The global biometric sensor market will see a CAGR of 9.3 percent between 2018 and 2025, according to a new report from Allied Market Research. The firm estimates a value of $944 million for the global biometrics market in 2017, and says that by the end of the forecast period it will reach a value of $1.92 billion.
According to the report, optical sensors accounted for over a third of overall marketshare last year, and will continue to dominate the market for the forecast period. Thermal sensors, meanwhile, will see the fastest rate of growth, thanks in part to increasing R&D, with a CAGR of 14.6 percent.
Growing demand for biometric sensors in consumer electronics is helping to propel growth, and fingerprint scanning remains the most important modality, accounting for almost two fifths of the overall market last year. Allied Market Research predicts that voice scanning will see the fastest CAGR over the forecast period, at 14.6 percent.
As for regional trends, APAC dominated the market in 2017, thanks to “technological advancement in the region”, according to a report summary. But going forward, Latin America, the Middle East, and Africa as a group will see the fastest CAGR, at 15.3 percent.
The report underscores the ongoing growth in the overall biometrics industry, a pronounced trend that has now spanned almost two decades. Allied Market Research’s full report is available from the firm’s website.
August 27, 2019 – by Alex Perala