Rise in use of fingerprint sensors for biometric authentication in consumer electronics and emergence of touch less fingerprint technologies drive the growth of the global fingerprint sensor market.
PORTLAND, Ore., April 7, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Fingerprint Sensor Market by Type (FAP 10, FAP 20, and FAP 30), and End Use (Banking & Finance, Government & Law Enforcement, Commercial, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global fingerprint sensor industry was estimated at $2.93 billion in 2019, and is anticipated to hit $9.41 billion by 2027, registering a CAGR of 14.5% from 2020 to 2027.
Drivers, restraints, and opportunities-
Rise in use of fingerprint sensors for biometric authentication in consumer electronics, increase in adoption of biometric authentication in government buildings, surge in the number of identity threats, and emergence of touch less fingerprint technologies drive the growth of the global fingerprint sensor market. On the other hand, security threats pertaining to biometric database and high cost associated with biometric technologies impede the growth to some extent. However, emerging trends toward IoT based biometric technology and mounting adoption of in-display fingerprint sensors in smartphones are expected to create lucrative opportunities in the industry.
There's been a steep decrease in the use of fingerprint sensors in several organizations and increase in the adoption of contactless technologies, which in turn affected the global fingerprint sensor market.
The global shutdown of manufacturing units during the first phase of the lockdown impacted the market negatively. The distorted supply chain also acted as a major restraining factor against the market growth.
Nevertheless, government bodies in most of the countries are lifting up the existing regulations and the market is expected to recoup very soon.
The FAP 10 segment to dominate by 2027-
Based on type, the FAP 10 segment contributed to nearly two-fifths of the global fingerprint sensor market share in 2019, and is projected to lead the trail by 2027, due to high usage of FAP 10 in digital payments. The FAP 30 segment, on the other hand, would register the fastest CAGR of 18.5% throughout the forecast period. This is attributed to its ability to scan multiple fingers.
The government and law enforcement segment to maintain the dominant share-
Based on end use, the government and law enforcement segment accounted for nearly one-third of the global fingerprint sensor market revenue in 2019, and is expected to dominate by 2027, owing to increase in safety concerns in government offices. Simultaneously, the banking and finance segment would grow at the fastest CAGR of 16.7% throughout the forecast period. This is due to rise in trends toward digital payments.
Asia-Pacific, followed by North America, garnered the major share in 2019-
Based on region, Asia-Pacific, followed by North America, garnered the major share in 2019, holding nearly half of the global fingerprint sensor market. The same region would also exhibit the fastest CAGR of 16.2% from 2020 to 2027, due to high demand for consumer electronics in the region.
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