Fingerprint Sensors Market To Witness 13.6% Growth during 2020-2030

The key factors responsible for the growth of the fingerprint sensors market are the increasing installation rate of such instruments in consumer electronic devices and their rising demand in the government sector. Due to these reasons, the market revenue, which was $3.8 billion in 2019, is predicted to witness a 13.6% CAGR during 2020-2030 (forecast period). Since every person has a unique set of fingerprints, a fact known since at least the 6th century BC, they are an effective tool to establish and confirm someone's identity.

Capacitive, ultrasonic, optical, thermal, and others are the categories under the technology segment. Among these, the capacitive category held the largest share during 2014-2019 (historical period) on account of the easy installation and high convenience and security advantages of sensors that work on this technology. The fastest growth will be witnessed by the ultrasonic category during the forecast period due to the high accuracy of this technology while mapping dry, wet, and dirty fingers.

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Under the vertical segment, the fingerprint sensors market is divided into consumer electronics, government, banking, financial services, and insurance (BFSI), hospitality and healthcare, commercial offices/buildings, and others. In 2019, the market was dominated by the government division because of the rising usage of such sensors for the distribution of public services. Additionally, proofs of identity, such as driver's license, voter's ID card, and medical insurance cards, are being integrated with microchips containing the digital data of people's fingerprints.

Presently, the biggest fingerprint sensors market trend is in-display sensors, which are being increasingly used in smartphones. Consumer electronics companies are taking such measures to reduce the bezel size and make the screens bigger, which also gives the devices a modern and sleek look. Thus, with the burgeoning sales of smartphones around the world, especially in developing countries, the competition in this industry is increasing. Thus, to gain an edge over their competitors and distinguish their products from others', companies are integrating in-display sensors and other unique features.

The main reason behind the growth of the fingerprint sensors market is the increasing usage of such instruments by national authorities. Due to the rising security concerns owing to the increasing incidence of perimeter breach, security agencies, government offices, military headquarters, courts, and other public settings are mapping the fingerprints of employees and then using them to ascertain their identity, via fingerprint scanners. Additionally, the biometric information of individuals, including their fingerprints and patterns of the iris, are being mapped for the distribution of services, such as ration and ID cards.

A key opportunity for the market players is electronic payment cards integrated with chips containing people's biometric information. The BFSI sector deals with one of the highest incidences of frauds, which, more often than not, end up costing millions. Thus, to protect people's money from identity thieves, credit and debit cards are being equipped with fingerprint sensors and a chip that carries the digital form of the fingerprint. When the card is inserted into the swipe machine, the user must scan their finger on the card sensor to confirm their identity.

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Till now, Asia-Pacific (APAC) has generated the highest revenue in the fingerprint sensors market, and its growth will also be the quickest during the forecast period. This is ascribed to the large-scale production of consumer electronics in China, Japan, India, South Korea, and Taiwan, which leads to a perpetually high demand for such sensors. Moreover, with regional governments' digitization efforts, pen and paper that are used for the distribution of public services are being replaced by electronic means, where fingerprint sensors are widely being deployed.

Thus, with the growing consumer electronics sales and governments' digitization efforts, the market will keep expanding.

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This release was published on openPR.