Global Biometric sensors Market is Estimated to Reach $1.8 Billion by 2024, Says Accurize Market Research
Global biometric sensors market report published by Accurize Market Research forecast that the global market is expected to reach $1.8 billion by 2024; growing at a CAGR of 9.6% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Increasing demand for fingerprint identification in smartphones, tablets, and other electronic devicesacross the globe to drive the growth of the market
Increasing demand for fingerprint identification in smartphones, tablets, and other electronic devicesfuels the demand for the global biometric sensors market. Moreover, various innovative features such as light weight and compact design also boost the growth of the market.
The global biometric sensors market has been bifurcated on the basis of type, application, end-user and geography. By type, the global biometric sensors market is further segmented into thermal sensors, ultrasound sensors, capacitive sensors, optical sensors, and electric field sensors. By application, the market is classified into hand scan, finger scan, voice scan, vein scan, iris scan, facial scan, and others. By end user, the market is bifurcated into consumer electronics, defense & security, medical & research labs, commercial centers& buildings, banking & financial services, and others.
By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Mexico and Canada are covered under North America wherein Europe covers UK, France, Germany, and others. Asia-Pacific covers China, India, Japan, Taiwan, South Korea, and others. RoW covers South America, Middle East and Africa.
“Finger scan accounted for the largest market share in the application segment", says Accurize
By application segment, finger scan accounted for the largest market share in the overall application segment in 2017, driven by rise in demand for data security and growth in cases of identity theft. However, the voice scan segment is anticipated to attain the fastest CAGR during the forecast period 2017-2025.
Furthermore, commercial centers & buildings dominated the end user segment accounting for around one-third of the global market share in 2017.
“Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, Asia-Pacific accounted for the largest market share of 34.2% in 2017, 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 2017-2025. 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.
Top players in the market
The key market players include Precise Biometrics Ab, Infineon Technologies AG, SupremaInc.,Fulcrum Biometrics, NEC Corporation, Safran, 3M, ZKTecoInc, CrossMatch Technologies, Inc., and IDEX ASA, among others.
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