As stated in our extensive report; providing insights onTechnology, Sensor Technology, Type,Different Materials Used (Qualitative), Products (Qualitative), and End-Use; the Global Fingerprint Sensor Market accounted for USD3.21 Billion in the year 2021.
Fingerprint sensors are utilized in fingerprint detecting systems like biometric fingerprint scanners. These devices contain a built-in fingerprint detection module that is used for security and authentication. The important features of a biometric fingerprint scanner are improved performance, accuracy, and robustness, which are based on exclusive fingerprint biometric technology. The functionality of a fingerprint sensor is mostly reliant on processing. The two most important aspects of fingerprint processing are enrollment and matching. Factors such as the widespread use of fingerprint sensors for biometric authentication in consumer electronics, the rise in biometric authentication adoption in government buildings, the rise in the number of identity threats, and the emergence of touchless fingerprint technologies are all expected to drive the growth of the market within the estimated timeframe.
The rising adoption of biometric systems in enterprises is anticipated to augment the growth of the Fingerprint Sensor Market during the forecast period. With the deployment of biometric technology based time and attendance recording systems, keeping track of employees' time and attendance has become simple. Systems and devices that are based on fingerprint technology are easy to use as well as easy to set up. These technologies assist management in keeping track and analyzing employee data. One of the most significant advantages of these systems is their ability to prevent employees from logging in for one another. Previously, methods for capturing time and attendance included using a timeclock, sign-in sheet, or swiping an ID card, all of which were vulnerable to forgery, but fingerprint sensors have significantly reduced attendance system fraud. Furthermore, fingerprint systems can now be incorporated into payroll and other software to assess employee productivity, work hours, and salary based on attendance, among other things, owing to technological advancements. Fingerprint sensors have been employed by a number of companies, both private and public, to track attendance. Fingerprint sensors aid in the tracking of employee time and attendance while improving workplace security. People who are not registered or working with the organization; are unable to access the company sites since the fingerprint system prevents them from doing so.
However, the security concerns about biometric databases, as well as the high cost of biometric technologies along with increased adoption of substitute technologies, such as face and iris scanning are expected to limit the growth of the market in near future. Moreover, the rising adoption of in-display fingerprint sensors in smartphones coupled with the emergence of biometric smartcards is likely to create opportunities for the growth of the market in near future. Furthermore, the emerging trends toward IoT-based biometric technology are expected to provide lucrative opportunities globally for market growth in the years to come.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) and is likely to continue with the same trend during the forecast period. This is attributable to the increase inmobile transactions in emerging economies such as India and China in the region. Furthermore, the rising security and safety concerns in the region are also expected to fuel the regional growth of the market. Additionally, the growing volume of smartphone shipments along with the presence of major smartphone manufacturers in China such as Huawei, Samsung, Oppo, Xiaomi, and Vivo is also likely to fuel the growth of the market in the region.
Some of the prominent players operating in the Global Fingerprint Sensor Market include Goodix (China), Fingerprint Cards AB (Sweden), Synaptics (US), Apple Inc. (US), Egis Technology (Taiwan), Crucialtec (South Korea), Next Biometrics (Norway), Novatek Microelectronics (Taiwan), Qualcomm (US), Q Technology (China), CMOS Sensor Inc. (US), ELAN Microelectonics (Taiwan), Focaltech (China), ID3 Technologies (France), IDEX Biometrics (Norway), Japan Display Inc. (Japan), OXI Technology (China), Sonavation Inc. (US), Touch Biometrix (UK), Vkansee (US) and others.