ID: MRFR/SEM/0540-CR | February 2021 | Region: Global | 118 pages
The fingerprint sensor market was valued at USD 3,490.6 million in 2019, and it is expected to grow at a higher CAGR of 13.27% in the global market during the forecasted period to account for a higher market share value of approximately USD 8,006.6 million by the end of the forecasted period.
Comparing the live scan of biological features of the fingerprints with that of biometrics stored in the database, fingerprint sensors are used. Since it is used for authorization and authentication of an individual, it is widely used in commercial spaces for security purposes. It helps in providing reliable, fast, and easy access to location data, payment information, mails, personal contact details, and other encrypted data. Moreover, it facilitates easy management and record-keeping to attendance portals. Also, these fingerprint sensors are comparatively less expensive than biometric authentication systems.
COVID 19 Analysis
The global pandemic of COVID 19 has affected a major chunk of the population. Many people have lost their livelihood because of this global pandemic. It has affected the dynamics and growth of several industries. Everyone is concerned about their immunity and follows social distancing. During the lockdown situation, operational activities of various end-user industries were halted which resulted in a demand shrink for the Fingerprint sensor market which further leads to decreased sales revenue. The supply chain networks were also disrupted which lead to a decline in profit margin.
However, the Fingerprint sensor market is expected to recover from this global pandemic by the end of the third quarter of the coming year by properly strategizing according to the needs of the market.
Numerous factors drive the market growth rate. These sensors are very easy to install and work with. It can easily be used by anyone after giving a slight training regarding the programming which drives the Fingerprint Sensor Market demand in the global market during the forecasted period. Moreover, increasing penetration of connected technology and IoT creates more market demand.
The rise in the demand for fingerprint sensor market in the global market. Increasing penetration of large consumer electronics manufacturing companies provides various growth opportunities in the global market during the forecasted period. Moreover, ongoing extensive research in the fingerprint sensor market is expected to fuel the demand all across the globe and hence provide various growth opportunities.
Though the fingerprint sensor market is increasing tremendously in the global market, some factors restrict its growth. The high cost involved in the development of various biometric sensors is not affordable by all and hence it hampers the market demand in the global market. Moreover, the high production cost of raw materials is another contributing factor that restricts the market growth all across the globe during the forecasted period.
Value Chain Analysis
The fingerprint sensor market is increasing at an incredible rate in the global market owing to various benefits associated with it. Increasing adoption of industrial digital technologies by various giant market players results in more efficiency and productivity. Moreover, recently many small and medium-sized companies have also started adopting this fingerprint sensor technology for the greater good of society.
The fingerprint sensor market is segregated all across the globe based on the type, technology, and application.
The fingerprint sensor market has been divided all across the globe based on the region into the North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region. The largest market share in the fingerprint sensor market all across the globe is held by the Asia-Pacific region. In 2019, the market share was valued at USD 1663.4 million and further, it is expected to grow at a higher CAGR of 15.42% during the review period.
The second-largest market share in the fingerprint sensor market all across the globe is held by the North American region owing to the increasing penetration of tablets and smartphones coupled with early technology adopters drives the market demand in this region. Also, an increase in per capita income is another contributing factor.
The third-largest market share in the fingerprint market all across the globe is held by the European region as it witnesses rapid growth during the review period. Moreover, increasing demand for smart grids and well-established technology infrastructure drives the market demand.
The least market share is held by the Latin American region and the Middle East and African region owing to the presence of low infrastructure in both these regions. Low per capita disposable income is another factor that restricts the market growth in these regions.
The most prominent major key players in the fingerprint sensor market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the fingerprint sensor market in the global market by going for mergers, and acquisitions, collaborating, establishing a partnership, developing a new production process, setting up a new joint venture, developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of the fingerprint sensor all across the globe.
This global fingerprint sensor market research report consists of the following elements mentioned below:
This market research report contains factors that drive the growth of the fingerprint sensor market in the global market along with the factors that restrict its growth in the global market. The opportunities available for growth in the fingerprint sensor market during the forecasted period are mentioned. The impact of COVID 19 on the fingerprint sensor market all across the globe is mentioned. The future growth rate in the fingerprint sensor market during the forecasted period is estimated and mentioned.
Frequently Asked Questions (FAQ) :
The significance of a physical access control solution is expected to create traction in the market.
Goodix (China), IDEMIA (France), Fingerprint Cards (Sweden), NEXT Biometrics (Norway), Anviz Global (US), Egis Technology (Taiwan), and IDEX ASA (Norway) are the eminent contenders in the market.
The revenue potential is expected to be raised from USD 13.19 billion in 2018 to the value of USD 26.75 billion by the end of the forecast period.
The Asia-Pacific region is expected to advance to the top position due to the progress in the consumer electronics sector.
The interval of the forecast spans the years 2017 to 2023.