Government agencies, courts, military headquarters, and other public and private agencies are swiftly installing fingerprint sensors to enhance the security of their premises. Moreover, the government agencies are adopting these instruments in large numbers to authenticate the identity and prevent duplication, while providing services to the public. The surging demand from the government sector will, therefore, increase the fingerprint sensors market size from $3.8 billion in 2019 to a significant amount by 2030. According to P&S Intelligence, the market will demonstrate a CAGR of 13.6% during 2020–2030.
Currently, the market is observing a trend of largescale adoption of in-display fingerprint sensors across various sectors. This is due to the surging penetration of smartphones and growing use of online payments. Furthermore, escalating focus of smartphone producers on reducing bezels and making the devices smoother and sleeker has led to the rapid integration of these sensors in electronics products, thus, supporting the adoption of such products. For instance, Qualcomm Incorporated launched ultrasonic in-display fingerprint sensors in 2019, with improved security and reliability than its previous versions of optical sensors.
Moreover, categories under the technology segment of the fingerprint sensors market include capacitive, optical, ultrasonic, thermal, and others. In 2019, the capacitive category generated the maximum revenue, as this technology is available at a lower cost than other technologies. Besides, the capacitive technology in biometric sensors offers better data security and is easier to use. However, the ultrasonic category will exhibit the fastest growth in the forecast period, due to the high accuracy of ultrasonic technology in capturing the prints from dry, dirty, and wet fingers.
These technologies are employed in sectors, such as government, hospitality and healthcare, commercial offices, and banking, financial services, and insurance (BFSI), to improve their operations. Among these, the BFSI organizations will increasingly adopt fingerprint identification technology due to rapid installation of biometric sensors and escalating focus on methods to prevent cybercrimes that have handicapped the industry for a significant time now. Moreover, the rising incidence of insurance frauds in the healthcare system has led to the adoption of fingerprint sensors in the system.