The market for biometrics infrared light emitting diodes (LEDs) is witnessing significant growth due to their wide range of applications and benefits. These purpose-built LEDs emit infrared signals at longer wavelengths, enabling the cost-effective production of infrared lights. With a spectral range of 700nm-1mm, biometrics infrared LEDs find applications in facial recognition, retina recognition, voice recognition, iris recognition, and privacy protection. The aerospace and defense, oil and gas, chemical, pharmaceutical, and other industries extensively utilize these LEDs. Factors such as increasing demand for enhanced security solutions and technological advancements drive the market's expansion.
According to Data Bridge Market Research, the Global Biometrics Infrared Light Emitting Diode (LED) was valued at USD 712.44 million in 2021 and is expected to reach USD 2361.57 million by 2029, registering a CAGR of 16.16% during the forecast period of 2022-2029.
“Rising digitalization across the globe to facilitate market growth”
The rising digitalization across the globe drives the global biometrics infrared LED market. With increasing reliance on digital platforms and transactions, there is a growing need for secure and convenient authentication methods. Biometrics, including infrared LED-based technologies, offer enhanced security and accuracy in identity verification. The digitization of various industries such as banking, healthcare, government, and retail fuels the demand for biometric solutions. Additionally, advancements in artificial intelligence and machine learning algorithms improve the performance and reliability of biometric systems, further driving the growth of the biometrics infrared LED market in the era of digital transformation.
What restraints the growth of the global biometrics infrared light emitting diode (LED) market?
“Decline in demands and low penetration”
The global biometrics infrared LED market faces a restraint due to declining demands and low penetration. Despite the increasing adoption of biometric technologies, certain sectors and regions have limited awareness and understanding of the benefits of infrared LED-based biometrics. The high cost associated with implementing biometric systems and concerns regarding privacy and security also contributes to the low penetration. Additionally, the market may face challenges due to the availability of alternative biometric technologies and the slower adoption rates in certain industries.
Segmentation: Global Biometrics Infrared Light Emitting Diode (LED) Market
The biometrics infrared light emitting diode (LED) market is segmented on the basis of power, function, photodiode spectral range, technology and sector.
- On the basis of power, the biometrics infrared light emitting diode (LED) market is segmented into low, medium, high.
- On the basis of function, the biometrics infrared light emitting diode (LED) market is segmented into emitters, receivers, transceivers, detectors.
- On the basis of photodiode spectral range, the biometrics infrared light emitting diode (LED) market is segmented into 700nm-less than 1500nm, 1500nm-1750nm, above 1750nm.
- On the basis of technology, the biometrics infrared light emitting diode (LED) market is segmented into infrared light emitting diode (LED) chip, infrared light emitting diode (LED) package.
- On the basis of sector, the biometrics infrared light emitting diode (LED) market is segmented into consumer electronics, automotive, government and defense, residential, commercial offices, healthcare and hospitality, retail, industrial and manufacturing, education, banking, financial services and insurance (BFSI).
Regional Insights: North America dominates the Global Biometrics Infrared Light Emitting Diode (LED) Market
The increased demand for consumer electronics and the changing lifestyle of consumers drives North America's dominance in the biometrics infrared LED market. Growing economies such as China and India are witnessing a surge in demand for biometrics-enabled devices, including smartphone, to enhance security and user experience. The region's technological advancements and strong presence of key market players further contribute to its dominance.
Asia-Pacific is poised for significant growth in the biometrics infrared LED market. The region is experiencing widespread adoption of smartphones and biometric systems, driven by factors like rising disposable income, increasing digitalization, and the need for secure authentication solutions. The growing population and expanding urbanization in countries like China and India fuel the demand for advanced biometric technologies. This, combined with government initiatives promoting digital identification, drives the growth of the biometrics infrared LED market in Asia-Pacific.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-biometrics-infrared-led-market
The Prominent Key Players Operating in the Global Biometrics Infrared Light Emitting Diode (LED) Market Include:
- EPILEDS TECHNOLOGIES, INC. (Taiwan)
- EPISTAR Corporation (Taiwan)
- EVERLIGHT ELECTRONICS CO., LTD. (Taiwan)
- Excelitas Technologies Corp. (Canada)
- Kingbright Company, LLC. (U.S.)
- Lextar Electronics Corporation. (Taiwan)
- LITE-ON Technology Corporation. (Taiwan)
- Lumileds Holding B.V. (Netherlands)
- Luna Innovations (U.S.)
- Marktech Optoelectronics. (U.S.)
- NICHIA CORPORATION (Japan)
- ams-OSRAM International GmbH. (Germany)
- ROHM CO., LTD. (Japan)
- TE Connectivity (Switzerland)
- Ushio America, Inc. (Japan)
- Würth Elektronik GmbH & Co. KG (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of global biometrics infrared light emitting diode (LED) market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Biometrics Infrared Light Emitting Diode (LED) Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
