The global fingerprint sensors market was valued at USD 2.82 billion in 2015 and is expected to significantly over the forecast period. Increasing penetration of fingerprint sensors in smartphones and growing adoption of mobile commerce is expected to drive the market. Additionally, the growing need for simplified and secure user access will also benefit the industry growth.
Increasing government initiatives for adopting the biometrics in several fields is also anticipated to enhance the market. Increasing implementation of the technology in banking and finance field, such as smart cards are few factor projected to provide huge opportunities to the market. Rapidly growing mobile commerce, is expecting to create potential opportunities for banking applications. Furthermore, mobile payments made for transferring money and for shopping on smart phones will raise the market exponentially.
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Fingerprint sensors offers fast, reliable and easy access to the contacts details, mails, payment information, location data and other form of encrypted data to authorized person. Growing implementation of the technology in consumer electronics such as tablets, smartphones, and laptops are also projected to benefit the market growth over the forecast period.
The technology also facilitates management and easy record keeping to the attendance portals and is comparatively less costly in comparison to other biometric authentication devices. Rapid implementation of fingerprint based authentication system in government and corporate organizations has led to the exponentially growth of the market.
The fingerprint sensors market is segregated into type, sensor technology, application and region. Based on the type of sensors, the industry is categorized into area & touch sensors, swipe of sensors whereas the technology segment is categorized into capacitive and RF capacitive sensing technology, optical sensing technology and other sensing technology. The application segment is segregated into government, consumer electronics/mobile devices, banking & finance, military & defense, commercial, healthcare and others. Capacitive & RF capacitive sensors are expected to grow at the significant rate owing to greater accuracy and compactness of the sensors.
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Mobile devices/consumer electronics is estimated to hold the major share in the industry
Increasing demand for more secured mobile devices, rise in mobile payments and mobile platforms such as Apple Pay, Samsung Pay, and Alipay and growing security concerns are projected to fuel the market growth. Banking & finance is anticipated to witness significant growth over the forecast period owing to the increasing adoption of biometric products and cards.
Increasing penetration of sensors in smart cards which can perform as a debit card or credit card is also expected to boost the industry. Moreover, the technology reduces the risk of internal and external fraud in the banking & finance sector.
Asia Pacific is accounted for major share in 2016
Increasing consumer electronics industry and rising penetration of smartphones in China, India and South Korea are few factors for the growth in the region. Furthermore, rising government initiatives for implementation of biometric systems owing to the security concerns is projected to drive the market growth. However, lack of awareness among consumer towards higher security provided by the technology may hinder the market growth over the forecast period.
Few key players include Dermalog Identification Systems, Egis Technology Inc, 3M Cogent Inc., NEC Corporation, Fingerprint Cards AB, Synaptic Inc., and IDEX ASA. Collaborations, agreements, partnerships and contracts are few strategies followed by the players.
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