The key factors responsible for its growth are the widespread use of fingerprint sensors in consumer devices for biometric authentication, consumer electronics and IoT devices, high adoption of biometrics by governments worldwide for superior security, and use of digitization in the time & attendance system.
Fingerprint sensors are based on biometric security technology, which utilize the combination of hardware and software for identification and authentication of individuals based on their fingerprints, for granting access to any system or any physical facility. It works by recording the fingerprint scans of authorized individuals and saving them in a database, and then the input on hardware scanner is matched with the entities saved in the database and allowing the access to the positive match.
Emergence of new applications such as the use of fingerprint sensor – enabled smart payment cards in banking and finance provide market growth opportunity. The emergence of biometric smartcards in BFSI applications, the newest trend of in-display fingerprint sensors in smartphones, the rise in the adoption of fingerprint sensors in IoT-based devices are likely to provide lucrative opportunities to the fingerprint sensor market players in the forecast period.
Key Segments of the Global Fingerprint Sensor Market
Technology Overview, 2018-2028 (USD Billion)
Type Overview, 2018-2028 (USD Billion)
- Area and Touch
Applications Overview, 2018-2028 (USD Billion)
- Consumer Electronics
- Travel & Immigration
- Government & Law Enforcement
- Banking & Finance
- Commercial Securities
- Military, Defence, & Aerospace
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- South America
- Rest of South America
- Middle East and Africa
- Middle East
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the Fingerprint Sensor Market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the Fingerprint Sensor Market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Fingerprint Sensor Market industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on Application, organization size, deployment, and application. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
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- This study is suitable for industry participants and stakeholders in the Fingerprint Sensor Market. The report will benefit:
- Every stakeholder is involved in the Fingerprint Sensor Market market.
- Managers within the Tech companies looking to publish recent and forecasted statistics about the Fingerprint Sensor Market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of Fingerprint Sensor Market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
The market drivers of the Fingerprint Sensor Market are increasing adoption of digitalization in attendance and time capturing, rapid adoption of fingerprint sensors in consumer electronics, such as smartphones, support from governments for fingerprint sensors and increasing applications of biometrics in e-commerce. Fingerprint sensor market growth mainly attributes to its application in various sectors such as consumer electronics, banking and finance, travel and immigration, military and Defence, commercial security, and aerospace. Lately, biometric fingerprint sensors are becoming the most reliable security systems in banking and finance.
The countries in the APAC region already have a booming market in the consumer electronics sector with China alone producing an enormous amount of mobile phones annually. Other countries in the APAC region such as Taiwan, Indonesia, and the Philippines are also significantly growing and sharing the market of smartphones, tablets, and other electronic devices. Furthermore, there is a concrete growth in the commercial, real estate, and banking sectors in APAC which is making it the leading region with a fingerprint sensor market.
The global fingerprint sensor market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions and others to increase their footprints in this market.
However, the lack of infrastructure in developing countries, the issue of credibility, assurance and security of authorized sensors are some of the market restraints that must be tackled to ensure consistent growth in this market.