Global biometric sensor market to surpass $1.8 billion by 2024: report
The global biometric sensor market will grow at a CAGR of 9.7 percent from 2016 through 2024 to reach $1,820 million, according to a report released by Variant Market Research.
The market is driven by innovations which make sensors light weight and compact, as well as the rising adoption of fingerprint identification for tablets, smartphones, and other devices, according to Variant. While the firm warns that a lack of skilled trainers may hamper market growth, increasing adoption of fingerprint scanning in offices and banks, along with increasing demand for stronger security in several industry sectors offer a range of potential opportunities for market players.
The report classifies the global biometric sensor market by type, application, end user, and geography.
Fingerprint scanners held the highest market share in 2016, and is expected to do so for the entire forecast period. Commercial centers and buildings have the highest market share among end users, and are predicted to continue to do so, while the Middle East, South America, and Africa are expected to grow at a CAGR of 11.9 percent, the fastest of any region, though from a smaller base market size.
The report identifies key market players including ZKTeco Inc, NEC Corporation, Infineon Technologies AG, 3M, Precise Biometrics Ab, Safran, Suprema Inc., IDEX ASA, Fulcrum Biometrics, and Crossmatch Technologies, Inc.
As previously reported, an Allied Market Research report early this year predicted the same market would grow by 9.6 percent through 2022 to reach $1.5 billion.