According to a new market research report published by MarketsandMarkets, the fingerprint sensor market is expected to grow from US$ 4.25 billion in 2018 to US$ 8.80 billion by 2023, at a CAGR of 15.66 per cent. The growth of this market is mainly driven by factors such as the proliferation of fingerprint sensors in smartphones and other consumer electronics, government support for the adoption of fingerprint sensors, and use of biometrics in mobile commerce.
Capacitive fingerprint sensors are expected to hold the largest share of the fingerprint sensor market based on technology, in terms of value, by 2023. The largest share of the sensors based on this technology is attributed to the use of capacitive fingerprint sensors in smartphones, laptops, and other consumer electronics.
Banking and finance application
The fingerprint sensor market for the banking and finance application is expected to grow at the highest CAGR between 2018 and 2023. The growth of the market for this application is attributed to the use of biometric smart cards in banks and finance-related organisations. In the near future, many companies are expected to play a major role in the market for smart cards, which can be used as payment cards.
APAC dominates the market
The fingerprint sensor market in APAC is expected to grow at the highest CAGR during the forecast period. The rise in disposable income in APAC countries has led to the increase in the demand and use of smartphones and laptops, which, in turn, has increased the growth of fingerprint sensor market in this region. The increasing penetration of fingerprint sensors and the influx of global players, along with the emergence of native players, are contributing to the growth of the market. As a result, APAC holds a significant share of the overall fingerprint sensor market.
The key players in the market include Apple (US), Synaptics (US), Fingerprint Cards (Sweden), Goodix (China), IDEMIA (France), Egis Technology (Taiwan), NEXT Biometrics (Norway), Anviz Global (US), IDEX ASA (Norway), and Gemalto (Netherlands).