Global Biometric Sensors Market Report, published by Variant Market Research, forecast that the global market is forecasted to reach $1,820 million by 2024 from $868 million in 2016; growing at a CAGR of 9.7 % from 2016 to 2024. The biometric sensors market is majorly driven by the following driving factors such as expanding features of devices and growing demand for fingerprint sensors in various electronic devices. However, cultural barriers might hinder the growth of the market. Furthermore, rising adoption across various industry sectors would provide growth opportunities for the market.
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Type, application, end-user and geography are the key segments of the global biometric sensors market. Type segment has been segmented into electric field sensors, thermal sensors, optical sensors, ultrasound sensors and capacitive sensors. Additionally, end-user segment includes banking & financial services, consumer electronics, commercial centers & building, defence & security, medical & research lab and others. Commercial centers & buildings dominated the applications segment with highest market share in 2016.
The global biometric sensors market by geography is bifurcated into North America, Europe, Asia-Pacific and RoW. Asia-Pacific held the highest market share of 34.2% in 2016, followed by North America with 28.8%. In terms of growth rate, RoW region is anticipated to grow at the fastest CAGR of 11.9% over the forecast period.
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Various strategies have been adopted by the market players to boost their geographical presence and product portfolio. The major players in the biometric sensors market include Suprema Inc., ZKTeco Inc, 3M, Infineon Technologies AG, CrossMatch Technologies, Inc., Fulcrum Biometrics, NEC Corporation, Safran, Precise Biometrics Ab, and IDEX ASA, among others.
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