The Global Fingerprint Sensors Market is estimated to account for US$ 6,930.0 Mn in terms of value by the end of 2021. Various consumer electronics devices such as smartphones, digital cameras, tablet computers, television sets, and other gadgets have fingerprint sensors in them. These sensors are used for a number of applications, including access, payments, security, and access to private information. They are also used by governments to verify the identity of individuals. Moreover, they are increasingly being used in mobile payment transactions.
Global Fingerprint Sensors Market: Drivers
Increasing initiatives taken by governments around the world to adopt biometrics in different sectors is expected to augment growth of the global fingerprint sensors market over the forecast period. Governments across the world are taking various initiatives and are investing in development of civil identity systems by incorporating biometrics. The applications of these biometrics systems include law and order, universal identity, and border security among various other. In Asia Pacific region, India and China have developed the largest biometric database of the world through initiatives such as Social Credit Systems and Adhar.
Global Fingerprint Sensors Market: Opportunities
Increasing adoption of contactless technologies is creating a lucrative environment for growth opportunities in the global fingerprint sensors market. The number of users with bank accounts and the number of banks is growing rapidly all over the world, and in turn the adoption of contactless technologies is rising. This further creates various opportunities for manufacturers of biometric payment cards. These cards enable next generation convenient, hygienic in-store, and secure purchase for merchants, banks, and consumers.
Global Fingerprint Sensors Market: Restraints
High price of biometric technology is one the major factors expected to obstruct growth of the global fingerprint sensors market over the forecast period. Different biometric sensors have different cost of manufacturing. The overall production process of sensors generates high cost, which makes sensors unaffordable for consumers. Moreover, the increase in cost of raw materials required for biometric sensors production is also restricting consumers from availing such features. Thus, this factor is expected to restrain the market growth in the near future.
Global Fingerprint Sensors Market - Impact of Coronavirus (Covid-19) Pandemic:
The global fingerprint sensors market was positively impacted by the Covid-19 pandemic. Due to the virus outbreak, several countries went under nationwide lockdowns for controlling the virus spread. People had to stay inside their house during this period. The demand for consumer electronics such as laptops, smartphones, tablets, and PCs further increased throughout this period. For instance, as per the RBC.ru., in March 2020, the sales of laptops increased in Russia and accounted for 50% growth. Thus, the demand for fingerprint sensors also increased in this period, which lucratively affected the market growth.
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Key Takeaways:
The global fingerprint sensors market was valued at US$ 6,930.0 Mn in 2021 and is forecast to reach a value of US$ 20,449.3 Mn by 2030 at a CAGR of 10.9% between 2022 and 2030.
Optical segment held dominant position in the global fingerprint sensors market in 2021, accounting for 41.3% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Fingerprint Sensors Market Trends:
Increase in technological development in fingerprint sensors is a growing trend in the global fingerprint sensors market. Rise in number of vendors incorporating blood flow and heartbeat detection capabilities in fingerprint sensors. Moreover, sensors are also gaining capabilities of detecting directional gestures with increasing technological development. Several companies such as Qualcomm are focused on development of such new technologies. This trend is expected to continue in the global fingerprint sensors market over the forecast period.
Furthermore, increasing launch of novel products by market players is trending in the global fingerprint sensors market. For instance, in January 2022, IDEMIA announced the launch of new-generation MorphoWave contactless fingerprint terminals. With MorphoWave, use can wave their hands in quick and easy gesture to 3D-scan and confirm their four fingerprints within one second.
Global Fingerprint Sensors Market: Competitive Landscape
Sonavation Inc., Qualcomm Technologies, Inc., CrucialTec Co Ltd., TDK Corporation (Invensense), Idemia France SAS, Vkansee Technology Inc., Thales Group (Gemalto NV), Egis Technology Inc., Synaptics Inc., Fingerprint Cards AB, Next Biometrics Group ASA, Shenzhen Goodix Technology Co. Ltd., NEC Corporation, and IDEX Biometrics ASA.
