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(USGovernment-News.Com, June 01, 2024 ) The fingerprint sensor market is projected to grow from USD 4.2 billion in 2024 and is expected to reach USD 5.9 billion by 2029, growing at a CAGR of 7.0% from 2024 to 2029. Implementing biometric technology-based time and attendance registering systems has simplified tracking employees' time and attendance. Fingerprint technology-based systems are user-friendly and easy to install, aiding management in tracking and analyzing employee data. One of their main advantages is preventing employees from logging in for one another, a common issue with older methods like time clocks, sign-in sheets, and ID card swiping.
Fingerprint sensors are being used in various end-use industries such consumer electronics, banking & finance, government & law enforcement, military, defense, & aerospace, and healthcare among others. In terms of end-use industry, the consumer electronics segment is expected to hold the largest share of the fingerprint sensor market owing to a convenient and secure method for device authentication. They eliminate the need for remembering complex passwords or PINs, streamlining access to smartphones, laptops, and tablets.
In the technology segment, capacitive is expected to hold the largest market share during the forecast period. Cost-effectiveness and ease of integration of capacitive fingerprint sensors in mobile devices to fuel the market growth. Capacitive sensors employ a grid of micro-capacitor plates to capture fingerprints in two dimensions (2D). This technology relies on the conductive nature of the skin, creating capacitive coupling with the sensor's plates.
In North America, US will dominate the fingerprint sensor market during the forecast period. US is one of the fastest growing and the largest economies in the region. According to a survey conducted by the Consumer Technology Association (CTA) (US) as of April 2023, 84% of US households plan to acquire new technology products within the next 12 months. Mobile and wireless technology products are leading the categories of tech devices that American consumers intend to purchase.
Key Market Players:
Major players in this market ecosystem are Shenzhen Goodix Technology Co., Ltd. (China), Fingerprints (Sweden), Synaptics Incorporated (US), Apple Inc. (US), Egis Technology Inc (Taiwan), CrucialTec (South Korea), NEXT Biometrics (Norway), Novatek Microelectronics Corp. (Taiwan), Qualcomm Technologies, Inc. (US), Q Technology (China), among others. The market players have availed opportunities like indulging in partnerships and acquisitions. Product development and expansion were a few other strategies adopted by companies to strengthen their market position.
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