Allied report forecasts global biometric sensor market to reach $1.5B by 2022
Allied Market Research has published a new research report which forecasts that the global biometric sensor market will reach $1.5 billion by 2022, growing at a CAGR of 9.6% from 2016 to 2022.
The report predicts that the global biometric sensors market is positioned to undergo significant growth during the forecast period as a response to the rise in cyber-attacks and security threats, as well as the demand for biometric sensors in smart gadgets.
However, Allied states that a high investment for R&D will ultimately hinder the growth of this market.
Biometric sensors are used in commercialized buildings, banking sectors, medical & research labs, and in smart weapons, the report states.
There are four major types of biometric sensors including capacitive sensors in smartphones, optical sensors used in medical & defense equipment, thermal sensors in heat monitoring devices, and electric field sensor in proximity technology.
In terms of applications, the report states that biometric sensors are widely used in finger, eye, hand, facial, and vein scanning devices. In addition, the market is impacted by the newly launched government projects and constant development, which is helping to drive the overall growth.
The report highlights the recent developments of graphene-enabled biometric sensors and biometric sensors based car driver monitoring systems, which are expected to bring new growth.
However, Allied analysts predict that the high cost of R&D will likely restrain this market growth.
The report also identifies key market players such as Infineon Technologies and Crossmatch, which deliver solutions to an end user-base comprised of consumer electronics, commercial centers and buildings, medical research and lab, bank and finance service sector, and others.
The report finds that fingerprint scan used for authentication and verification purpose, and hand scan which are are used to monitor pulse rate, are the market’s top applications.
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