Allied Market Research is doubling down on its previous prediction that the global biometric sensor market will reach $1.92 billion by 2025. That figure represents a CAGR of 9.3 percent, based on a 2017 market valuation of $944 million.
The Allied report attributes much of that growth to the rising demand for reliable security and identity products, especially as wearables and other smart devices become more popular in the coming years. The relative affordability of non-biometric security could hamper the biometric sensor market in the short term, but the need for stronger authentication options – including touchless sensors – is ultimately expected to win out.
In the meantime, many of the top 2017 trends will carry through to 2025. For example, finger scans were the most common application of biometric sensors, and accounted for roughly 40 percent of the overall sensor market. It will retain that position throughout the forecast period, though voice applications will display the most growth with a CAGR of 14.6 percent.
Optical sensors, on the other hand, were the most common type of sensor (around 33 percent of the market), while the Asia-Pacific region stood as the biggest market. However, thermal sensors and the broad LAMEA region (Latin America, Middle East, and Africa) will exhibit the most growth, with CAGRs of 14.6 percent and 15.3 percent, respectively.
Allied identified Crossmatch, Infineon, NEC Corporation, Fujitsu, Precise Biometrics, and IDEX Biometrics as some of the key players in the biometric sensor space.
The Allied figures are comparable to a pair of older reports from Grand View Research and Transparency Market Research. Grand View predicted that the sensor market would hit $1.83 billion by 2024, while Transparency believes that it will hit $1.8 billion by 2023. Both reports were released in 2016, but the steady numbers point to a relative degree of stability in the biometric sensor market.
Companies like Invixium have previously noted that the COVID-19 pandemic has generated more interest in contactless biometric solutions.
(Originally posted on FindBiometrics)