BFSI Propels Fingerprint Sensors Market Ensuring Highest Growth

The fingerprint sensors market is expected to grow by 13.6% from 2020 to 2030. The growing demand for fingerprint sensors in public sectors is one of the major drivers leading to market expansion. Biometric sensors digitally capture the fingerprint image is the critical factor in their growing demand to authenticate the individuals' identities. Numerous residents utilize fingerprint sensors to allow the passage of people living on the property to ensure high security.

The BFSI category, under the vertical segment, is expected to witness the highest growth in the fingerprint sensors market in coming years. It is due to the growing trend of global biometric sensors in financial institutions. Besides this, crime prevention has gained attention, leading to a surge in the market. Under the type segmentation, the area or touch sensors are likely to generate a higher revenue share by 2030, ascribed to the wide acceptance of enhanced sensors with swiping mechanisms such as smartphones and laptops.

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APAC dominates the fingerprint sensors market, facilitated by the increasing demand for these instruments in developing countries such as India, China and Indonesia in the public sector for official authentication purposes. The rise in disposable income and the increase in population lead to a market boom. The rise in the use of smartphones among people propels the market growth attributed to in-built sensors for the screen lock.

The surge in demand for authentication in government institutions leads to fingerprint sensors market growth. It includes military headquarters, courts, and administrative offices that quickly adopt advancing fingerprint sensors to make themselves more secure. The fingerprint sensors not only authenticate the individual's identity but also prevent duplication, thus enabling governments to create effective policies for people of specific categories. For instance, the biometric identification utilized in Aadhar-based authentication has facilitated the government to disperse the benefits to economically weaker sections.

The emergence of biometric cards in the BFSI sector is creating numerous opportunities in the fingerprint sensors market, considering the facilitation of secured online transactions as it minimizes thefts and frauds, mitigating cyber threats. The technology utilized for fingerprint-reading is more secure than conventional cards leading to market expansion. Moreover, payment cards equipped with sensors are fast and offer more secure transactions as compared to 4-digit pins.

Numerous companies are attempting to launch various products in the fingerprint sensors market. For example, the capacitive touch sensors were added to Fingerprint Cards AB, under the FPF1020 and FPF1024 series in February 2020, supplied to physical-access device manufacturers. It is designed to enhance biometric performance with its smaller size than the last variants. Similarly, Integrated Biometric LLC launched LES' Dannoline based on fingerprint scanners in June 2019.

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The increasing trend of in-display fingerprint sensors propels the market, considering its usage for online payments and smartphone uptake. The smartphone manufacturing entities focus on minimizing the bezels and enhancing the smartphone with smooth touch with the integration of in-display fingerprint sensors. For example, Vivo Communication Technology Co. Ltd. launched X-series with in-display sensors in 2018. Similarly, ultrasonic in-display fingerprint sensors were launched by Qualcomm in 2019 with more secure and reliable features.

Thus, the increased demand to authenticate the identity of the people to prevent crime, ensuring high security drives the market.

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This release was published on openPR.