Fingerprint Sensor Market Growth Continues Upward Trajectory
Fingerprint Sensor Market Outlook – 2027
The global fingerprint sensor market size was valued at $2.93 billion in 2019, and is projected to reach $9.41 billion by 2027, registering a CAGR of 14.5% from 2020 to 2027. Fingerprint sensors are used in fingerprint detection devices such as biometric fingerprint scanners. These devices are mainly inbuilt in fingerprint detection module and are used for safety and authenticity. The main features of biometric fingerprint scanner mainly include accuracy, better performance, and robustness based on exclusive fingerprint biometric technology. Fingerprint scanner is an extremely safe & suitable device. The working principle of a fingerprint sensor mainly depends on processing. Fingerprint processing mainly includes two elements, namely enrollment and matching.
The Global Fingerprint Sensor Market is expected to attain negative growth due to shutdown of manufacturing units globally.
Optical fingerprint sensor provide authenticated user with fast, secure, and easy access to personal contact details, emails, payment information, location data, and other types of encrypted data. Sensors for fingerprints allow fast record keeping and control of portals for attendance. Compared with other biometric authentication systems, they are less costly. These factors further increase growth of the fingerprint sensor market size.
In addition, widespread use of fingerprint sensor based biometric systems by governments and law enforcement agencies to improve security drives growth of the global fingerprint sensor market share. Furthermore, rise in adoption of biometric-based time and attendance systems in corporate and government organizations for measuring hours of service for workers and productivity supports the fingerprint sensor market growth.
Introduction of optical fingerprint sensor in smartphones and other consumer electronics, government funding for adoption of fingerprint sensors, and use of biometrics in mobile commerce are the main drivers for the fingerprint sensor market. In addition, growth of the market is expected to increase by adoption of fingerprint sensors in smartphones to perform tasks such as unlocking phones & apps and making payments. Continuous developments and innovations in fingerprint scanning technology also support the market growth in consumer electronics.
Factors such as extensive use of fingerprint sensors for biometric authentication in consumer electronics, rise in adoption of biometric authentication in government buildings, and growth in in number of identity threats and emergence of touch less fingerprint technologies act as major drivers for the fingerprint sensor market growth globally. However, security threats pertaining to biometric database and high cost associated with biometric technologies is expected to pose major threats for the market. Furthermore, emerging trends toward IoT based biometric technology and rise in adoption of in-display fingerprint sensors in smartphones is expected to offer lucrative opportunities globally.
Fingerprint Sensor Market
By Type
FAP 30 segment is projected to be the most lucrative segment
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Segment Overview
The fingerprint sensor market size is segmented on the basis of type, end use, and region. By type, it is divided into FAP 10, FAP 20, and FAP 30. By end use, it is categorized into banking & finance, government & law enforcement, commercial and others. By region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA along with its prominent countries.
Fingerprint Sensor Market
By End Use
Banking and Finance segment will grow at a highest CAGR of 16.7% during the forecast period
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Competitive Analysis
The key players profiled in the fingerprint sensor industry include Thales Group, IDEMIA, Apple Inc., Synaptics Incorporated, Egis Technology Inc., 3M Congent Inc., Crossmatch, SecuGen Corporation, HID Global Corporation and Precise Biometrics. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to increase their market penetration and strengthen their foothold in the industry.
Fingerprint Sensor Market
By Region
Asia-Pacific region would exhibit the highest CAGR of 16.2% during 2020 - 2027
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The ongoing spread of COVID-19 has become one of the biggest threats to the global economy and is causing widespread concerns and economic hardship for consumers, businesses, and communities across the globe. The "New Normal" that includes social distance and working from home has created challenges with daily activities, regular work, needs, and supplies, causing delayed initiatives and missed opportunities.
The COVID-19 pandemic is impacting the society and overall economy across the global. The impact of this outbreak is growing day-by-day as well as affecting the supply chain. It is creating uncertainty in the stock market, falling business confidence, massive slowing of supply chain, and increasing panic among customers. European countries under lockdowns have suffered a major loss of business and revenue due to shutdown of manufacturing units in the region. Operations of production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; which has led to slowdown in growth of the fingerprint sensor market in 2020.
According to fingerprint sensor market trends, the COVID-19 has severely impacted global manufacturing and industrial sector as production facilities have stalled, which, in turn, have led down the significant demand in industries.
Emergence of COVID-19 has declined growth of the fingerprint sensor market in 2020, and is estimated to witness slow growth till the end of 2021. Implementation of partial or complete lockdown across various countries globally is the prime reason for this decline in growth rate. As industries were temporarily shut, it reduced the need for maintenance from various industries.
Top Impacting Factors
Notable factors positively affecting the fingerprint sensor market include extensive use of fingerprint sensors for biometric authentication in consumer electronics, increase in adoption of biometric authentication in government buildings, rise in number of identity threats, and emergence of touch less fingerprint technology. However, security threats pertaining to biometric database and high cost associated with biometric technologies hampers growth of the market. Furthermore, emerging trends towards IoT based biometric technology and rise in trends towards in-Display fingerprint sensors in Smartphones are expected to offer lucrative opportunities for the market growth in the coming years.
Increase in Adoption of Biometric Authentication in Government Buildings
Widespread use of fingerprint sensor based biometric systems by governments and law enforcement agencies to improve security drives growth of the global fingerprint sensor market size. Furthermore, rise in adoption of biometric-based time and attendance systems in corporate and government organizations for measuring hours of service for workers and productivity also supports market growth.
High Cost of Biometric Technology
High development cost of different biometric sensors is a major restraint for the market growth. Cost generated in overall production process of sensors is creating a difficult situation for consumers to afford these sensors. Cost of production of raw materials for biometric sensors has also increased substantially, restricting consumers to avail such features. Moreover, there is a very little scope for manufacturers to contain the price, owing to high cost involved in R&D activities.
Key Benefits For Stakeholders
- This study includes the analytical depiction of the fingerprint sensor market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information regarding the key drivers, restraints, and opportunities in the fingerprint sensor market analysis.
- The fingerprint sensor market share is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Fingerprint Sensor Market Report Highlights
| Aspects | Details |
|---|---|
| By Type |
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| By End Use |
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| By Region |
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| Key Market Players | THALES, IDEMIA, APPLE INC, SYNAPTICS INCORPORATED, EGIS TECHNOLOGY INC, 3M COGENT INC, CROSSMATCH, SECUGEN CORPORATION, HID GLOBAL CORPORATION, PRECISE BIOMETRICS |
Source: https://www.alliedmarketresearch.com/fingerprint-sensor-market-A06284
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