Fingerprint Sensor Market to Reach $7.1B by 2024: Report

Biometrics News – Fingerprint Recognition

The fingerprint sensor market will grow from a value of $3.5 billion this year to $7.1 billion by 2024, according to a new forecast from MarketsandMarkets. This trajectory will reflect a CAGR of 15.3 percent.

The report comes after Apple helped to prompt a shift in the mobile biometrics market toward facial recognition for user authentication over the last couple of years, with the modality replacing fingerprint scanning on all of its most recent smartphone models. Nevertheless, according to MarketsandMarkets’ report, the extensive use of fingerprint sensors in consumer devices and the growing demand for biometric security solutions from government agencies are the major factors driving growth in the global fingerprint sensor market.

Also important is the emerging application area of payment cards, with major financial organizations like Visa and Mastercard now working alongside biometrics experts to implement fingerprint scanners into otherwise standard debit and credit cards. And even in the area of smartphones, newer in-display fingerprint sensor technologies are helping to spur further growth.

Delving into some more technological specifics, MarketsandMarkets says that capacitive fingerprint sensors are likely to dominate the overall market during the forecast period, with such sensors being used in a growing number of smartphones, laptops, and other consumer devices such as door locks.

The APAC region will hold the largest marketshare of the global fingerprint sensor market, according to the new report, thanks in large part to the presence of major smartphone makers such as Samsung, Xiaomi, Vivo, and Oppo. As for major players on the supplier side, MarketsandMarkets highlights CrucialTec, Egis Technology, Q Technology, and Goodix, which has emerged as a highly prominent supplier of in-display fingerprint sensors over the past several months.

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September 30, 2019 – by Alex Perala