CHICAGO, Sept. 26, 2019 /PRNewswire/ — According to the new market research report “Fingerprint Sensor Market by Technology (Capacitive, Optical, Thermal, Ultrasonic), Type (Touch, Swipe), Application (Consumer Electronics, Banking & Finance, Government & Law Enforcement, Commercial, Smart Homes), and Region-Global Forecast to 2024″, published by MarketsandMarkets™, the Fingerprint Sensor Market is projected to grow from USD 3.5 billion in 2019 to USD 7.1 billion by 2024; it is expected to record a compound annual growth rate (CAGR) of 15.3%. Extensive use of fingerprint sensors in consumer devices for biometric authentication and high adoption of biometrics by the government bodies for enhanced security are major driving factors of the market. The emergence of biometric smart cards in BFSI applications and the newest trend of in-display fingerprint sensors in smartphones provide an opportunity for market growth.
Capacitive technology to lead the fingerprint sensor market during the forecast period (2019–2024)
Capacitive technology is expected to hold the largest share of the fingerprint sensor market. This is mainly because of the increasing use of capacitive sensors in devices such as smartphones, laptops, and other consumer electronics devices. Apart from consumer electronics, capacitive sensors are also being used in new applications such as door locks and start engine operations in automobiles. Hence, low cost and high consumer acceptance of capacitive fingerprint sensor drive the growth for the fingerprint sensor market.
Consumer electronics end-use application to account the largest size of fingerprint sensor market share by 2024
Increasing adoption of fingerprint sensors in smartphones to perform tasks such as unlocking phone & apps and making payments is expected to augment the growth of the fingerprint sensor industry. Increased security & privacy concerns in laptops, along with the efforts by OEMs to offer wearables with dynamic security features are some of the major factors affecting the growth of the market. Also, continuous developments and innovation in the fingerprint scanning technology in consumer electronics support market growth.
Asia Pacific to exhibit the largest market share for fingerprint sensor through the course of the forecast period
Factors such as the presence of leading smartphone OEMs such as Samsung, Oppo, Vivo, and Xiaomi in China; rising adoption of biometrics systems in retail and enterprises; need to reduce incidents of fraud and provide secure access to physical and logical assets in commercial applications; increasing awareness regarding the benefits of using fingerprint sensing technology among the masses, and cost-effectiveness of these sensors drives the growth of the APAC fingerprint sensor market. Goodix, Egis Technology, Q Technology, and CrucialTec are among the major players of the fingerprint sensor market in APAC.
Browse in-depth TOC on “Fingerprint Sensor Market“
107 – Tables
45 – Figures
173 – Pages
Shenzhen Goodix Technology Co., Ltd. (China), Fingerprint Cards AB (Sweden), Synaptics Incorporated (US), Apple Inc. (US), Egis Technology Inc. (Taiwan), CrucialTec (South Korea), NEXT Biometrics Group ASA (Norway), Novatek Microelectronics Corp. (Taiwan), Q Technology (Group) Company Limited (China), Qualcomm Technologies, Inc. (US), IDEX Biometrics ASA (Norway), CMOS Sensor Inc. (US), ELAN Microelectronics Corporation (Taiwan), FocalTech (China), id3 Technologies (France), IDEX Biometrics (Norway), Japan Display Inc. (Japan), OXi Technology (China), Sonavation Inc. (US), Touch Biometrix (UK), and Vkansee (US) are among a few major players in the fingerprint sensor market.