Fingerprint Sensors Market - Growth, Trends, and Forecast (2020 - 2025)
NEW YORK, March 2, 2020 /PRNewswire/ --
The fingerprint sensors market was valued at USD 3.12 billion in 2019 and is expected to reach USD 8.51 billion by 2025, at a CAGR of 18.2% over the forecast period 2020 - 2025. Fingerprint sensors have not only made to the mainstream identification practices but have wholly replaced traditional methods of identification in some areas. Governments in many countries have adopted this technology to secure borders, identify citizens and maintain law and order, while private organizations are leveraging it to safeguard their physical and virtual resources, access control, employee attendance and basically wherever it is possible to deploy it.
Read the full report: https://www.reportlinker.com/p05867456/?utm_source=PRN
- Various service providers are looking to leverage this tiny piece of hardware for customer identity authentication. Many Banking and finance companies have already integrated their services to take advantage of fingerprint authentication on smartphones.
- Though biometrics has made swift progress in terms of technology and adoption rate, there is still a long way to go. Recognition systems have their limitation, and there are still shortcomings that need to be fixed. Research is continuously underway to address inadequacies in current biometric recognition systems.
- Moreover, the hardware is getting cheaper due to growing adoption rate and economy of scale. Both of these factors are going to affect the growth of biometric systems positively. As biometric systems improve, the adoption rate grows, and as the adoption rate increases, biometric hardware is set to become further inexpensive due to the economy of scale.
- Deployment of fingerprint sensors has mainly seen growth due to implementation at workplaces, banking, retail, and financial services. Fingerprint biometrics making its way to mobile devices has also helped increase user awareness, helping it pose as fast and user-friendly technology. Being inexpensive and easy to deploy, fingerprint sensors have grabbed the most attention among all biometric methods of recognition.
Key Market Trends
Smartphones in Consumer Electronics to Hold Major Share
- The fingerprint sensors demand in consumer electronics is expected to witness significant growth over the forecast period on account of the increasing demand for biometric technology for access management. Increasing application of biometrics for better security has also emerged as one of the significant growth drivers in this market.
- Rising demand for convenience, availability, and reachability of embedded biometrics is expected to be another significant factor in driving the adoption of fingerprint sensors in consumer electronics. Integration of biometrics with consumer electronics, coupled with its high cost, is expected to have a negative impact on growth.
- Smartphones have witnessed an increasingly growing trend in this technology over the past five years. The technology has moved towards user-friendliness and also became much more affordable for consumers. This technology has been leveraged to facilitate online transactions, authentication, and many other services.
- The market has driven the attention of the smartphone manufacturers after the launch of iPhone 5S, which had a TouchID capacitive technology. Since then, many other next-generation smartphones have incorporated fingerprint sensors that have been attracting the customers.
- The market studied has seen various technological developments in smartphones from a separate fingerprint scanner to an in-display fingerprint scanner. Vivo, a Chinese Smartphone brand, was the first to implement in-display fingerprint.
- It is anticipated that many of the big Android phone manufacturers such as One Plus, Vivo, Samsung, Oppo, Xiaomi, especially in Asia-Pacific region, plans to stick with fingerprint ID as the primary biometric entry point for the next two years.
- The rapid growth of the consumer electronics market complemented with the change in consumer preference for new technologies with personalized experience is driving the adoption of the fingerprint sensors in the smartphones.
Asia-Pacific to Witness Highest Growth
- Owing to the increasing usage of biometric devices across various organizations, increasing use of wearable devices and growing security and safety concerns, the fingerprint sensors market in Asia-Pacific region is anticipated to grow over the forecast period.
- Growing mobile transaction in countries, such as India and China is expected to be one of the significant drivers for the mobile biometrics market in the region.
- China is witnessing a high mobile transactional volume, which is expected to create a demand for authentication solutions, such as biometrics. For instance, as of October 2017, the mobile payment was recorded at CNY 81 trillion as compared to CNY 58.8 trillion in 2016.
- The emergence of this technology has also attracted some of the governments in the region to adopt and get the benefits of the fingerprint sensors. One of the recent projects of biometric was the Indian Aadhar, national ID project which was registered with fingerprint and iris recognition. Bangladesh rolled out their biometric smart ID program recently using 10 fingerprint scan.
Competitive Landscape
The key players in the fingerprint sensors market are focusing on product development & enhancement as well as merger & acquisitions, collaborations, partnerships and joint ventures to gain significant share in the market. These companies are increasing participation through partnerships and new product launches in order to expand their operations and offerings to better target potential customers.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05867456/?utm_source=PRN
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Share this article