Driven by the growing utilization of fingerprint sensors in consumer electronics products and in the government sector, the global fingerprint sensors market generated a revenue of $3.8 billion in 2019 and is expected to progress at a CAGR of 13.6% between 2020 and 2030, according to the estimates of the market research firm, P&S Intelligence. The fingerprint sensing devices create a digital image of a person’s fingerprint pattern and are thus, widely used in areas that require the authentication of a person’s identity.

A major factor fueling the surge of the fingerprint sensors market is the increasing requirement of these devices in the government sector in several countries. Many government agencies, courts, military headquarters, and various other public organizations are increasingly installing advanced fingerprint sensors to make their premises safer and more secure. The fingerprint sensing instruments are also being used for preventing the duplication of a person’s identity, which is incredibly important for the proper provision of several government services to the people. 

The utilization of Aadhaar-based biometric identification by the Unique Identification Authority of India (UIDAI) for ensuring the proper provision of the various government social welfare schemes and services to the public, especially the economically weaker sections of the society is a major example of a government body using fingerprint sensing technology for authenticating the identity of people in order to ensure the proper provision of various schemes and services to the people. 

The soaring incorporation of fingerprint sensors in consumer electronics devices such as smartphones is another key factor propelling the advancement of the market. Furthermore, the utilization of biometric cards in the banking, financial services, and insurance (BFSI) industry is providing an excellent growth opportunity to the players operating in the fingerprint sensors market. Due to the increasing incidence of frauds and thefts in this domain, on account of the rising internet penetration and the growing usage of connected devices, fingerprint sensing devices are being rapidly adopted by many BFSI organizations. 

Based on technology, the market is divided into capacitive, ultrasonic, thermal, and optical categories. Amongst these, the ultrasonic division will demonstrate the fastest market growth in the future, due to the greater accuracy provided by this technology in capturing fingerprints from dry, dirty, and wet fingers. Further, between the swipe and area/touch sensors, under the type segmentation of the market, the area/touch sensor category exhibited higher growth in the past, because of their higher usage in consumer electronics products, on account of their better sensing ability than the swipe sensors.

Across the globe, the fingerprint sensors market is predicted to register the highest and fastest growth in the Asia-Pacific (APAC) region in the forthcoming years, primarily due to the growing utilization of biometric sensors by the governments of India, China, and Indonesia for authenticating the identity of people. In addition to this, the surging usage of smartphones and other consumer electronics devices integrated with fingerprint sensing devices by the people of the APAC nations is further boosting the progress of the market in the region.

Thus, it can be concluded that the market will exhibit huge expansion in the future years, on account of the increasing usage of fingerprint sensing instruments in the government sector and the rising integration of these devices in various consumer electronics products such as laptops and smartphones around the world.

Source: P&S Intelligence