The fingerprint sensor has been doing the rounds in news related to upcoming smartphones of several global companies. The race to add this sensor among the mobile companies to their future models is getting intense and the demand for the fingerprint sensor is driving the growth of this market, along with encouraging research and development in this domain. Biometric authentication provides user convenience and enhanced security as compared to other security solutions. Besides trending in the mobile industry, this technology helps in identifying known suspects traversing crowded security areas in places such as airports, railway stations, and others.
The global security concern has compelled various industries and domains to integrate fingerprint authentication and identification technology into their operations and systems. Government institutions (law enforcement, border security, ID issuance, and homeland security), healthcare, enterprises, banking and financial institutions, commercial and other bodies have implemented and adopted this technology to ensure the safety of the people in the event of a global crisis. With the increased use of the technology, the biometric industry has witnessed a number of technological advancement and innovation which has rendered the fingerprint sensors technically and commercially feasible at this juncture.
The global fingerprint sensors market is expected to reach $12.82 billion by 2023, growing at a CAGR of 15.7% from 2017 to 2023. With the evolution of next generation devices, the price of fingerprint sensors is expected to decline substantially. The constant technological evolution and a hoard of product launch in the future, the cost of such products will decline eventually. Many established players in the market such as Apple, Synaptics Inc., 3M Cogent, Precise Biometrics, Bio-Key International Inc., and NEC Corporation etc., are working towards the advancement in the design of their products for the future launches.
The end-users of this market belong to a diversified application portfolio, ranging from government to commercial sectors. The rising proliferation of smartphones and tablets on a global scale and the increased adoption of biometric solutions by the government have certainly propelled the market towards growth, as the technology provides increased security and convenience for users along with provision for second or third level security. However, the market is facing certain challenges in the form of latent fingerprint and spoofing and the integration of fingerprint sensor into the existing software.
Among various types of sensors available in the market, capacitive sensors had the largest share of the market in 2016. However, in the coming years, optical sensors are expected to witness the highest growth, as they offer high image quality, low-cost maintenance, high resolution and easy integration. Optical based fingerprint sensors are being enhanced for smartphones by various companies.
BIS Research has conducted an extensive market research on ‘Global Fingerprint Sensors Market, Analysis and Forecast, 2017-2023‘. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.