According to the latest market research study released by Technavio, the global biometric sensors market is expected to grow at a CAGR of around to 10% during the forecast period of 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global biometric sensors market based on application:
Global biometric sensors market share by application type 2015
|
Fingerprint recognition |
46.12% |
|
Iris recognition |
14.56% |
|
Facial recognition |
11.56% |
|
Hand geometry |
10.24% |
|
Voice recognition |
7.56% |
|
Vein recognition |
2.26% |
|
Others |
7.70% |
Source: Technavio
The top four revenue contributing product segments are discussed below:
Fingerprint recognition segment in biometric sensors
The fingerprint recognition segment in the biometric sensors market was valued at $360 million in 2015 and is expected to grow at a CAGR of around 8% by 2020. There is a widespread development of fingerprint recognition across different end-user sectors. The primary end-users of this technology is the government and the transport sector. The ease of acquisition and low-cost operations makes this the largest segment by applications in the biosensors market. The vendors are introducing advanced fingerprint technologies like 3D fingerprinting and touchless sensing for the BFSI and government sectors.
“The use of fingerprint scanning in a database helps identify and verify an individual based on different features like an arch, whorl, and loop. Pattern-based algorithms are being used to match an individual’s fingerprint against the database. This application provides secure access to premises in an organization. Advancements in this technology help in workforce management and to identify criminals in the law enforcement sector,” says Sunil Kumar Singh, a lead analyst at Technavio for research on sensors.
Iris recognition segment in biometric sensors
The iris recognition segment in the biometric sensors market was valued at over $113 million in 2015 and is expected to grow at a CAGR of about 8% by 2020. This technology is safer and has benefits like fewer chances of germ transmission as there is no direct contact with the hardware. This is a perfect system for high-security applications as its accuracy rate is very high and enables faster identification and verification. The end-users of this segment in the biosensors market are government organizations, BFSI, and transportation departments. The application of iris recognition is for authentication rather than identification purposes. Moreover, iris recognition is highly reliable as iris remains stable over long years.
Facial recognition segment in biometric sensors
The facial recognition segment in the biometric sensors market was valued at over $90 million in 2015 and is expected to grow at CAGR of around 15% by 2020. This application is mainly used for surveillance and photo tagging. This technology can facilitate refined search engine queries based on facial images. The retail sector is adopting facial recognition because of its ability to recognize the facial expressions of consumers while buying in the store. This technology is used by marketers to understand consumer behavior and can help them enhance their product or service offerings.
Hand geometry segment in biometric sensors
The hand geometry segment in the biometric sensors market was valued at about 80 million in 2015 and is expected to grow at a CAGR of over 5% by 2020. The technology can be integrated into other biometric systems and has the ability to work in extreme environments. The primary end-users of this segment are factories, healthcare, hotels, office buildings, and nuclear plants. The demand for hand geometry biometrics from organizations with large workforces is expected to grow during the forecast period.
The top leading vendors operating in the global biometric sensors market are:
- 3M Cogent
- Crossmatch
- NEC
- Safran
Other prominent vendors in the market include Fulcrum Biometrics, IDEX ASA, and ZKTeco.
A more detailed analysis is available in the Technavio report titled, ‘Global Biometric Sensors Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Automotive Biometric Vehicle Access System Market 2016-2020
- Biometrics Market in North America 2016-2020
- Global Biometrics Market in BFSI Sector 2016-2020
- Global Fingerprint Biometrics in the VAR Market 2016-2020
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