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Global biometric sensors market forecast to hit $1.7B by 2026

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Global biometric sensors market forecast to hit $1.7B by 2026

A new study that looks into perspectives and opportunities in the biometric sensors market shows global market figures will hit the $1.7 billion mark by 2026, growing at a CAGR of 6.9 percent from 2020.

This figure is up from the $1.1 billion valuation of the market last year, according to a press release issued by Global Industry Analysts, also known as StrategyR.

The capacitive biometric sensors segment is previewed to record a 7.1 percent CAGR and reach $720.1 million by the end of the analysis period, while growth in the optical sensors section is readjusted to a revised 7.8 percent CAGR for the 7-year period.

The study titled ‘Biometric Sensors – Global Market Trajectory and Analytics’ touches all major geographies and key segments of the market.

Players in the biometrics sensors industry expected to make major contributions to this market growth, as mentioned in the report, include Fulcrum Biometrics, Idex Biometrics, Infineon Technologies, NEC Corporation, Precise Biometrics, Idemia, Suprema, and ZKTeco USA.

Per the study, the United States is expected to dominate the market with figures projected this year at $358.8 million, far higher that the projected figures ($294.4 million) for which the Chinese market will be worth by 2026. Japan and Canada are each also projected to respectively register 6.4 and 5.6 percent while Germany will be at the fore of the European market for the with an about 5.6 percent CAGR growth.

Within the period under review, the thermal sensors segment is expected to hit $375.4 million, according to the study, with the United States, Canada, Japan, China and Europe projected to contribute the most to the 6.6 percent CAGR growth this segment is estimated to register. These market, the report suggests, will account for $319.5 million of the total projected figures within the period under consideration.

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