological advancement and rising application of biometric technology in commercial sectors and international airports. In terms of growth, RoW is expected to attain the fastest CAGR of 11.9% during the forecast period 2016-2024. The growth would be primarily seen due to the increasing penetration of smartphones and other biometric based electronics devices in countries such as Japan, China, and India.
Major companies operating in the biometric sensor market are Infineon Technologies AG, ZKTeco Inc, NEC Corporation, 3M, Precise Biometrics Ab, Safran, CrossMatch Technologies, Inc., IDEX ASA, Fulcrum Biometrics, and Suprema Inc., among others.
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