RF Signal Chain Components Market worth 72.9 billion by 2027, at a CAGR of 13.3%

 

According to the new market research report "RF Signal Chain Components Market by Product (Filters, Diplexers), Frequency Band (Ka Band, Ku Band), Material Type (Gallium Arsenide, Gallium Nitride), Application (Consumer Electronics, Telecom Infrastructure) and Region- Global forecast to 2027" The global RF signal chain components market size is projected to grow from USD 39.0 billion in 2022 to USD 72.9 billion by 2027; it is expected to grow at a CAGR of 13.3% from 2022 to 2027. The key factors contributing to the growth in RF signal chain components market growing investments in 5G infrastructure, increasing demand of RF components from defense sector and rising demand for smartphones. However, high cost of GaN-based RF devices is hindering the growth of RF signal chain components market. Increasing number of trade legalizations due to geopolitical factors possesses a huge challenge to the industry. However, growing focus on RF equipment from automotive sector and increase in number of space programs worldwide is the biggest opportunity in the market space during the forecast period.

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Increased demand for consumer electronics to drive market growth

Increasing demand for low-noise amplifiers from the smartphone industry, the rising adoption of long-term evolution (LTE) technology, the surging adoption of E band to meet the increasing bandwidth requirements of the space, defense, and wireless communication infrastructure sectors, and the growing defense expenditure of different countries globally are the factors leading to the increased adoption of low-noise amplifiers in the RF signal chain components market. Low-noise amplifiers are used in smartphones to improve the reception of weak signals and enhance smartphone data transfer rates. To enhance the mobile broadband experience for customers, telecom operators are continuously developing their 4G networks by deploying LTE-advanced technologies. Additionally, low-noise amplifiers are used as an important block in designing receivers for LTE networks.

K band use by meteorologists, police, and law enforcement agencies to boost market growth

K band frequencies range from 18 to 27 GHz with wavelengths from 1.11 to 1.67 cm. Meteorologists mainly use this band to gather cloud and weather-related information, while the police and law enforcement agencies measure the speed of automobiles. Several non-law enforcement radar sources operate in this frequency range, including automatic door openers and some blind-spot monitoring systems installed on vehicles. This has given the K band a reputation for a high percentage of false alerts, leading to recommendations for disabling it entirely to reduce false alerts.

High input power survivability eliminates requirement for power limiters

Gallium nitride (GaN) is an emerging alternative for pure silicon in the field of semiconductors and electronics due to its high brightness emissions and intensities in opto-semiconductors, high power efficiency, superior high-frequency handling capacity, and flexibility to be used along with various substrates such as silicon, sapphire, and silicon carbide (SiC). Gallium nitride is a very hard and mechanically stable semiconductor material with a wide bandgap, high heat capacity, and thermal conductivity. In September 2019, Qorvo, Inc. announced that Lockheed Martin had selected one of its gallium nitride power amplifiers to manufacture the Q-53 radar system of the US Army.

Rise in demand for carrier frequencies to provide high-quality telecom infrastructure

Increased data consumption with advancements in portable electronic technology in the form of voice and data, as well as streaming, uploading, and downloading of videos, have been witnessed. As a result, there is a rise in demand for carrier frequencies to provide high-quality wireless communication infrastructure. These carrier frequencies are expected to provide large bandwidth and micro or pico-cellular networking structure. RF signal chain components such as switches are vital in addressing these challenging requirements.

Asia Pacific to hold largest market share during the forecast period

Asia Pacific is a major producer of consumer electronics such as smartphones, tablets, laptops, televisions, etc. Asian countries such as China, Japan, South Korea, and India are also witnessing the commercial deployment of the 5G network. Samsung, Huawei, Vivo, Honor, OPPO, Xiaomi, and OnePlus are among the leading providers of 5G-enabled smartphones in the region. The rising demand for these smartphones is expected to fuel the demand for RF signal chain components market during the forecast period.

The key players operating in the RF signal chain components market are Qorvo, Inc. (US), Murata Manufacturing Co., Ltd. (Japan), Skyworks Solutions, Inc. (US), Broadcom (US), Analog Devices, Inc. (US). The players in this market have adopted various strategies to expand their global presence and increase their market shares.

