PORTLAND, Oregon., March 3, 2022 /PRNewswire/ — Allied Market Research published a report titled, “Biometric Sensors Market by Type (Capacitive Sensors, Optical Sensors, Thermal Sensors, Ultrasonic Sensors, and Electric Field Sensors) and Application (Voice Scan, Finger Scan, Hand Scan, Facial, Iris Scan, Vein Scan, and Others): Global Opportunities Analysis and Industry Forecast, 2021-2030”. According to the report, the global biometric sensor industry generated $1.16 billion in 2020, and should generate $3.31 billion by 2030, with a CAGR of 11.8% from 2021 to 2030.
Main determinants of growth
Rising number of identity threats, emergence of less fingerprint touch technology and growing popularity of wearable devices, such as smart watches and smart wristbands, are driving the growth of the global market for biometric sensors. However, the high cost of biometric technology and the easy availability of cheap non-biometric alternative technologies are hampering the growth of the market. On the other hand, growing concerns about privacy breaches present new opportunities in the years to come.
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- The outbreak of the COVID-19 pandemic has had a slight negative impact on the growth of the global biometric sensors market.
- The pandemic has caused disruptions in the supply chain and shutdown of production facilities, which has hampered market growth.
- However, the biometric sensor market size is expected to recover by the end of 2022 as market players are heavily investing in the R&D of biometric sensors.
Optical sensors segment to maintain its leading status throughout the forecast period
Based on the tire, the optical sensor segment held the highest market share in 2020, accounting for more than a quarter of the global biometric sensor market, and is expected to maintain its leading status throughout the forecast period. Additionally, the thermal sensor segment is expected to show the highest CAGR of 12.9% from 2021 to 2030, owing to its integration into smart home initiatives.
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The finger scan segment to maintain its leading position during the forecast period
Based on product type, the fingerprint scanning segment accounted for the largest share in 2020, contributing more than a quarter of the global biometric sensors market, and is expected to maintain its leading position during the forecast period. Several market players are offering fingerprint sensors to feature enhanced functionality and accuracy to detect the identity of the person at border security lines and airports, which in turn is driving the growth of the segment. However, the iris scanning segment is expected to show the highest CAGR of 14.2% from 2021 to 2030. Various market players are offering advanced iris scanning, which acts as a safe and secure identification tool is the main driver of the segment.
Asia Pacificfollowed by North Americato maintain its dominance by 2030
Based on the region, Asia Pacificfollowed by North America, held the highest market share by 2020 revenue, accounting for nearly two-fifths of the global biometric sensors market. Moreover, the same region is expected to witness the fastest CAGR of 13.2% during the forecast period, due to technological development in emerging economies.
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Main market players
- CROSSMATCH Technologies Inc.
- Fulcrum Biometrics
- Thales Group
- IDEX ASA
- Infineon Technologies
- NEC Corporation
- Precise AB biometrics
- SAFRAN S.A.
- ZKTECO inc.
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