Portland.OR, March 18, 2021 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the fingerprint sensor market was pegged at $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.
The rise in the use of fingerprint sensors for biometric authentication in consumer electronics, the advent of contactless fingerprint technology, and the surge in adoption of biometric authentication in government buildings have driven the growth of the global fingerprint sensor market. However, security concerns regarding biometric databases and high cost of biometric technologies are hampering the growth of the market. On the contrary, increasing adoption of in-display fingerprint sensors in smartphones and the trend of IoT-based biometric technology would open new opportunities for market players in the future.
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- Due to the Covid-19 outbreak and the lockdown, there has been a decline in the use of fingerprint sensors as businesses have adopted contactless technologies.
- During the first phase of containment, manufacturing companies closed their facilities, which created a gap between supply and demand. Additionally, the prolonged lockdown has disrupted the supply chain.
- However, as countries recover, the demand for the fingerprint sensor is expected to increase soon.
The global fingerprint sensor market is segmented on the basis of type, end-use, and region. Based on type, FAP 30 segment is estimated to exhibit the highest CAGR of 18.5% during the forecast period. However, the FAP 10 segment took the lion’s share in 2019, accounting for nearly two-fifths of the market.
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Based on end-use, the banking and finance segment is expected to show the highest CAGR of 16.7% during the forecast period. However, the government and law enforcement segment held the largest share in 2019, contributing almost a third of the market.
The global fingerprint sensor market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market through Asia-Pacific took the lion’s share in 2019, accounting for almost half of the market. Moreover, the same region is estimated to register the highest CAGR of 16.2% during the forecast period.
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The Global Fingerprint Sensors Market report includes an in-depth analysis of major market players such as IDEMIA, Apple Inc., Synaptics Incorporated, Precise Biometrics, SecuGen Corporation, Egis Technology Inc., 3M Congent Inc., Thales Group , Crossmatch and HID Global Corporation.
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