Fingerprint Sensors Strengthen Verification Process
Government agencies, courts, military headquarters, and other public and private agencies are swiftly installing fingerprint sensors to enhance the security of their premises. Moreover, the government agencies are adopting these instruments in large numbers to authenticate the identity and prevent duplication, while providing services to the public. The surging demand from the government sector will, therefore, increase the fingerprint sensors market size from $3.8 billion in 2019 to a significant amount by 2030. According to P&S Intelligence, the market will demonstrate a CAGR of 13.6% during 2020–2030.
Currently, the market is observing a trend of largescale adoption of in-display fingerprint sensors across various sectors. This is due to the surging penetration of smartphones and growing use of online payments. Furthermore, escalating focus of smartphone producers on reducing bezels and making the devices smoother and sleeker has led to the rapid integration of these sensors in electronics products, thus, supporting the adoption of such products. For instance, Qualcomm Incorporated launched ultrasonic in-display fingerprint sensors in 2019, with improved security and reliability than its previous versions of optical sensors.
Moreover, categories under the technology segment of the fingerprint sensors market include capacitive, optical, ultrasonic, thermal, and others. In 2019, the capacitive category generated the maximum revenue, as this technology is available at a lower cost than other technologies. Besides, the capacitive technology in biometric sensors offers better data security and is easier to use. However, the ultrasonic category will exhibit the fastest growth in the forecast period, due to the high accuracy of ultrasonic technology in capturing the prints from dry, dirty, and wet fingers.
These technologies are employed in sectors, such as government, hospitality and healthcare, commercial offices, and banking, financial services, and insurance (BFSI), to improve their operations. Among these, the BFSI organizations will increasingly adopt fingerprint identification technology due to rapid installation of biometric sensors and escalating focus on methods to prevent cybercrimes that have handicapped the industry for a significant time now. Moreover, the rising incidence of insurance frauds in the healthcare system has led to the adoption of fingerprint sensors in the system.
With the rising demand for authentication devices, players in the fingerprint sensors market are entering into partnerships to introduce new products with improved technologies. For instance, in December 2019, Integrated Biometrics LLC partnered with Securiport LLC to supply fingerprint scanners to the latter to improve its border management, threat assessment, advanced identification systems, and civil aviation security. Likewise, Fingerprint Cards AB collaborated with Valid S.A., a payment technology provider, to provide contactless biometric payment cards. The collaboration aims to capture a larger share of the fingerprint sensors.
Furthermore, the Asia-Pacific (APAC) region will adopt the maximum number of fingerprint sensing devices by 2030. This can be attributed to the rapid incorporation of biometric sensors in government organizations of countries, such as India, Indonesia, and China. The emerging economies of the APAC region are installing these scanners to improve the verification process of people's identity. Moreover, a surge in disposable income, a boom in the regional population, and a spur in the smartphones sales will augment the demand for these instruments in coming years.
Thus, the rising need to avoid cyberattacks and growing requirement to prevent duplication will fuel the application for fingerprint scanners in future.
Source: P&S Intelligence