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Common-mode Chokes Market worth 820 Million by 2028, at a CAGR of 5.4%

 

The report "Common-mode Chokes Market by Type (Data Line, Power Line, Signal Line), Verticals (Aerospace & Defense, Automotive, Commercial, Consumer Electronics, Industrial) and Region - Global Forecast to 2028" The Common-mode Chokes Market is projected to grow from USD 629 Million in 2023 to USD 820 Million by 2028; it is expected to grow at a CAGR of 5.4% during the forecast period. The growth of the market is attributed to the increasing adoption of common-mode chokes in consumer electronics, growing trend towards industrial 4.0 technology, rising demand in automotive and transportation application. Proliferation of stringent regulation related to  emission of electromagnetic energy causing EMI is expected to create growth opportunities for the market.

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Power line type to account for a larger share of common-mode chokes market in 2023

Power line common-mode chokes are expected to command the market during the forecast period. Common-mode choke manufacturers are keen on offering low-profile, miniature common-mode chokes

that efficiently help attenuate common-mode noise in both power and data line applications. For example,Coilcraft Inc. offers LPD, MSD, and PFD common-mode chokes that provide filtering in a single, low-profile, miniature device.

Consumer electronics segment to lead common-mode chokes market in 2023

Common-mode chokes in the consumer electronics vertical find applications in LCD (liquid-crystal display) panels, power cables, USB drives, computers, laptops, monitors, television sets, etc. Innovations in sensor technology and a rising focus on the miniaturization of electronic components integrated into consumer electronics and household products are likely to generate growth opportunities for the providers of common-mode chokes. These electronic products include digital and analog circuitries installed very close to each other, thereby creating common-mode noise and electromagnetic interference, which can cause malfunction and degradation in the performance of electrical equipment. New regulations and standards defined for consumer electronic appliances are further boosting the adoption of common-mode chokes. It will also drive the development of technologically advanced common-mode chokes.

Market in Asia Pacific to hold significant opportunities for the market during forecast period

There is an increased demand for common-mode chokes in Asia Pacific, especially from major countries such as China, Japan, South Korea, and India. The growth of the common-mode chokes market in Asia Pacific can be attributed to increased investments across industries in factory automation and the booming electronics manufacturing sector. Ongoing technological innovations and the increasing adoption of automation technology in various industries have accelerated the demand for common-mode chokes in the region. According to the International Federation of Robotics Report 2022, Asia Pacific held the world’s largest industrial robot market, such that in 2021, 73% of the newly deployed robots were installed in Asia Pacific. The dense population and the growth in per capita income, along with large-scale industrialization and urbanization, will create lucrative opportunities for the players in the common-mode chokes market.

Key players

Major vendors in the common-mode chokes market include Eaton (Ireland), TDK Corporation (Japan), Murata Manufacturing Co., Ltd. (Japan), Schaffner Holding AG (Switzerland), and YAGEO Group (Pulse Electronics) (Taiwan) among others.

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3D Sensor Market Set to Cross 9.4 Billion by 2026, at a CAGR of 28.1%

 

The report "3D Sensor Market with COVID-19 Impact, by Type (Image Sensors, Position Sensors), Technology (Time of Flight, Structured Light), End-use Industry (Consumer Electronics, Industrial Robotics, Automotive), and Region, Global Forecast to 2026 ", size is estimated to be USD 2.7 billion in 2021 and is projected to reach USD 9.4 billion by 2026; it is expected to grow at a CAGR of 28.1% from 2021 to 2026. Factors such as growing penetration of 3D depth sensors in various devices and increased demand for virtual reality in gaming consoles are likely to provide opportunities for market growth.

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The 3D sensor market includes major Tier I and II players like Infineon Technologies AG (Germany), OmniVision Technologies, Inc. (US), Sony Corporation (Japan), Cognex Corporation (US), Lumentum Operations LLC (US), and others. These players have a strong market presence for 3D sensor across various countries in North America, Europe, APAC, and RoW.

Rising demand for 3D sensing-enabled consumer electronics

Initially, the application of 3D sensors was primarily limited to the gaming sector; however, with further technological advancements and R&D, the application areas of 3D sensors have increased. Currently, 3D sensors are implemented on laptops, smartphones, and various electronic gadgets. This can be attributed to the growing consumer demand for advanced features in smartphones and other electronic gadgets.

3D image sensor type is expected to grow at the highest rate during the forecast period

In the consumer electronics industry, 3D image sensors are increasingly being used in digital cameras, camera modules, and other imaging devices. Companies such as Apple Inc. (US), Google Inc. (US), and Microsoft Corporation (US) incorporate 3D image sensors into smartphones, tablets, laptops, and other devices. In 2018, Huawei (China), a prominent manufacturer of smartphones, introduced a new smartphone, Honor Magic 2, with a 3D camera and graphene heat pipe. In 2020, Apple launched iPhone 12 Pro with ToF 3D sensor. In March 2019, Samsung launched a new smartphone model, S10, with Qualcomms 3D Sonic fingerprint sensor, which is also present in its next-generation smartphone. These developments in smartphones are expected to boost the 3D sensor market during the forecast period.

