The market is projected to demonstrate a remarkable growth by 2027, surpassing its previous growth records in terms of value from USD 13.19 billion in 2018 to USD 26.75 billion by 2023, with a striking 18.33% CAGR during the anticipated period (2016 – 2027).
Due to the rapid adoption by government of a fingerprint based authentication system through portable application, the fingerprint sensor market is increasing with a double digit CAGR. The major growth driver on the market for fingerprint sensors includes the demand for security checks in organisations, the value of physical access control solution, and the smartphone and tablet market among others. Furthermore, the growing market growth of mobile devices such as smartphones, tablets and other portable devices involves the use of fingerprint sensors in order to protect data privacy and access protection. Internet-based online and mobile ecommerce options have further enhanced fingerprint sensor demand. However, factors such as lack of knowledge of security and the difficulty of smartphone integration such as devices with fingerprint sensors can hamper market growth According to a recent Market Research Future study report , the global fingerprint sensor market is booming and expected to gain prominence over the forecast period. Morevoer the increased adoption of fingerprint sensors in the BFSI sector is expected to significantly propel the market over the review period.
The development of less expensive fingerprint sensors for a wide range of applications presents tremendous market opportunities. There is a rise in the adoption of integrated fingerprint sensors based on two-factor authentication systems or multi-factor authentication systems that can provide high-tech security and access for high-end security applications.
The Fingerprint Sensor Market can be classified into four key segments for the suitability of the report and enhanced understanding.
Segmentation by Components Comprises sensors (ultrasound sensors, capacitive sensors, optical sensors, thermal sensors and solid-state sensors among others), hardware, and software, among others.
Segmentation by Technology Comprises Thermal, Capacitive & RF Capacitive, Optical and Others.
Segmentation by Application Comprises travel & immigration, consumer electronics, government, military defence and aerospace, healthcare, BFSI, and others.
For the reginoal overview, the market has been segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa.
Asia Pacific dominates the global market for fingerprint sensors with the highest market share and thus accounts for unprecedented amounts and is projected to expand by 2022 over its previous growth records. Because of the presence of countries such as China, South Korea and India, the growth of the market for fingerprint sensors in Asia Pacific is driving mainly. These countries are of substantial market size and provide major potential for the growth of the market for fingerprint sensors. The rise of the medium-sized income population in China and India and other large emerging markets in the region helps the consumer spending. Other factors such as the rapid urbanization, large population , rising disposable income and the growing middle class in the APAC region are some of the drivers for the growth of the fingerprint sensor market in APAC's consumer electronics application. Other factors such as increased usage of biometric devices within organizations and increased adoption of emerging technologies in the field.
3M Cogent Inc. (U.S.), Dermalog Identification Systems (Germany), Crossmatch (U.S.), Egis Technology Inc.(U.S.), Suprema Inc. (Korea), Fingerprint Cards AB (Sweden), NEC Corporation (Japan), Silead Inc. (China), Goodix Ltd (China), and Synaptic Inc. (U.S.) are some of the prominent players at the vanguard of competition in the Global Fingerprint Sensor Market and are profiled in MRFR Analysis.