Market Research Report
Fingerprint Sensor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||960510|
|Published||Content info||109 Pages
Delivery time: 2-3 business days
|Fingerprint Sensor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: September 3, 2020||Content info: 109 Pages||
The global fingerprint sensor market grew at a CAGR of around 16% during 2014-2019. A fingerprint sensor is a component of the biometric security system that scans an individual's fingerprints, which are then used to authenticate their identity. It captures high contrast fingerprint images and converts them into digital code and stores as fingerprint minutiae. The fingerprint sensor is fast, reliable, convenient, cost-effective and can be seamlessly integrated into different devices. As a result, it finds application in the consumer electronics, government and law enforcement, aerospace, healthcare, defense and military, and banking, financial services and insurance (BFSI), travel and immigration sectors across the globe.
The increasing instances of security breaches in various industries are driving the sales of fingerprint sensors. These devices are employed to strengthen the authentication process and provide secure access control to numerous facilities and IT systems. Apart from this, these sensors are gaining widespread adoption in digitizing time and attendance systems in corporate and government organizations worldwide. Furthermore, due to the growing trend of automation, fingerprint sensors are extensively being integrated into smartphones, wearables and modern vehicles to launch engine operations and unlock phones, applications and door locks. Besides this, the leading market players are incorporating advanced technologies, such as artificial intelligence (AI), to increase the accuracy of the authentication process and provide a personalized user experience, which, in turn, is strengthening the market growth. However, the market is negatively impacted by the sudden outbreak of the coronavirus disease (COVID-19) and the consequent lockdowns declared by the governing agencies of different countries. The market is anticipated to revive once normalcy is regained. Looking forward, IMARC Group expects the global fingerprint sensor market to continue its strong growth during the next five years.