DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The fingerprint sensor market was valued at USD 2.9 billion in 2018; it is expected to grow at a CAGR of 15.3% from 2019 to 2024, to reach USD 7.0 billion by 2024.
Increasing adoption of fingerprint sensors in consumer devices to drive the growth of the fingerprint sensor market
Extensive use of fingerprint sensors in consumer devices for biometric authentication, high adoption of biometrics by government bodies as part of enhanced security, and digitization in the time & attendance capturing are driving the growth of the fingerprint sensor industry. However, constraints such as threats pertaining to the biometric database in any organization may hinder market growth.
Based on end-use applications, banking & finance is likely to be the fastest-growing application during 2019-2024
Players across the biometric smart card value chain are interested in increasing the adoption of biometric smart cards among users. For instance, Goldpac Group Ltd. (Goldpac), one of the five largest card integrators globally, and the only secure payment solution provider in China to hold simultaneous certifications by China UnionPay, VISA, MasterCard, American Express, JCB and Diners partnered with IDEX in January 2019, to launch dual-interface biometric smart cards for customers in the country. These developments expected to play an important role in the growth of the fingerprint sensor market for biometric smart cards for banking applications during the forecast period.
APAC to record the highest growth rate in the fingerprint sensor market during the forecast period
APAC is likely to be the fastest-growing region for the fingerprint sensor market in the coming years. Leading players offering fingerprint sensors such as Goodix (China), Egis Technology (Taiwan), Q Technology (China), and CrucialTec (South Korea) are based out of APAC. The factors contributing to the rising demand for fingerprint sensors in APAC include technological advancements in sensing technology, increasing awareness of the benefits of using fingerprint sensing technology among the masses, and the cost-effectiveness of these sensors. Biometric identification technology is famous as a secure and reliable way to verify a person's identity across the government and commercial sectors in Asia.
The growth of the smart home market is attributed to factors such as a significantly growing IoT market, government support, increasing urbanization, and rising awareness regarding smart home technology in APAC. Rising adoption of smart locks in smart homes provides an opportunity for the fingerprint sensor market growth. Also, new product developments for smart locks are another fueling factor for the growth of the fingerprint sensor market. For instance, in June 2019, Xiaomi launched MIJIA Smart Door Lock with a push-pull release.
- Extensive Use of Fingerprint Sensors in Consumer Devices for Biometric Authentication
- High Adoption of Biometrics By Government for Enhanced Security
- Effective Implementation of Biometric Time and Attendance Systems for Calculating Employee Productivity, Work Hours, and So On
- Threats Pertaining to Biometric Database
- Emergence of Biometric Smartcards in BFSI Applications
- Newest Trend of In-Display Fingerprint Sensors in Smartphones
- Rise in Adoption of IoT-Based Biometric Technology
- Use of Facial Recognition Technology in Different Applications
Value Chain Analysis
Recent Trends in Market
Smartphones With In-Display Fingerprint Sensor
Different Materials Used in Fingerprint Sensors
- Piezoelectric Materials (Quartz)
- Pyroelectric Materials (Lithium Tantalate)
- Coating Materials
- Apple Inc.
- EGIS Technology
- Next Biometrics
- Novatek Microelectronics
- Q Technology
Other Key Players
- CMOS Sensor Inc.
- Elan Microelectronics
- ID3 Technologies
- IDEX Biometrics
- Japan Display Inc.
- OXI Technology
- Sonavation Inc.
- Touch Biometrix
For more information about this report visit https://www.researchandmarkets.com/r/yrt63u