“Emergence of biometric smartcards in BFSI applications is set to drive the fingerprint sensor market”
The global fingerprint sensor market size is expected to grow from USD 3.0 billion in 2020 to USD 6.0 billion by 2025, at a CAGR of 15.2%. The market has a promising growth potential due to several factors, including increasing use of fingerprint sensing technology in consumer devices for biometric authentication, and the emergence of biometric smartcards in BFSI applications.
The major factor restraining the growth of the fingerprint sensor market is the health concern related to the use of fingerprint sensors amid COVID-19 pandemic. As fingerprint scanner is a contact biometric technology, government authorities around the world are looking to reduce its usage as health concerns related to their use are growing due to an exponential rise in COVID-19 cases. Public as well as private organizations are shifting toward contactless technologies, such as facial and iris recognition or contactless smart card access systems, as these technologies do not require the person to touch any surface. This is expected to impact the fingerprint sensor market negatively in coming years.
The recent COVID-19 pandemic is expected to impact the global biometric industry. The entire supply chain is disrupted due to a limited supply of components. China suppliers around the globe placed production lines on halt or shut them down completely. Also, legal and trade restrictions, such as sealed borders, increase the shortage of required components. Such disruption in the supply chain is expected to affect the assembly of OEMs in APAC, Europe, and North America.
“Optical: The fastest-growing segment of the fingerprint sensor market, by technology”
Optical is the fastest-growing segment of the fingerprint sensor market, by technology. Numerous smartphone players such as Samsung and Vivo have launched new smartphones in Q1 2020, during the COVID-19 pandemic, which incorporate optical fingerprint technology. Also, the COVID-19 pandemic is expected to have limited impact on optical fingerprint technology as this technology offers various advantages over other technologies as it is relatively less expensive than ultrasonic fingerprint technology and can be placed within a capacitive display screen. With the trend of in-display fingerprint sensor increasing in smartphones, the market for optical fingerprint technology is set to rise during the forecast period.
“Consumer Electronics: The largest segment of the fingerprint sensor market, by Application”
Consumer Electronics is estimated to be the largest segment of fingerprint sensor market, by application. Fingerprint sensors find various applications in devices such as smartphones, smartwatches, laptops/notebooks, and USB flash drives. As the majority of the consumer electronic products are manufactured in China, and the country was in lockdown in February and few weeks of March 2020, the production was hampered severely in the Q1 of 2020. However, the ease of regulations to restart manufacturing facilities in China, India, and many other countries is expected to improve the situation. Moreover, with the acceleration of 5G activities, many players are expected to launch 5G phones in the coming years, which is expected to drive the smartphone market and create opportunities for the manufacturers of fingerprint sensors.
“APAC: The fastest growing region in the fingerprint sensor market”
The Asia Pacific region is expected to dominate the fingerprint sensor market and is projected to grow at the highest CAGR during the forecast period. The market growth in the region can be attributed to the rising demand for fingerprint sensors in APAC include technological advancements in sensing technology, increased awareness regarding the benefits of using fingerprint sensing technology among the masses, and the cost-effectiveness of these sensors. Also, the growing use of fingerprint sensors by various governments in the region (such as India for its UIDAI project) is projected to fuel the demand for fingerprint sensors.
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type: Tier 1 – 40%, Tier 2 – 40%, and Tier 3 – 20%
- By Designation: C-level Executives – 40%, Directors – 30%, and Others – 30%
- By Region: North America – 40%, Europe – 30%, APAC – 20%,Latin America – 5% and Middle East & Africa – 5%
Goodix (China), Fingerprint Cards (Sweden), Synaptics (US), Apple (US), IDEX Biometrics (Norway), NEXT Biometrics (Norway), Novatek Microelectronics (Taiwan), Qualcomm (US), ELAN Microelectronics (Taiwan), Japan Display (Japan), Egis Technology (Taiwan), CrucialTec (South Korea), and Q Technology (China) are the major players operating in the global fingerprint sensor market.
The report segments the fingerprint sensor market and forecasts its size, by value, for pre-COVID-19 and post-COVID-19 scenarios based on region (Asia Pacific, Europe, North America, and RoW), by technology (Capacitive, Optical, Thermal, Ultrasonic), and Application (Consumer Electronics, Travel and Immigration, Government and Law Enforcement, Banking and Finance, Commercial, Smart Homes, Military Defense, and Aerospace, and Healthcare).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the fingerprint sensor market amidst COVID-19 pandemic. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report
- The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments.
- This report will help stakeholders understand the pre-COVID-19 and post-COVID-19 scenarios and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the fingerprint sensor market and provides them information on key market drivers, restraints, challenges, and opportunities amidst the COVID-19 pandemic.