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Global Fingerprint Sensor Market to Grow at a CAGR of 15.8% in the Forecast Period of 2022-2027, Aided by Rising Demand for Security

According to a new report by EMR titled, ‘Global Fingerprint Sensor Market Report and Forecast 2022-2027’, the global fingerprint sensor market attained a value of about USD 3.6 billion in 2020. The market is further expected to grow at a CAGR of 15.8% in the forecast period of 2022-2027.

The global fingerprint sensor industry has been driven by the rise in the use of the biometrics for paperless systems across different sectors, including banks and Government sectors, among others. There is shift from document verification and document collection to biometric authentication. Governments are increasingly shifting towards biometric ID program, which will help to maintain privacy and safety of the citizens. North America accounts for the largest share of the fingerprint sensor market, followed by Europe. Asia Pacific has been growing at a fast pace due to growth in the biometric market in nations like China and India.

The use of fingerprint biometrics has become almost universal in smartphones and tablets. The widespread use of smartphones and the increased demand for simple and rapid biometric security in smartphones and tablet devices has been a significant driving force behind the market's expansion. Smartphone makers are investing in the research and development of several types of fingerprint sensors, which they have then integrated into their smartphones. The cost-effectiveness of the fingerprint sensors also plays a major role in expansion of the market as there are less expensive and pocket friendly and are easier in use as compared to other biometric sensors available in the market.

The major players in the industry include Apple inc. (NASDAQ: AAPL) and Synaptics Incorporated (NASDAQ: SYNA), among others. The share of the later is on a rise since Synaptics announced its teams up with iWedia in May 2021. As an AI-enabled platform, the VS640 brings opens new possibilities for the operators to innovate with new features and generate new monetisation streams. On the other hand, Apple inc. announced in November 2020 a new MacBook Air, 13-inch MacBook Pro, and Mac mini powered by the revolutionary introduced a new MacBook Air, 13-inch MacBook Pro, and Mac mini powered by M1, the first in a family of chips designed by Apple specifically for the Mac, which help in the fingerprint sensor market and for the companies.

Market Analysis by Type, End-Use, and Region:

  • The market on the basis of type can be divided into FAP 10, FAP 20, and FAP 30.
  • The market on the basis of end use can be divided into banking and finance, government and law enforcement, and commercial, among others.
  • The regional markets for fingerprint sensor include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • With expansion in the electronics sector, there is growth in the fingerprint scanner market as they provide with better security and safety of the device and reduces the threat of theft.
  • There is growth in the fingerprint sensor market with expansion and large use of cashless payment methods, that require the use of fingerprints.
  • The fingerprint sensor market is growing due to increased government backing for the adoption of fingerprint sensors and the application of biometrics in the BFSI and law enforcement sectors.
  • A significant shift away from traditional authentication techniques such as passwords toward biometric technology to reduce losses from banking fraud is a key trend characterising the growth of the fingerprint sensor industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global fingerprint sensor industry for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the types, end-uses, and regional market of fingerprint sensor.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for fingerprint sensor are Apple Inc., Egis Technology Inc., IDEMIA, Synaptics Incorporated, and Thales Group, among others . The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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