HYDERABAD, India, July 1, 2019 Fingerprint sensors have become the most preferred authentication method across consumer electronics, healthcare, commercial and financial sectors. The rising number of smartphone users, and acceleration of innovative web-based technologies, are leading to enhanced identity management solutions which will increase integration of fingerprint sensors in these devices. On the other hand, increasing support from the government for adoption of fingerprint sensors, along with use of biometrics in mobile commerce and BFSI, have been driving the fingerprint sensor market. Developing countries are adopting fingerprint sensors for providing advanced security systems to users, and are set to drive the fingerprint sensors market to reach $22 billion by 2025.
The fingerprint sensor market is gaining prominence due to increasing popularity of in-display fingerprint sensors in smartphones and an increasing need for multi-factor authentication systems in mobile banking applications. Fingerprint recognition is among the most dominant biometric modalities used in contemporary commercial applications compared to other biometric systems such as iris scanning or voice recognition.
To access / purchase the full report browse the link below
According to Global Banking & Finance Review, one billion fingerprint sensors were shipped worldwide in Q1 2019, owing to increasing adoption of fingerprint sensing technology. It also estimated that the shipment of fingerprint sensors is expected to reach approximately two billion by the end of 2019. As per recent developments, it is expected that the demand for ultrasonic and optical in-display fingerprint sensors is rising at the rate of 14% in 2019, which will fuel adoption of fingerprint sensors.
The fingerprint sensors technology is being utilized by both the public and private sectors for applications involving biometric authentication. One of the most recent projects was initiation of Aadhar, a national ID registered with fingerprint and iris recognition, in India. This project was among the world's largest biometric systems for population registration and for providing identification. Also, according to the Indian government, almost one billion individuals have been enrolled under Aadhar. Moreover, banks are extensively testing payments cards with in-built fingerprint sensors, in order to end the need of PINs for cards and make payments more secure. BFSI is estimated to be the fastest growing segment in the fingerprint sensors market, and is set to grow at a CAGR of 19% during the forecast period.
The Asia Pacific region is the largest revenue contributor to the fingerprint sensors market, with a 34% market share. The demand for fingerprint sensors technology in APAC has grown tremendously especially in the consumer electronics, commercial, healthcare, government and banking sectors with this region moving towards embracing biometric technology for devices such as smartphones, wearable devices, gaming consoles and so on. Following this current market trend, more number of consumers are willing to transact using smart devices that integrate biometric identification systems for providing more security during transactions. Recently, NEXT Biometrics signed an agreement with an Asian smart card manufacturer in order to launch contact-based and dual interface biometric smart cards in the Asia Pacific region. Moreover, increasing adoption of Europay, Mastercard and Visa (EMV) payment card technologies in this region will lead to increased demand for fingerprint sensors technology in coming years.
Fingerprint Sensors Market Growth Drivers:
- Major adoption of Biometrics in Law Enforcement and Government Applications: Within law enforcement, biometrics authentication is playing a key role for providing criminal ID solutions such as Automated Fingerprint Identification Systems (AFIS). This solution enables law enforcement agencies to identify and store data of criminals. Moreover, fingerprint sensors are also significantly emerging as the latest trends in providing civil identity, voter registration and population registration.
- Emergence of fingerprint sensors enabled smartphones: Smartphones have increased penetration of in-display fingerprint sensing technology. Most smartphone manufacturers such as Samsung, Vivo, Huawei and Xiaomi are launching models that are integrated with fingerprint sensors. Thus, increasing demand for smartphones with advanced sensing technologies will create enhanced opportunities for the fingerprint sensors market.
R&D Investment and Initiative, Funding:
In April 2019, Wales-based Touch Biometrix, a fingerprint biometrics startup, received funding of $2m from Deepbridge Capital for development of fingerprint sensors technology in early 2020. More such developments are anticipated to continue in the future, which will lead to increasing development of products enabled with fingerprint sensing technology.
Get a quote of Fingerprint Sensors Market Report from one of our sales representatives
The Major Players in this Market Include:
The major players in the fingerprint sensors market include Apple Inc., Egis Technology Inc., Synaptics Inc., IDEX Biometrics ASA, HID Global and others.
In May 2019, fingerprint sensor technology provider NEXT Biometrics announced a partnership with Fujian Newland Payment Technology Co., Ltd. (Newland). This agreement majorly aims to integrate various high-quality, large-area fingerprint sensors into a range of point-of-sale (POS) terminals, which is expected to accelerate Next Biometrics Government ID business at the global level.
Fingerprint sensors have provided feasible solutions, and are being utilized in areas such as airports, border security control, banks, schools, colleges, offices and so on. Incorporated fingerprint sensors have been recognized as the most desirable technology for providing security features within mobile devices. Increasing utilization of fingerprint sensors for consumer electronics, use cases of payment cards in BFSI applications and use of fingerprint in connected cars will lead to growing opportunities for the fingerprint sensors market. The launch of more than 330 recent smartphone models for providing authentication and increasing use of sensors is also expected to drive the fingerprint sensors market.
The growing trend of using connected devices enabled with IoT will also lead manufacturers to use more trusted methods for user authentication. Fingerprint sensors will play a significant role in enhancing that trust.
IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.
Mr. Venkat Reddy
Contact Sales: +1-614-588-8538