Fingerprint Sensors Market to Witness 13.6% CAGR during 2020–2030


Posted September 18, 2020 by devanshu

The global fingerprint sensors market reached a value of $3.8 billion in 2019, and it is predicted to exhibit a 13.6% CAGR during the forecast period (2020–2030)

 
The global fingerprint sensors market reached a value of $3.8 billion in 2019, and it is predicted to exhibit a 13.6% CAGR during the forecast period (2020–2030), as stated by a report by P&S Intelligence. Factors leading to the growth of the market are rising demand for fingerprint sensors in the government sensors and surging adoption of fingerprint sensors in consumer electronic devices. On the basis of technology, the market is categorized into ultrasonic, capacitive, thermal, and optical.

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Out of these, the capacitive category held the major share of the market in the past, as sensors based on this technology are more cost-effective as compared to others. In addition to this, it is easier to utilize capacitive technology in biometric sensors. These sensors further offer enhanced security to the user’s data. The ultrasonic category is expected to advance at the fastest pace during the forecast period, owing to the fact that these sensors can accurately capture the prints from dry, wet, and dirty fingers.

In terms of vertical, the fingerprint sensors market is divided into hospitality & healthcare, consumer electronics, commercial offices/buildings, BFSI, and government. Among these, the government division accounted for the major share of the market in the past. The BFSI division is projected to register the highest CAGR during the forecast period due to the rapid introduction of biometric sensors by banks all across the globe and increasing focus on advanced solutions for preventing cybercrimes.

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When the geographical scenario is considered, Asia-Pacific (APAC) has been dominating the fingerprint sensors market up till now. The demand for these devices has been particularly increasing from Indonesian, Indian, and Chinese governments for official verification purposes. The swiftly increasing disposable income of people, surging population, and the rising popularity of smartphones are also resulting in the growth of the regional market. It is because of these factors that the region is also predicted to advance at the fastest pace during the forecast period.
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Issued By Devanshu
Country United States
Categories Business
Last Updated September 18, 2020