Consumer electronics end-use industry to hold the largest market size of 3D sensor market  during the forecast period

The consumer electronics end-use industry is expected to hold the highest market share between 2021 and 2026. Biometric scanning and other cutting-edge 3D sensing technologies are redefining the world of consumer electronics. 3D sensing plays an important role across consumer electronics, such as facial recognition in smartphones, laptops, and tablets; high-performance in-depth sensing in photography; and AR/VR applications in gaming consoles. Microsoft Kinect, having game recognition abilities, has transformed the home gaming industry with advancements such as multi-player 3D position sensing, facial expression detection, and touchless heart rate monitoring. Intelligence, reliability, low power consumption, and low cost are the drivers for the integration of 3D sensing technology in consumer electronics.

3D sensor market in North America to hold the highest market share during the forecast period

North America is expected to lead the global 3D sensor market. The growth of the market in this region can be attributed to the presence of key manufacturers of consumer electronics with a high adoption rate of new technologies. The growth of the consumer electronics industry is another factor driving the 3D sensors market in this region. The presence of key manufacturers of sensors such as Intel, Lumentum, Cognex Corporation, and OmniVision Technologies drives the market across the US. Companies such as Google, Microsoft, and Apple are investing in 3D sensing technologies across consumer electronics and robotics applications. These factors have contributed to the huge growth of the 3D sensor market in North America.

Infineon Technologies AG (Germany), OmniVision Technologies, Inc. (US), Sony Corporation (Japan), Cognex Corporation (US), Lumentum Operations LLC (US), ifm electronic gmbh (Germany), Intel Corporation (US), KEYENCE CORPORATION. (Japan), LMI Technologies Inc. (Canada), Microchip Technology Inc. (US), II-VI Incorporated (US), AIRY3D (Canada), ASUSTeK Computer Inc. (Taiwan), CronAI (UK), Leuze electronic GmbH + Co. KG (Germany), Mantis Vision ltd. (Israel), Melexis NV (Belgium), Microsoft (US), Occipital, Inc. (US), Orbbec 3D (US), Panasonic Corporation (Japan), Qualcomm Technologies, Inc. (US), Quanergy Systems, Inc. (US), Samsung (South Korea), and SICK AG (Germany) are among the many players in the 3D sensor market.

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AI in Manufacturing Market expected to reach 16.3 billion by 2027

 

According to a research report "Artificial Intelligence in Manufacturing Market by Offering (Hardware, Software, and Services), Industry, Application, Technology (Machine Learning, Natural Language Processing, Context-aware Computing, Computer Vision), & Region - Global Forecast to 2027" published by MarketsandMarkets, the global Artificial Intelligence in Manufacturing market size is projected to grow from USD 2.3 billion in 2022 to USD 16.3 billion by 2027, it is expected to grow at a CAGR of 47.9% from 2022 to 2027.

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The key factors contributing to the growth of artificial intelligence in manufacturing market include improving computing power of AI chipset and increasing venture capital investments in manufacturing AI space. However, increasing venture capital investments in manufacturing AI space is hindering the growth of artificial intelligence in manufacturing market. Limited availability of skilled workforce, especially in developing countries possesses a huge challenge to the industry. However, growing focus on boosting operational efficiency of manufacturing plants is the biggest opportunity in the market space with Asia Pacific having the highest market share and CAGR for the forecast period.

Development of sophisticated hard and soft sensors to boost growth of context-aware computing segment

By using context awareness technology, a control system called Manufacturing Execution System (MES) is designed for managing and monitoring works in a factory, which is based on the dynamic and complex production process in the manufacturing plant. The context-awareness architecture establishes the dynamic interaction properties of the system more thoroughly and guides object specification and abstraction tasks in machine language. This technology provides computing environments with the ability to learn and adopt the context by sensing through different sensors and automatically provides feedback to the user. This service makes the operator attentive, responsive, and predictive. In the manufacturing plant, the production quantity varies on many uncertain factors, including internal and external factors such as random orders, sudden equipment fault, supply modification, and runtime restriction. Context-aware technology finds customized solutions and arranges the machines accordingly for the issues mentioned above. Siemens (Germany) and General Motors (US) use context awareness technology in their plants. Additionally, context-aware information distribution may offer substantial value to industries. It provides task-relevant information or services to users on a manufacturing shop floor, improving decision-making through context-driven recommendations.

