Allied Market Research (AMR) has released a new report that suggests that the fingerprint sensor market will triple in the next few years. The report predicts that the market will be worth $9.41 billion in 2027, based on a 2019 valuation of $2.93 billion and a CAGR of 14.5 percent for the forecast period.
The firm attributed much of that growth to the increasing prevalence of fingerprint sensors in IoT devices. Many government agencies are using fingerprint authentication to maintain a high level of security, while in-display sensors have proven to be similarly popular with consumers in the latest generation of smartphones.
However, AMR went on to note that COVID-19 has had a detrimental impact on the market. Health concerns prompted many organizations to abandon contact-based fingerprint sensors in favor of contactless technologies like facial recognition, and the pandemic also disrupted the manufacturing supply chain as factories shut down all over the world.
In that regard, the AMR report echoes a recent report from MarketsandMarkets. The numbers in the two reports are similar, with MarketsandMarkets predicting that the market will reach $6 billion in 2025 with a CAGR of 15.2 percent.
According to AMR, FAP 10 sensors will account for nearly 40 percent of the market, though the FAP 30 segment will grow at a faster rate. Government and law enforcement agencies will have the most demand for fingerprint sensors, representing roughly a third of the total market, even if the financial sector will exhibit a higher CAGR. The Asia Pacific region, meanwhile, will be both the biggest market and the one with the most growth leading up to 2027.
AMR identified IDEMIA, Apple, Precise, Thales, and HID Global as some of the key players in the fingerprint sensor market. The firm has previously predicted that fingerprint sensors would help drive a $16.6 billion ultra-thin glass market.
March 18, 2021 – by Eric Weiss