According to a new report published by MarkWide Research, titled, “Biometrics Infrared LED Market,” the global market for biometrics infrared LEDs is poised for significant growth. These specialized LEDs are essential components in biometric authentication systems, enhancing security in various applications.
The report reveals that the global biometrics infrared LED market is projected to witness a robust CAGR of 7.8% over the forecast period from 2023 to 2030. This growth is driven by increasing security concerns, the adoption of biometric technology in smartphones and access control systems, and the need for reliable and accurate authentication methods.
Key Findings from the Report:
- Biometric Authentication: Biometrics infrared LEDs are integral to biometric authentication methods, including facial recognition and iris scanning.
- Smartphones and Devices: The integration of biometric technology in smartphones and electronic devices contributes to the growth of the market.
- Access Control: Biometric authentication systems are widely used in access control applications, enhancing security in commercial and residential settings.
- Government Initiatives: Government initiatives for enhancing security at airports and borders drive the demand for biometric authentication solutions.
- Innovation: Ongoing innovation in infrared LED technology improves accuracy and reliability in biometric systems.
The report indicates that the global biometrics infrared LED market is currently valued at $840 million in 2023 and is projected to reach $1.6 billion by 2030, with a CAGR of 7.8% during the forecast period. North America and Asia-Pacific are expected to be key regions for market growth.
Key players in the global biometrics infrared LED market include OSRAM Opto Semiconductors GmbH, Epistar Corporation, and Lumileds Holding B.V. These companies specialize in providing high-quality infrared LEDs for biometric applications.
The global biometrics infrared LED market is set for substantial growth, driven by the increasing importance of secure authentication methods in various industries. With a projected CAGR of 7.8% by 2030, this market offers opportunities for manufacturers to support enhanced security measures.