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The global biometric sensor market was estimated at $944.0 million in 2017 and is expected to hit $1.92 billion by 2025, registering a CAGR of 9.3% during 2018–2025.
Rise in number of identity threats & emergence of touchless fingerprint technology and growth in popularity of wearable devices such as smart watches & smart bands, using biometric sensors fuel the growth of the global biometric sensor market. On the other hand, high cost of biometric technology and easy availability of alternative cheap non-biometric technologies restrain the growth to some extent.
Based on type, the optical sensors segment contributed to more than one-third of the total market share in 2018 and is expected to dominate throughout the forecast period. High-end developments on optical sensors have spurred the growth of the segment. The thermal sensors segment, on the other hand, is projected to grow at the fastest CAGR of 14.6% throughout the study period. Increasing R&D for thermal sensors has worked as the major driving factor for the growth.
Based on application, the finger scan segment accounted for nearly two-fifths of the total market revenue in 2018 and is anticipated to lead the trail by 2025. Increasing security concerns propel the growth of the segment. Simultaneously, the voice scan segment would showcase the fastest CAGR of 14.6% during the study period. Rising demand for biometric sensors in consumer electronics has driven the growth.
Based on geography, the Asia-Pacific region garnered the major share in 2017, contributing to more than one-third of the total market. Increasing technological advancements in the region have led to the growth. At the same time, the LAMEA region would cite the fastest CAGR of 15.3% during the estimated period. Rapid developments in building infrastructures have prompted the growth.
The key market players analyzed in the report include Crossmatch Technologies Inc., Safran, Fulcrum Biometrics, Precise Biometrics Ab, NEC Corporation, IDEX ASA, ZKTECO Inc., Fujitsu, 3M Cogent, and Infineon Technologies AG. Incorporating a number of exclusive strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others, these market players have become able to heighten their stand in the industry.
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About Allied Market Research (AMR)
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.