According to SPER Market Research, the Fingerprint Sensor Market is a part of the biometric security system that scans a person’s fingerprints and uses that information to confirm that person’s identification. It records high-contrast fingerprint images that have been captured as digital code and fingerprint minutiae. The fingerprint sensor may be easily fitted into a variety of gadgets and is quick, trustworthy, convenient, and affordable. Thus, it finds use in a variety of industries around the world, including consumer electronics, government and law enforcement, aerospace, healthcare, defence and military, banking, financial services and insurance (BFSI), travel, and immigration. These sensors are being used more and more in corporate and governmental organisations all around the world to digitize time and attendance systems. Additionally, fingerprint sensors are widely incorporated into smartphones, wearables, and modern automobiles to initiate engine operations and unlock phones, applications, and door locks due to the growing trend of automation. In addition, the top companies in the market are implementing cutting-edge technologies, including artificial intelligence (AI), to improve the accuracy of the authentication process and offer a customised user experience, which is supporting the industry’s expansion.
The COVID-19 pandemic had a detrimental effect on the sales and expansion of the fingerprint sensor market. Due to the pandemic’s impact on the worldwide supply chain, some manufacturers had to suspend operations. The shelf life of manufactured fingerprint sensors was lengthening and several manufacturers were experiencing chip shortages.
Fingerprint Sensor Market Overview:
- Forecast CAGR (2022-2032): 11.14%.
- Forecast Market Size (2032): 19 billion.
Impact of COVID-19 on the Global Fingerprint Sensor Market:
The latest Covid-19 outbreak has proven to be a curse for the industry. Due to the coronavirus pandemic, commercial activity has been suspended, and there have been interruptions to international supply chains, border restrictions, and travel bans by government agencies as a result of the epidemic. Due to the strict controls implemented to limit commercial operations, the market’s growth pace slowed down. The production of smartphones was suspended for more than 30 days as a result of the shutdown, which affected major smartphone manufacturers like Samsung, Oppo, Vivo, and Xiaomi. However, if strict government regulations about driving are relaxed globally, the sector is anticipated to experience a rise.
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Fingerprint Sensor Market Key Segments Covered:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
- Area and Touch Sensors
- Swipe Sensors
- Banking and Finance
- Consumer Electronics
- Government and Law Enforcement
- Smart Homes
- Travel and Immigration
- Middle East and Africa
- North America
- Latin America
Fingerprint Sensor Market is segmented into North America, Europe, Asia Pacific, and the Rest of the World based on geography. In terms of revenue generation, North America dominates, while the Asia-Pacific region is predicted to develop faster. Despite the market’s fierce competition, a few numbers of global businesses dominate its share, and regional competitors also hold a sizable portion.
Fingerprint Sensor Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as;Apple Inc., CMOS Sensor Inc., Crucialtec, Egis Technology, ELAN Microelectronics, Fingerprint Cards AB, Focaltech, Goodix, ID3 Technologies, IDEX Biometrics, Japan Display Inc., Next Biometrics, Novatek Microelectronics, OXI Technology, Q Technology, Qualcomm Technologies Inc., Sonavation Inc., Synaptics, Touch Biometrix, Vkansee.
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SPER Market Research