Fingerprint Sensors Market Latest Trends, Rising Demand and Applications 2019 to 2023

Fingerprint Sensors

Fingerprint Sensors Market Share – Growth, Trends, And Forecast (2019 – 2023)”: Is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data which enhances the understanding, scope and application of this report.

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The fingerprint sensors market was valued at USD 9.61 billion in 2017 and is expected to reach a value of USD 25.94 billion by 2023 at a CAGR of 18% over the forecast period of 20182023.

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The scope of the report is limited to solutions offered by major players including providers of swipe sensors and area and touch sensors. The regions considered in the scope of the report include North America, Europe, Asia-Pacific and the rest of the world.

The market for fingerprint sensors is dominated majorly by security and access control devices, and the rising demand from consumer electronics is growing owing to the adoption of biometric systems. While defense, law enforcement, and other government institutions are investing heavily in security upgrading, with focus on access control systems supporting the growth of the market, mobiles phones have been the major contributors with many companies providing these sensors in mobile devices. With increasing mobile shipments, these sensors have witnessed a subsequent rise in their adoption.

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Increasing Usage of Fingerprint Sensors for Smart Wearable Devices and Smartphones

The increasing penetration of smartphones has caused an increased demand for advanced biometric locking systems, causing smartphones to be the fastest growing segment of this market during the forecast period. Additionally, smart devices are being used for almost every activity, such as bill payments, purchases, and even banking. Therefore, there is an increased need for secure biometric authentication systems. This has led to the growth in the demand for fingerprint sensors. In 2016, there was a high increase in penetration for smart devices in the United States whereas, in Canada, the penetration rate was relatively lower. Thus, the market for fingerprint sensors is expected to be driven by the growth and penetration of smart devices.

Military and Defense Application to Register Significant Growth

Owing to the terrorist attacks and other suspicious activities, many security organizations across the world ramped up their security apparatus to thwart further terrorist attacks. The importance of security and control is guided by the degree of sensitivity, nature, and environment. Some of the applications of the fingerprint sensors systems in the military are military bases authorized perimeter access, personal security systems for military installations, and others. Moreover, there is an increased spending on defense worldwide, which will also offer opportunities for the market to propel. In June 2017, Canadian Defence Minister Harjit Sajjan unveiled a 20-year policy review that had been in the works for months. According to this policy, armed forces budget would jump by 73% to CAD 32.7 billion in 2027 from CAD 18.9 billion in 2017, with the biggest increases coming in later years.

North America Accounted for the Major Share

The fingerprint sensing technology is no longer in its infancy in North America, and the advancements in technology have led to its wider adoption in several application segments. Secure access control is the major driver for the growth of fingerprint sensors. Access control for entry is done using biometrics, in which smart touch sensors and smart fingerprint sensors are used. The sensors are further used for employee monitoring, security breaches and intruder alerts in the region. Moreover, in the United States, the penetration rate of smartphones is extremely high, and is expected to cross 85% by 2017. The high replacement rate of smart devices indicates a potential of about more than 80 million devices, in the next two years. All the above factors are expected to drive the market for fingerprint sensors.

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The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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