Fingerprint Sensor Market Anticipated to Garner $9.41 Billion, at 14.5% CAGR, By 2027, Globally: Allied Market Research
The growth of the global fingerprint sensor market is driven by surge in use of fingerprint sensors for biometric authentication in consumer electronics and emergence of touch less fingerprint technologies.
Wilmington, Delaware, Nov. 02, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Fingerprint Sensor Market By Type and End Use: Global Opportunity Analysis and Industry Forecast, 2020–2027“. According to the report, the global fingerprint sensor industry garnered $2.93 billion in 2019, and is expected to reach $9.41 billion by 2027, growing at a CAGR of 14.5% from 2020 to 2027.
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Drivers, Restraints, and Opportunities
Increase in use of fingerprint sensors for biometric authentication in consumer electronics, surge in the number of identity threats, rise in adoption of biometric authentication in government buildings, and emergence of touch less fingerprint technologies boost the growth of the global fingerprint sensor market.
However, the high cost associated with biometric technologies and security threats pertaining to biometric databases restrict the growth to some extent. On the other hand, emerging trends toward IoT based biometric technology along with mounting adoption of in-display fingerprint sensors in smartphones are likely to offer lucrative opportunities in the industry.
The FAP 10 segment to dominate by 2027
On the basis of type, the FAP 10 segment contributed to nearly two-fifths of the global fingerprint sensor industry share in 2019, and is projected to lead the trail by 2027, due to high usage of FAP 10 in digital payments. Simultaneously, the FAP 30 segment is projected to grow at the fastest CAGR of 18.5% throughout the forecast period. This is due to its ability to scan multiple fingers.
The Government and Law Enforcement segment to maintain the dominant share
On the basis of end use, the government and law enforcement segment accounted for nearly one-third of the global fingerprint sensor market revenue in 2019, and is anticipated to dominate by 2027, attributed to increase in safety concerns in government offices. On the other hand, the banking and finance segment would grow at the fastest CAGR of 16.7% throughout the forecast period. This is due to rise in trends toward digital payments.
Asia-Pacific, followed by North America, garnered the major share in 2019
Region-wise, Asia-Pacific registered the largest share in 2019, holding nearly half of the global fingerprint sensor market. The same region is expected to grow at the fastest CAGR of 16.2% from 2020 to 2027, owing to high demand for consumer electronics in the region.
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Key Players in the Industry:
- Precise Biometrics
- Apple Inc.
- SecuGen Corporation
- Thales Group
- 3M Congent Inc.
- Egis Technology Inc.
- HID Global Corporation
- Synaptics Incorporated
Key Benefits For Stakeholders:
- This study includes the analytical depiction of the fingerprint sensor market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information regarding the key drivers, restraints, and opportunities in the fingerprint sensor market analysis.
- The fingerprint sensor market share is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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