Asia Pacific exhibit the highest CAGR during the forecast period

APAC is likely to be the highest contributor in terms of market size and growth rate in the overall AI in manufacturing market during the forecast period. This market in APAC is further divided into China, Japan, South Korea, India, and Rest of APAC (RoAPAC). RoAPAC includes Singapore, Malaysia, Thailand, Australia, and New Zealand. Among all the countries in APAC, China held the largest share of the AI in manufacturing market in 2021.

APAC, led by China, Japan, and South Korea, is considered the largest market for industrial robots. Industrial robots generate a huge amount of data. This data is used in deep learning algorithms to further train the robots. This would act as one of the major drivers for the AI in manufacturing market in APAC. APAC is also considered to have the most number of manufacturing plants in the world. There are a few dark plants in China, where only robots work without any human intervention. AI implementation can make robots smarter, reduce the downtime of machines, and increase productivity.

Advancement in deep learning and supervised learning manufacturing industry to drive growth of AI in manufacturing market for machine learning

Machine learning (ML) enables systems to improve their performance automatically with experience. ML helps develop a computer program/algorithm that can access data and use it to train itself without human intervention. ML is adopted to deal with large volumes of data. The time previously dedicated to analyzing charts and spreadsheets is now being utilized to seek intelligent ways to automate data analysis. ML includes various technologies, such as deep learning, supervised learning, unsupervised learning, and reinforcement learning.

Extensive use of big data in production planning to fuel market growth

Production planning is a process that combines and transforms various resources used in the production system in a manufacturing plant. The AI system executes the interrelated operational activities involved in the manufacturing processes. The deep learning-based algorithm uses many functions such as Programme Evaluation Review Technique (PERT)/Critical Path Method (CPM) to optimize the production planning under various conditions. The use of AI in production planning leads to the standardization of product and process sequence, dedicated special-purpose machines having higher production capacities and output rates, short production cycle time, perfectly balanced production lines, faster flow of materials, and easy material handling.

The key players operating in the artificial intelligence in manufacturing market NVIDIA (US), IBM (US), Intel (US), Siemens (Germany), General Electric (US), Google (US), Microsoft Corporation (US), and Micron Technology (US). The players in this market have adopted various strategies to expand their global presence and increase their market shares.

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Collaborative Robot Market expected to reach 9.2 Bn USD @ CAGR of 41.5% by 2028

 

The report "Collaborative Robot Market by Component, Payload (Up to 5 Kg, 5-10 Kg, and Above 10 Kg), Application (Handling, Processing), Industry (Automotive, Electronics, Healthcare, Furniture & Equipment) and Geography - Global Forecast to 2028" The global collaborative robot market is projected to grow from USD 1.1 Billion in 2022 to USD 9.2 Billion by 2028, at a CAGR of 41.5% during the forecast period from 2022 to 2028. The growth of this market is driven by factors such as high return on investment as compared to the traditional industrial robotic system, increasing demand in the e-commerce and logistics industries due to contingency of COVID-19, cobots to benefit businesses of all sizes, and increased ease of programming of collaborative robots. However, higher preference for low payload capacity traditional industrial robots over cobots in heavy-duty industries restrain the growth of the collaborative robot market.

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Cobot robots with payload capacity up to 5 kg expected to hold the largest share of the market during the forecast period

Cobots with payload capacity up to 5 kg holds the largest market share and is expected to retain its position during the forecast period. First-time users prefer low payload capacity cobots, which are cheaper and take up less space than robots with higher payload capacity. For instance, COBOTTA, a cobot from DENSO Corporation (Japan), has an inherently safe design owing to its low weight and, therefore, does not require extensive use of sensors compared to higher payload cobots, thus keeping it more affordable. SAWYER and SAWYER Black Edition from Rethink Robotics GmbH (US) are both single arm cobots with a payload capacity of 4 kg and a maximum reach of 1,260 mm. These collaborative robots are equipped with the company’s proprietary software suite, Intera. Hence, they do not require a separate software interface.

