According to a new report published by Allied Market Research, titled, “Biometric Sensors Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global biometric sensors market size was valued at $1.15 billion in 2020, and is projected to reach $3.31 billion by 2030, registering a CAGR of 11.8% during the forecast period. The North America region is expected to be the leading contributor to the global market during the forecast period, followed by Asia-Pacific and Europe. The key players profiled in the report include CROSSMATCH Technologies Inc., Fujitsu, Fulcrum Biometrics, Thales Group, IDEX ASA, Infineon, NEC Corporation, Precise Biometrics AB, SAFRAN S.A. and ZKTECO Inc. These players have adopted various strategies, such as partnership, agreement, collaboration, and product launch to expand their foothold in the biometric sensors industry.
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Biometric sensors hold high potential in the market. The current business scenario experiences rapid development in smart infrastructure leading to readiness to adopt sensors, particularly in the developed and developing regions such as North America, Asia-Pacific, and Europe. Companies in this industry adopt various innovative techniques to provide customers with advanced and innovative features.
Prominent factors that impact the biometric sensors market growth include the rise in number of identity threats, emergence of touch less fingerprint technology, and growth in popularity of wearable devices, such as smart watches and smart bands. However, high cost of biometric technology and easy availability of alternative cheap non-biometric technologies restricts the market growth. On the contrary, the growing concerns related to privacy breaches is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect the biometric sensors industry during the forecast period.
On the basis of region, the biometric sensors market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is dominating the market, due to increase in demand for smart weapons, and most of the smart weapons use biometric sensors technology, which further stimulates the demand for biometric sensors. The overall biometric sensors market analysis is determined to understand the profitable trends to gain a stronger foothold.
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Key Findings Of Study
- In 2020, the voice scan segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 13.9% during the forecast period.
- The thermal sensors segment is expected to witness highest growth rate during the forecast period.
- Germany was the major shareholder in the Europe biometric sensors market, accounting for approximately 25% share in terms of revenue in 2020.
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