According to a recent report from MarketsandMarkets, the fingerprint sensor market is projected to grow from $4.2 billion (£3.27bn) in 2024 and is expected to reach $5.9bn (£4.59bn) by 2029, growing at a CAGR of 7.0% from 2024 to 2029.
Called “Fingerprint Sensor Market Size, Share and Industry Growth Analysis by Technology (Capacitive, Optical, Thermal, Ultrasonic), Type (Area & Touch, Swipe), Sensor Technology, End-Use Application and Region – Global Forecast to 2029”, the report details how the rise in number of identity threats is one of the key factors leading to emergence of fingerprint technologies.
The analyst describes identity theft as the illegal acquisition of an individual’s personal or financial details to perpetrate fraud, including unauthorised transactions. It occurs through various methods and inflicts harm on victims’ credit, finances, and reputation.
Area & Touch sensors in the sensor type segment is expected to witness higher CAGR during the forecast period.
The Area & touch sensors segment is expected to witness a higher CAGR during the forecast period in the fingerprint sensor market, according to the report. These sensors activate upon physical contact with an object or individual and are more sensitive compared to traditional buttons or manual controls. They provide users with a seamless and responsive experience, making them ideal for modern electronic devices where sleek design and user convenience are paramount.
Fingerprint SensorMarket Dynamics
Drivers: Rise in number of identity threats leading to emergence of fingerprint technologies
Restraint: Increased adoption of substitute technologies, such as face and iris scanning
Opportunity: Increased adoption of IoT-based biometric technology
Challenge: Sensor performance limitations
North America is the largest growing in the fingerprint sensor market
According to MarketsandMarkets, North America is driven by the increasing adoption of biometric authentication across various sectors, particularly consumer electronics, government, and commercial domains. The US Department of Homeland Security (DHS) has been actively promoting the use of biometric technologies, including fingerprint sensors, for enhancing border security and immigration processes. The DHS’s Biometric Entry-Exit Program has facilitated the deployment of fingerprint scanners at various ports of entry, contributing to the market’s growth in the region. According to November 2023 statistics by US Department of Homeland Security (DHS), 1,018,349 persons obtained lawful permanent resident status in year 2022 compared to 740,002 persons in 2021, which is 37.6% y-o-y increase.
Top fingerprint sensor companies – Key market players
Shenzhen Goodix Technology Co., Ltd. (China), Fingerprints (Sweden), Synaptics Incorporated (US), Apple Inc. (US), Egis Technology Inc (Taiwan). CrucialTec (South Korea), NEXT Biometrics (Norway), Novatek Microelectronics Corp. (Taiwan), Qualcomm Technologies, Inc. (US), Q Technology (China), Vicharak (India), Invixium (Canada), M2SYS Technology (US), Parallax Inc. (US), Mantra Softech India Pvt Ltd. (India), CMOS Sensor Inc. (US), ELAN Microelectronics Corp. (Taiwan), FocalTech Systems Co., Ltd. (China), ID3 Technologies (France), IDEX Biometrics (Norway), Japan Display Inc. (Japan), QXi Technology (China), Sonavation Inc. (US), Touch Biometrix (UK), VKANSEE (US), are few other key companies operating in the fingerprint sensor market.
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