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.
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.
The significant impacting factors such as security threat and increase in the demand for biometric sensors in smart gadgets have significantly fueled the market growth. Consistent tests by the government authorities and industries have validated leadership position of biometric sensor within recognition systems.
Key findings of Biometric Sensor Market:
• By type, optical sensors dominated the market in 2015
• In application segment, finger scan held over 35% share in 2015 due to increased threat of cyber-attacks and security concerns.
• 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.
• Asia-Pacific dominated the market in 2015 by accounting over 35% of the total market revenue, and it is expected to maintain its dominance.
The key players in the biometric sensor market focus on expanding their business operations in the fast-growing countries with new product launches through various R&D facilities. The major players profiled in this report include 3M (U.S.), Suprema Inc. (South Korea), CrossMatch Technologies, Inc., IDEX ASA (Norway), Infineon Technologies AG (Germany), Fulcrum Biometrics, Safran (France), Precise Biometrics Ab (Sweden), NEC Corporation (Japan), and ZKTecoInc (China) among others.