Knowledge Sourcing Intelligence announces the publication of a new report on “Fingerprint Sensors Market - Forecasts from 2020 to 2025" to their offering.
Fingerprint sensors have been in trend for a fairly long time. These sensors sense the fingerprint when finger is placed on the scanner. This scan is then processed and converted into a unique code consisting of 0’s and 1’s. For new users, this code is stored in a database so that it can be accessed when the same user uses the scanner next time. For existing users, this unique code is matched with the list of codes in the database and if found, user is identified.
According to the report, the Fingerprint Sensors Market is projected to increase at a CAGR of 14.90% over the forecast period 2019-2025.
The global fingerprint sensors market is majorly being driven by proliferation of smart devices like smartphones across the globe. Although some developed economies, which already have high penetration of these smart devices across them, are witnessing a slow growth in smartphone sales, other economies are still witnessing an impressive increase in sales. With demand for these devices still high, manufacturers are pumping huge investments into research and development, and manufacturing capacity expansion. In order to push the adoption of smartphones deeper into markets with high growth potential, manufacturers are incorporating many new features into smartphones. Fingerprint recognition, which, for long, had been confined to high-end phones, is now available even in mid-range smartphones. This trend is increasing the demand for fingerprint sensors among smartphone manufacturers, thus fuelling the market growth. The market growth is also being driven by increasing adoption of biometrics by enterprises for identification and access control. Since physical security still remains a key element of an enterprise security infrastructure, despite logical security gaining a lot of attention of businesses, workplaces are increasing the adoption of fingerprint recognition systems in order to keep a check on people accessing or entering a restricted area or system.
This is increasing the demand for fingerprint sensors, thus further boosting the market growth. Smart hospitality is one of the key applications of fingerprint recognition systems. Although COVID-19 has severely impacted the global travel and tourism, and hospitality sector, thus shrinking the capital investments into these sectors, this impact is expected to remain significant over short term. We expect these sectors to recoup the slump over medium and long term. As this happens, investments into new establishments and significant investments into renovation of existing establishments will increase. Since industry players focus on enhancing the comfort and security of customers, demand for fingerprint recognition systems is expected to witness a good growth in these sectors over the projected period. This will drive with it the demand for fingerprint sensors, thus augmenting the market growth.
Asia Pacific accounts for a significant share in the global fingerprint sensors market
Geographically, the fingerprint sensors market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. Asia Pacific accounts for a significantly large market share in the global market and the market growth in this region is majorly attributed to rapid growth of consumer electronics industry in this region. This region holds a major chunk in the global smartphone manufacturing and this trend is expected to continue throughout the forecast period. Increasing incorporation of fingerprint scanners in these devices is driving the demand for fingerprint sensors among manufacturers, thus propelling the market growth. Other regions also hold a considerable market share.
The major players covered as part of the report are 3M Cogent Inc., Anviz Global, Shenzhen Goodix Technology Co and Synaptics Incorporated, and Qualcomm Technologies among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/fingerprint-sensors-market
This report has segmented the fingerprint sensors marketon the basis of following terms:
By End User