Fingerprint Sensors Market Expected to Reach USD 8,006.6 Million by 2026, at a CAGR of 13.27% - Report by Market Research Future (MRFR)
Global Fingerprint Sensor Market Driven by Surging Implementation of Biometric Authorization Systems
New York, USA, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Fingerprint Sensors Market information by Type, by Technology, by Application and Region – forecast to 2027” market was valued at USD 3490.6 million in 2019 and projected to reach USD 8,006.6 million, growing at a compound annual growth rate of 13.27% by 2026.
Market Scope:
Fingerprint sensors are used in authenticating individuals authorized to access rooms or devices. They are applicable in biometric scanners, laptops, smartphones, and other consumer electronic devices. The report on the global fingerprint sensors market by Market Research Future (MRFR) covers trends microchips for the forecast period (2020-2027). The effects of the COVID-19 pandemic on the market value are discussed in high detail.
Dominant Key Players on Fingerprint Sensors Market Covered are:
IDEMIA (France)
IDEX Biometrics ASA (Norway)
Fingerprint Cards AB (Sweden)
Apple Inc. (US)
Thales Group (France)
NEC Corporation (Japan)
Shenzhen Goodix Technology Co.
Ltd. (China)
Qualcomm Technologies Inc. (US)
HID Global Corporation (US)
Synaptics Incorporated (US)
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Market USP Exclusively Encompassed:
Market Drivers
Use of Consumer Electronic Devices to Drive Market Demand
High penetration rate of consumer electronic devices for consumption of content, financial transactions, and storage of data can drive the need for biometric authentication. Fingerprint sensors have been a major part of security safeguards installed by device manufacturers to be its major selling point. The ability of sensor cameras to capture various minutiae of fingerprints such as ridges and valleys coupled with its integration by smartphone manufacturers can drive market growth significantly.
Productivity of Employees to Garner Interest
Huge demand for fingerprint authorization systems for tracking time and attendance of employees can bode well for the market. Fingerprint sensors can aid management in tracking and analysis of data as well as prevent methods of forgery. Its use in calculating salary, productivity, and working hours and prevention of unauthorized entry by personnel can drive market demand over the forecast period.
High Costs to Hamper Market Growth
The high production costs of fingerprint sensors can impede its market growth. The overhaul of existing security systems to integrate fingerprint authorization can be capital-intensive and prove to be cumbersome for large organizations.
Browse In-depth Market Research Report (118 Pages) on Fingerprint Sensors Market:
https://www.marketresearchfuture.com/reports/fingerprint-sensors-market-1046
Segmentation of Market Covered in the Research:
Area & Touch Sensors to Account for Higher Market Share
By type, the market has been bifurcated into area & touch sensors and swipe sensors. The area & touch sensor segment accounted for the larger market share of 68.5% in 2018, with a market value of USD 2,205.4 million. It is expected to register a CAGR of 12.8% during the forecast period due to its cost-effectiveness and convenience. On the other hand, the swipe sensor segment was valued at USD 1,013.1 million in 2018 and projected to register the higher CAGR of 14.3% during the assessment period.
Capacitive Technology to be Highly Employed till 2027
By technology, the market has been segmented into optical, thermal, capacitive, and others. The capacitive segment accounted for the largest market share of 41.0% in 2018, with a market value of USD 1,318.3 million. It is expected to register a CAGR of 13.0% during the forecast period owing to its small size, fast fingerprint recognition, and high security. The optical segment was the second-largest market in 2018, valued at USD 884.7 million; it is projected to register the highest CAGR of 15.2% during the forecast period.
Consumer Electronics Application to Lead in Global Market
By application, the market is segmented into military, defense & aerospace, consumer electronics, government & law enforcement, travel & immigration, BFSI, healthcare, smart homes, commercial, and others. The consumer electronics segment accounted for the largest market share of 33.0% in 2018, with a market value of USD 1,062.2 million. It is expected to register a CAGR of 14.8% during the forecast period. This is attributed to its implementation in consumer electronic devices. Proliferation of IoT devices are likely to pave way for new opportunities. On the other hand, the government & law enforcement segment was the second-largest market in 2018, valued at USD 562.9 Million; it is projected to exhibit a CAGR of 13.4%.
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Regional Analysis
APAC to Lead Global Fingerprint Sensors Market
APAC is set to dominate the market due to implementation of sensing systems in cars. China, Japan, South Korea, India, and Australia are biggest customers of the region. Presence of smartphone manufacturers as well as application in travel, hospitality, banking and finance, travel and immigration, and government sectors can drive market growth.
COVID-19 Impact on the Global Fingerprint Sensors Market
The COVID-19 pandemic has severely affected the production of fingerprint sensors owing to lockdowns initiated by nations. This is exemplified by the shutdown of production units of Apple by Foxconn. But the small area of infection in fingerprint identification systems for cause of infections coupled with authorization to known people within office or residential premises can revive the market demand and remove the negative perception.
Industry News
The Thales Gemalto Biometric Sensor Payment card contains an on-board fingerprint sensor that can be used in making secure transactions at point-of-sale terminals. The advanced security has attracted clients from the financial sector and favor the company.
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