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The global fingerprint sensors market is accounted for $3.17 billion in 2017 and is expected to reach $14.61 billion by 2026 growing at a CAGR of 18.5%. Factors such as growing demand for fingerprint sensors in security checks in airports, government support for the adoption of fingerprint sensors, use of biometrics in mobile commerce and fast growth in electronic devices are fueling the market growth. However, lack of awareness on security fundamentals and efficiency and reliability of fingerprint sensors are hampering the market.
A fingerprint sensor is a biometric security device that combines hardware and software techniques to identify the fingerprint scans of an individual to identify and authenticate an individual to, ultimately, grant or deny access to a computer system or a physical facility. Fingerprints provide reliable, fast and easy access to personal contact details, payment information, mails, location data and other form of encrypted data to authenticated person. Fingerprint sensors are used to offer authentication and authorization to the individual. It captures extract biological features of the finger prints in the form of the live scan and compares it with existing biometric template stored in the database.
Based on application, the banking and finance application is likely to have steady growth during the predicted period due to the use of biometric smart cards in backs and finance-related organizations. In the near future, many companies are anticipated to play a chief role in the market for smart cards, which can be used as payment cards. In terms of geography, Asia Pacific is likely to grow at the highest CAGR during the forecast period. The rise in disposable income has impelled to the rise in the demand and use of smartphones and laptops, which, in turn, has improved the growth of market in this region.
Some of the key players in the Fingerprint Sensors market include 3M Cogent Inc., Apple Inc., NEC Corporation, Ekey Biometric Systems, Integrated Biometrics, Inc, Dermalog Identification Systems GmbH, Silead Inc., Egis Technology Inc., Crossmatch, Synaptics, Interlink Electronics, Safran Identity & Security (Morpho) , Fingerprint Cards AB, Infineon Technologies AG, Goodix Ltd, Suprema Inc., Idex ASA, Next Biometrics, Bio-Key International and Touch Biometrix.
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