3 Key Insights on US$ 9 Bn Opportunity in the Global Fingerprint Sensor Market: Ken Research
Driven by the rising adoption of biometric fingerprint scanners for accurate identification, faster access, and higher security, the Global Fingerprint Sensor Market is forecasted to cross ~US$ 9 Bn by 2028 says Ken Research Study
Fingerprint sensing is one of the prominent access control methods which has gained immense popularity in recent times. The fingerprint sensor belongs to the family of sensors that are used in a fingerprint detection device for authentication and recognition. These sensors are mainly inbuilt into a fingerprint detection module and it is used for the safety of personal computing devices, access, and data. The major features of fingerprint sensors include better performance, accuracy, and validity based on absolute fingerprint biometric technology.
According to Ken Research estimates, the Global Fingerprint Sensor Market – which was valued at US$ ~3 Bn in 2017, is estimated to reach the US $5 Bn in 2022 – and is expected to grow further into a more than US$ 9 Bn opportunity by 2028.
Ken Research shares 3 key insights on this high opportunity market from its latest research study.
1. Global Fingerprint Sensor Industry has Seen Stable Growth Owing to an Increase in the Adoption of Biometric Fingerprint Sensors across the Globe
The Global Fingerprint Sensor Market is expected to witness stable growth during the forecast period 2022-2028 primarily due rising adoption of biometric fingerprint scanners for accurate identification, faster access, and higher security. Furthermore, post the COVID-19 pandemic, the Fingerprint Sensor Market gained pace due to increased penetration of smartphones which created better opportunities for new entrants as well as established players in the studied market.
Fingerprint sensors have been serving as a primary security phase in smartphones. Even though iris scanners and facial recognition sensors are taking up the pace, their higher cost encourages various enterprises to stick to fingerprint sensing only. Moreover, in certain cases, facial recognition has proven more vulnerable than fingerprint sensing.
2. The Rising Adoption of Smartphones is Driving the Fingerprint Sensor Market
The earliest application of fingerprint sensors in smartphones was by Toshiba in 2011. The adoption of Smartphones is expected to increase to 85% by 2025 from 81% in 2021 according to Global System for Mobile Communications Association (GSMA) which is expected to create more opportunities in the studied market. In 2021, Fingerprint Cards AB launched FPC1553, which is the company’s third-generation slim, side-mounted capacitive touch sensor. This is fused in the Honor X40i, Moto g32, and Vivo Y77 smartphones. The FPC1553 is the latest output of their continuous development in the capacitive segment of fingerprint sensors for smartphones.
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With fingerprint scanners, various banking and government-based mobile applications allow transactions via mobile phone only by authenticating fingerprints. For instance, the Federal Bureau of Investigation (FBI) depends on its partnerships with tribal, state, local, and federal agencies to collaborate on the development of important programs such as the Next Generation Identification (NGI) systems and the National Crime Information Center (NCIC).
3. High Cost Involved in the Development of Biometric Sensors is Affecting the Fingerprint Sensor Market’s growth
The growth of the fingerprint sensor market is hampered by several factors that include cost and substitute products. Although fingerprint sensors are used as a primary authentication device in various banking and government facilities, the high cost that is involved in the development of various biometric sensors is challenging to afford for everyone and hence it affects the market demand globally. The high production cost of raw materials is another important factor that prevents the market growth of the fingerprint Sensors Market Globally.
According to Bayometric, a global supplier of fingerprint scanners, single sign-on solutions, and access control systems, on average, fingerprint readers/sensors are priced anywhere from $50-$2,500 each depending on the certifications, brand, type of sensor, etc
For more information on the research report, refer to the below link:-
Global Fingerprint Sensor Market
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