Fingerprint Sensor Market to Reach Valuation of USD 5.92 Billion by 2028 - Increased demand of biometric authentication to drive the Global Fingerprint Sensor Market growth

From the period 2022 to 2028, the Global Fingerprint Sensor Market is expected to reach USD 5.92 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 10.50%.

The widespread use of fingerprint sensors in consumer devices, the successful implementation of biometric time and attendance systems for calculating employee productivity, work hours, and other metrics, and the widespread adoption of biometrics by governments worldwide for enhanced security are the primary factors driving the Fingerprint Sensor Market's growth. Major drivers of Global Fingerprint Sensor Market growth include the widespread use of fingerprint sensors for biometric authentication in consumer electronics, increased adoption of biometric authentication in government buildings, an increase in the number of identity threats, and the emergence of touch-less fingerprint technologies. However, security threats to biometric databases and the high cost of biometric technologies are expected to pose significant threats to the market. Furthermore, emerging trends toward IoT-based biometric technology, as well as an increase in the adoption of in-display fingerprint sensors in smartphones, are expected to provide lucrative opportunities globally.

Key Highlights from the Report

• On the basis of Sensor Technology, the market is segmented into 2D and 3D. The market is dominated by the 2D segment. 2D sensor technology is best suited to detection and ranging tasks. Because of its low cost, the technology remains a preferred choice for OEMs, particularly in mobile devices that require smaller sensors, to produce miniaturized products preferred by market end-users. The 3D Fingerprint Sensor Market, on the other hand, is expected to grow at a faster Compound Annual Growth Rate (CAGR) during the forecast period. The most accurate representation of a true fingerprint is provided by 3D data

• On the basis of Type, the market is segmented into Area Touch Sensors and Swipe Sensors. Area and touch sensors are widely used in consumer electronics because they provide a high level of convenience and accuracy, allowing them to capture a larger market share. Touch sensors are shrinking in size and becoming more cost-effective and user-friendly. OEMs prefer these sensors over swipe sensors, especially in mobile devices where smaller sensors are required to achieve more compact products, which market end-users prefer.

• Asia Pacific is the fastest regional segment in terms of growth. Due to the prevalence of key major players in this region, the Asia-Pacific region is the largest contributor in terms of market revenue. The cost-effective benefits provided by the same are the reason for the region's high demand for fingerprint sensors. Fingerprint sensors in smart phones are in high demand. This region's developing countries have a high rate of smartphone penetration, which is positively impacting the Fingerprint Sensor Market.

Some of the key players in the 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 many more.

Market Dynamics:

Fingerprint sensors are widely used in consumer electronic devices for biometric authentication

Biometric recognition systems have become an essential component of security measures for a variety of applications, including employee attendance tracking and overcoming the challenges of online and offline scams. As a result, biometric authentication has become a necessity; as a result, this technology has become an integral part of smartphones, tablets, PCs, notebooks, wearable devices, and so on. To ensure a safe and secure transaction, various biometric authentication techniques such as fingerprint sensing, facial recognition, and iris scanning are used. Fingerprint sensing technology is rapidly being adopted in consumer devices such as smartphones and tablets due to its popularity and unique features such as the ability to capture characteristics such as ridges, valleys, and minutiae points of each individual.

Users can unlock their devices in a matter of seconds thanks to advanced fingerprint sensing technology. Implementation of biometric time and attendance systems for calculating employee productivity and work hours that is effective. The growing use of biometric systems in businesses has increased the demand for fingerprint sensors. With the implementation of biometric technology-based time and attendance registering systems, tracking employees' time and attendance has become simple. Fingerprint technology-based systems are simple to use and set up. One of the most significant advantages of these systems is that they prevent employees from logging in for one another.

The North American region holds the second-largest market share in the Global Fingerprint Sensor Market, owing to the increasing penetration of tablets and smartphones, as well as early technology adopters, driving market demand in this region. Another factor that contributes is an increase in per capita income. Fingerprint sensors are now being used by governments all over the world. For example, the Biometric Update, a website based in the United States that provides information about the global biometrics industry. Technological advancement is a major trend that is gaining traction in the Fingerprint Sensor Market. Major Fingerprint Sensor companies are focusing on developing new technological solutions to meet consumer demand and strengthen their position.