According to a recent report published by Allied Market Research, titled, "Biometric Sensor Market by Product Type: Opportunity Analysis and Industry Forecast, 2017-2025," The biometric sensor market was valued at $945 million in 2017, and is projected to reach $1,929 million by 2025, growing at a CAGR of 12.6% from 2017 to 2025.
Biometric sensor device is a breakthrough technology, which eradicates various security-related issues from different domains. Constant downfall in the prices of biometric sensor industry 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.
By types, optical sensors dominated the biometric sensor market in 2017. However, thermal sensor is estimated to witness the highest biometric sensor market growth rate owing to increase in demand for temperature sensors among industrial end users, electronic devices, and developing automotive industry in emerging markets. High demand for facial scan-based sensors is on a continuous rise, owing to increasing opportunities in biometric sensor-based car driver monitoring.
According to the biometric sensor market trends, finger scan held significant share in 2017 due to increased threat of cyber-attacks and security concerns. However, voice scan is expected to witness highest growth rate, 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 significant share of the overall biometric sensor market in 2017. Growth in the demand for biometric sensors industry in commercial centers & buildings for authentication and security drives the growth of this segment worldwide. However, consumer electronics is expected to grow fastest rate during the forecast period. This is attributed to increase in demand for smart devices, which utilize biometric sensors for fingerprint locks and voice-based locks systems, which provides overall assistance to the biometric sensor market growth.
Asia-Pacific dominated the biometric sensor market in 2017 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.
Asia-Pacific and LAMEA are expected to witness considerably higher growth rates over the forecast period. Currently, these two segments account for 49.4% of the optical sensors market, and are anticipated to reach 53.8% by 2025, owing to high market growth over the next seven years.
North America is the largest market of weapons and arms, with U.S. being one of the leading exporters of weapons globally. U.S. spent nearly $596 billion on defense and arms. U.S. and Canada collectively accounted for about 85.5% of the total North America biometric sensors market in 2017.
Finger scan and facial scan collectively accounted for about 56.5% of the total North America market in 2017, with the former constituting around 38.8%. From a growth perspective, voice scan and vein scan are expected to witness considerably higher growth rates over the forecast period.
Key Findings of Biometric Sensor Market:
- By type, optical sensors dominated the market in 2017
- In application segment, finger scan held significant share in 2017 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 2017 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 Cogent, Crossmatch Technologies Inc., Safran, NEC Corporation, Fujitsu, Fulcrum Biometrics, Precise Biometrics Ab, Infineon Technologies AG, IDEX ASA, and ZKTECO Inc. These key players adopt several strategies such as, new product launch and development, acquisition, partnership & collaboration, and business expansion to increase the market share during the forecast period.