The global fingerprint sensors market is expected to hit $12.82 billion by 2023, growing at a CAGR of 15.7%, according to a new market research report by BIS Research titled Global Fingerprint Sensors Market, Analysis, and Forecast 2017-2023. The massive proliferation of smartphones on a global scale, the increasing adoption of biometrics by various governments and law enforcement agencies, and the provision of second or third level security with the fingerprint authentication devices are driving the tremendous growth of the market.
An analyst from BIS Research says, “North America was an early adopter of fingerprint sensors and has become an established and strong market. However, the APAC region, being led by two developing nations, India and China, is adopting the fingerprint sensors across various applications, thus witnessing the fastest growth. The APAC region is expected to grow at a CAGR of 16.9% to become a multi-billion market by 2023.”
Fingerprint Sensors Advancing in the Biometric Industry
With the rising threat of data and password theft by hackers, the biometric industry is working towards transforming the information security system. Many industries such as financial service companies, banks, healthcare organizations, and retailers are shifting towards biometric authentication.
Fingerprint sensor technology is advancing at a steady pace owing to current global security and safety concerns. Advancement in technology has rendered fingerprint sensors both technically and commercially feasible, and has resulted in the emergence of touch-less biometrics and portable biometrics devices.
The Driving Forces in the Fingerprint Sensors Market
The demand for fingerprint sensors has increased in various end-use industries, and the future growth potential of this market looks attractive. The emerging biometric devices are expected to overwhelm the market in the coming years and affect industries from health care, retail, and commerce to banking and various financial institutions, consumer electronics, and many others. However, the devices are still undergoing many changes due to privacy concerns, and their high price will be a challenge to overcome.
The number of product launches and products under development have increased in the last few years owing to advancement in technology, and as a result of the evolution of next generation devices, the price of fingerprint sensor has been on a decline. Hence, the market will witness a gradual decrease in the prices of such products and devices. Beyond this, further advancement in the design of the products is expected as more and more established technology players launch their product in the market. These companies include:
- 3M Cogent
- Precise Biometrics
- Bio-Key International Inc.
- NEC Corporation
Area Sensors Gaining Traction
Among the different sensors used in the biometric system, touch sensor held the highest market share in terms of value in 2016. However, the area sensors segment is the one expected to witness the highest growth between 2017 and 2023. Area sensors are being adopted widely across different applications such as commercial and health care. Though the cost of area sensors is higher as compared to touch and swipe sensors, the gradual technological advancement in the sensors over the last few years have improved the degree of robustness of sensors, reduced their size and cost, thus making them feasible and affordable.
Optical Sensors: The Driver of Growth
Among different types of fingerprint sensors available in the market, capacitive sensors held the largest market share in the year 2016. Although, it is optical sensors which are expected to witness the fastest growth during 2017 and 2023. The estimated growth of optical sensors is due to the high image quality offered by these sensors, low-cost maintenance, high resolution, and comparatively easy integration into a system.
Furthermore, significant development and innovations are taking place in optical sensors domain with companies like Synaptic working on the integration of latest sensors into mobile phones. Synaptic recently announced optical based fingerprint sensors for smartphones.
Learn More with the Full Report
Global Fingerprint Sensors Market, Analysis and Forecast, 2017-2023 is a meticulous compilation of various segments of the fingerprint sensors market including market dynamics, market breakdown by sensor type, by technology, by application, and by geography. The report highlights the key driving and restraining forces in this market while focusing on a detailed study of future trends and developments.
This report also analyzes the role of the leading market players involved in the industry including their corporate overview, financials, financial summary and SWOT analysis. Some of the key players are Synaptics, Precise Biometrics, Next Biometrics, NEC Corporation, Fingerprint Cards AB, and Bio-Key International. Click the button below to read the report description and learn more.
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