The global biometric sensors market is estimated to reach $1,820 million by 2024 from $868 million in 2016; growing at a CAGR of 9.7% from 2016 to 2024. There are the several driving factors of the market such as increasing use of fingerprint identification in various electronics devices and increasing security and privacy concerns. However, cultural barriers may restrain the growth of the market. Furthermore, increasing applications across various sectors are the major opportunities of the market.
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Key segments of the global biometric sensors market are type, application, end-user and geography. Captive sensors, thermal sensors, optical sensors, ultrasound sensors and electric field sensors are the key sub segments of the type segment. Moreover, application segment has been segmented into vein scan, finger scan, facial scan, hand scan, iris scan, voice scan and others. The finger scanner accounted for the largest market share in 2016, and voice scan is expected to drive the market with fastest CAGR during the forecast period.
North America, Europe, Asia-Pacific and rest of the world are the major geographical sub segment of the global biometric sensors market. In 2016, Asia-Pacific region accounted for the highest market share of 34.2%, owning to increasing adoption across various industries such as banking, IT and others. Additionally, RoW is predicted to grow at the highest CAGR of 11.9% during 2016-2024.
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The market players have been adopting several strategies to increase their product portfolio and geographical presence. The key market players in the biometric sensors market are 3M, Infineon Technologies AG, CrossMatch Technologies, Inc., Safran, Precise Biometrics Ab, ZKTeco Inc, NEC Corporation, IDEX ASA, Fulcrum Biometrics, and Suprema Inc., among others.
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