The global fingerprint sensors market is projected to grow at a healthy CAGR of 14.90% over the forecast period attain a total market size of US$8.809 billion by 2025, from US$3.829 billion in 2019. Fingerprint sensors use tiny capacitors to extract fingerprints’ unique features and are used to provide authentication and authorization. The fingerprint sensor market size is projected to undergo a healthy growth from 2019 to 2025 due to the increasing implementation of `components in consumer electronics devices that is inclusive of but not limited to, smartphones, tablets, and laptops. Further, from the point of its varied applications, the demand for fingerprint sensor would be fuelled by security systems that are being installed by commercial spaces, aswell as offices. This has boosted the fingerprint sensor market to an almost unprecedented rate. The fingerprint sensors are a secure means of accessing areas and ‘or quarters that are restricted to certain profiles of individuals only. These components also come with the ability to be integrated with more capabilities like facial recognition, which in turn further augments the fingerprint sensor market growth. Additionally, the financial imperative of monitoring employee entry as well as exit times is also a factor that is driving the growth of the fingerprint sensor market. This is complementary to the fact that human resource departs too finds it advantageous for understanding the various areas of improvement that may ascertain an employee’s proclivity towards conscientious adherence of norms as established by the organizations, despite authorization being the prime objective of fingerprint sensors.
The consumer electronics industry will substantially contribute to the expansion of the fingerprint sensor market. Consumer electronic products have witnessed exponential growth during recent years, majorly due to fierce competition among high volume consumer electronics manufacturers. The developed economies coupled with emerging economies have led smartphone manufacturers to make fingerprint scanning facilities available at entry levels phones as well. Additionally, the dwindling price of smartphones along with growing aspiration for feature-rich smartphones too hasled to a plausible growth of the fingerprint sensors market. Laptop manufacturers too are marketing the security features of their devices to woo in more prospective consumers. The implementation of these sensorsis due to the growing need for data and hardware protection
Further, the BFSI sector has been driving and is estimated to further drive the market for fingerprint sensor during the forecast period and beyond. The reason for this contribution is due to various security issues that have made it to the top the priority list for payment getaways. Smartcards are also being integrated with this technology, whereby the reference data stored in the chip along with fingerprint sensors would be put to use directly at the point of sale to complete transactions. For instance, a biometric smart card design was introduced by NEXT Biometrics and Infineon Technologies AG introduced. Moreover, the automotive sector. Another major application is that of automotive, as evidenced by Hyundai’s Santa Fe 2019 model, that uses this technology to unlock doors and start cars.
Owing to the large semiconductor ecosystem in the APAC region is expected to be the dominant region for this market. Further, due to the largest contributor to mobile subscription as evidenced by consumer tendencies in countries like India and China, the APAC region is poised to witness a growing demand for fingerprint sensor market, due to the convenience of finger-print locks that don’t require one to memorize any personal identification number. Further, the need for two-factorauthentication systems or multi-factor authentication systems has also been set in motion by government initiatives like making AADHAR mandatory for identification purposes. This is due to its relevant efficiency by government initiativesliketimelines and high-level security.
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