The biometrics boom continues with a new report predicting that the biometric sensor market will reach a value of $1.83 billion by the year 2024. That’s considerable growth, given that Grand View Research estimates the market’s value to have been $810.9 million last year.
In a synopsis announcing the report, the market research firm cites technological advancements and rising demand as the key factors driving the market. Fingerprint scanning is the primary modality, taking 40 percent of overall market share, and is expected to maintain its lead over the forecast period, with optical sensors being the dominant technology used in biometric applications overall. And the Asia Pacific region is dominating the global market, having produced 35 percent of overall revenues last year.
Grand View Research highlights mobile applications as being of salient importance to the market, with smartphone, tablet, and laptop deployments having “led to the market proliferation,” and consumer electronics having accounted for 25 percent of market volume share last year. That tracks well with other recent market research suggesting that consumers are enthusiastic about mobile biometrics, thus driving OEMs to increasingly produce such technologies.
While Grand View Research warns that cultural barriers and the misuse of individuals’ biometric data could offer market obstacles over the forecast period, all told the forecast is sunny for the biometrics industry.
June 16, 2016 – by Alex Perala