Automotive industry Europe accounts for largest market share of collaborative robot market in 2021

The collaborative robot market in the automotive industry held the largest share, both in terms of the value and volume in 2021. Collaborative robots are not only being used by major car manufacturers, but also by numerous OEMs that supply automotive parts to these car manufacturers. Conventionally, traditional industrial robots have been employed by the automotive industry and auto-parts manufacturers to perform high-speed operations behind cages. But, in recent years, the focus of the automotive manufacturers is shifting toward light weighting, the trend of substituting heavy metal parts with plastic to reduce vehicle mass and create greater efficiency. For this purpose, plastic injection molding machines are used in the automotive industry, and these machines require constant tending. It is difficult to find labor for performing such monotonous and repetitive tasks. In such a case, collaborative robots are preferable as they can work in tandem with the workers on the lines and perform such operations with inept flexibility in different areas such as material handling, machine tending, performing test and inspection, and packing finished goods.

Europe accounts for second-largest market share of cobot market in 2021

Europe held the second-largest share of the collaborative robot market in 2021. Many of the early adopters of collaborative robots were from European countries. With the advent of Industry 4.0 in Europe, the manufacturing sector brought in collaborative robots to modernize and improve their production capabilities. SMEs in Europe are largely looking into automation to deploy collaborative robots to perform dirty and dangerous jobs. Polishing tasks, for example, are being done by collaborative robots, with workers performing the final inspection. Europe houses several key collaborative robot players such as Universal Robots A/S (Denmark) and KUKA AG (Germany). KUKA AG was one of the first manufacturers to offer cobots to the market, while Universal Robots has been the market leader for cobots for several years now.

Some of the key companies in the collaborative robot market include Universal Robots A/S (Denmark), FANUC Corporation (Japan), ABB (Switzerland), Techman Robot Inc (Taiwan), KUKA AG (Germany), Doosan Robotics Inc. (South Korea), Denso Corporation (Japan), Yaskawa Electric Corporation (Japan), AUBO (Beijing) Robotics Technology Co., Ltd (China), and Rethink Robotics GmbH (US), Omron Adept Technologies, Inc. (US), Franka Emika GmbH (Germany), etc.

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District Heating Market set to cross $226.5 Billion USD by 2027

 

The report "District Heating Market by Heat Source (Coal, Natural Gas, Renewables, Oil & Petroleum Products), Component (Boiler, Heat Exchanger), Plant Type (Boiler Plants, CHP), Application (Residential, Commercial, Industrial) and Region - Global Forecast to 2027" The global district heating market is estimated at USD 167.8 Billion in  2022 and is projected to reach USD 226.5 Billion by 2027, registering a CAGR of 6.2% during the forecast period. Increasing demand for energy-efficient and cost-effective heating systems, growing urbanization and industrialization, and increasing integration of renewable energy in district heating are attributed to the demand of district heating for heating the spaces.

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By Heat Source: Natural gas segment to propel market growth

In 2021, the natural gas segment held the largest share of ~32% in the district heating market. This growth is attributed to the increasing awareness about environmental pollution, initiatives taken by governments for environmental stability, and the power generation sector adopting natural gas as the heat source over fossil fuels, considering the environmental causes. Natural gases offer numerous benefits over other heat sources such as less harmful effects on the surroundings and fewer carbon emissions with exceptional efficiency. Also, several ecosystem players are using natural gas as the heat source in the generation of district heating energy. For instance, the Serbia-based Novi Sad Heating Plant uses natural gas as a primary heat source for the generation of heat energy. The plant consumes about 1 million MWh of heat energy a year. The overall production system efficiency is ~96%, while the distribution system’s efficiency is ~90%.

By Plant Type: CHP segment to grow at the fastest CAGR in district heating market

CHP plants accounted for the largest share of the market (~60%) in 2021 and are also expected to witness the highest CAGR of 6.9% during the forecast period. CHP heat sources reduce fuel use, help avoid the need for new transmission and distribution infrastructure, and ease grid congestion when the demand for heating is high. Also, the key advantages of CHP include improved energy efficiency, reduced carbon emissions, integration of renewable energy sources, lower operating costs, and improved resilience of critical infrastructure and the electric power system. These factors are expected to drive the growth of the district heating market for CHP plants.

By Application: Residential application accounted for the largest share of the district heating market

The residential application segment accounted for the largest market share of ~50% in 2021 and is also expected to witness the highest CAGR of 6.9% during the forecast period. This growth is attributed to the growing awareness about the benefits of district heating used in residential properties. These benefits include lower maintenance and energy bills, advanced indoor comfort, and hot water on demand 24 hours a day. District heating can also improve the energy ratings of households connected to it, potentially increasing their value.

