PORTLAND, Ore., April 7, 2021 / PRNewswire / – Allied Market Research released a report titled “Fingerprint Sensor Market by Type (FAP 10, FAP 20, and FAP 30) and End Use (Banking & Finance, Government & Law Enforcement, Commercial & others): Global opportunity analysis and industry forecast, 2020-2027. “According to the report, the global level fingerprint sensor industry was estimated at $ 2.93 billion in 2019, and is expected to reach $ 9.41 billion by 2027, registering a CAGR of 14.5% from 2020 to 2027.
Drivers, constraints and opportunities-
The increase in the use of fingerprint sensors for biometric authentication in consumer electronics, the increase in the adoption of biometric authentication in government buildings, the increase in the number of threats to he identity and emergence of contactless fingerprint technologies is driving the growth of the global fingerprint sensor market. On the other hand, security threats relating to biometric databases and the high cost associated with biometric technologies hamper growth to some extent. However, the emerging trends towards IoT-based biometric technology and the increasing adoption of fingerprint sensors embedded in smartphones are expected to create lucrative opportunities in the industry.
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- There has been a sharp decrease in the use of fingerprint sensors in several organizations and an increase in the adoption of contactless technologies, which in turn has affected the global fingerprint sensor market.
- The global shutdown of manufacturing units during the first phase of the lockdown had a negative impact on the market. The distorted supply chain has also acted as a major restraining factor against the growth of the market.
- Nonetheless, government agencies in most countries are lifting existing regulations and the market is expected to recover very soon.
The FAP 10 segment will dominate by 2027-
On the basis of type, the FAP 10 segment contributed nearly two-fifths of the global fingerprint sensor market share in 2019 and is expected to lead the way by 2027, owing to the high usage of FAP 10 in digital payments. The FAP 30 segment, on the other hand, is said to register the fastest CAGR of 18.5% throughout the forecast period. This is attributed to its ability to scan multiple fingers.
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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 expected to dominate by 2027, due to increasing security concerns in government offices. At the same time, the banking and financial segment would experience growth Fastest CAGR by 16.7% throughout the forecast period. This is due to increasing trends towards digital payments.
Asia Pacific, followed by North America, won most of 2019-
Depending on the region, Asia Pacific, followed by North America, won the bulk in 2019, owning nearly half of the global fingerprint sensor market. The same region is also said to have the fastest CAGR of 16.2% from 2020 to 2027, due to the high demand for consumer electronics in the region.
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Key players in the industry
- Apple Inc.
- Precise biometrics
- Synaptics Incorporated
- Egis Technology Inc.
- SecuGen Corporation
- Thales Group
- 3M Congent Inc.
- Cross match
- Global HID Company
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