Europe likely to emerge as the largest share holding region in district heating market during forecast period

Europe held the largest share of ~67% in the district heating market in 2021 and the same trend is expected in the near future. The market growth in this region is predominantly rising due to the strong presence of key district heating manufacturers such as Fortum, Vattenfall, ENGIE, Denmark, Statkraft, LOGSTOR, and Vital Energi. In Europe, the residential application accounted for the largest market share (~52%) in 2021 and is also expected to witness the highest CAGR of 4.3% during the forecast period. The high growth rate of the district heating market for the residential application is mainly due to the growing self-build and custom-build trends in the domestic sector, wherein house owners are involved in the specification of their new homes and are willing to invest more at the initial level to appreciate long-term benefits.

Additionally, due to long Scandinavian winters, district heating is implemented throughout the year providing heat and warm water for cooking and keeping oneself warm and healthy. Moreover, growing environmental and energy-efficiency concerns are likely to have a significant impact on the implementation of district heating in the residential application as European countries move toward a low-carbon economy. This factor has spurred the demand for district heating for residential applications.

Fortum (Finland), Vattenfall (Sweden), ENGIE (France), Danfoss (Denmark), Statkraft (Norway), LOGSTOR (Denmark), Vital Energi (UK), Kelag (Austria), SHINRYO CORPORATION (Japan) are some of the key players in the district heating market.

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Biometric System Market expected to reach 82.9 Billion by 2027

 

According to a research report "Biometric System Market with COVID-19 Impact Analysis by Authentication Type (Single Factor, Fingerprint, Iris, Face, Voice; Multi-factor), Type (Contact-based, Contactless, Hybrid), Offering Type, Mobility, Vertical & Region - Global Forecast to 2027" published by MarketsandMarkets, the global biometric system market size is expected to grow from USD 42.9 billion in 2022 to USD 82.9 billion by 2027, at a CAGR of 14.1%. Increasing the advancements in biometric technology across various sectors and rising demand for authentication and identification solutions as well as security and surveillance solutions in various application areas are the primary factors driving the market growth. Moreover, growing adoption of biometric system in consumer electronics, BFSI as well as automotive verticals will drive the demand for this technology in the near future.

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The market has slightly declined in 2020, mainly due to the impact of COVID-19. The supply chains was disrupted in March and April 2020 due to the lockdown imposed by various governments and labor shortages in these industries due to travel restrictions, that affected the biometric system market. Though the market is impacted in 2020, it is expected to fully recover by mid 2022.

Single factor authentication is estimated to contribute the largest market share in the said market during the forecast period

Single-factor biometric systems are cost-effective and fast. Furthermore, the systems with single-factor authentication are much faster and simplified. However, these systems are prone to high-security risks. Nevertheless, technologically improving hardware and software solutions and biometric systems integrated with AI have increased the level of accuracy and security offered by single-factor authentication. Fingerprint recognition technology is the most used modality. The growth of the market for fingerprint recognition is attributed to the increasing demand for solutions based on this technology in travel and immigration Security Verticals for e-passports and e-visas, as well as in the government sector for issuing a driving license.

Consumer electronics vertical is estimated to be the fastest-growing market during the forecast period

Biometrics is one of the revolutionary technologies in the consumer electronics sector owing to its security and cost-effectiveness. In the consumer electronics industry, smartphones are significantly contributing to the growth of the adoption of biometrics technology. Consumer electronic companies are increasingly developing and deploying advanced and cost-effective biometric security features. There have been rapid advancements in the designs of chips and algorithms of voice and facial recognition. Also, the declining cost of biometric technologies installed in consumer electronics is playing a key role in driving market growth.

Asia Pacific is expected to grow at the highest rate

The market in APAC will grow at the highest CAGR during the forecast period. The biometric system market in APAC is segmented into China, Japan, India, Australia, South Korea, and the Rest of APAC. The presence of prominent biometric system manufacturers including Fujitsu and NEC Corporation, is expected to contribute to the revenue share of this region owing to the rapid economic growth in major countries such as China, Japan, India, and South Korea The growth of the biometric system market in APAC is also attributed to technological advancements, increased awareness among the masses regarding the use of biometric systems for security purposes, and lowered the cost of devices based on these technologies.

Major players in the biometric system market include Thales Group(Paris), Idemia (France), ASSA ABLOY (Sweden), NEC Corporation(Japan) and Fujitsu(Japan), Precise Biometrics(Sweden), secunet Security Networks AG (Germany), Stanley Black & Decker, Inc.(France), Aware Inc (US), Cognitec Systems GmbH(Germany) among others.

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