Potential Impact of COVID-19 on Fingerprint Sensors Market Analysis

In 2018, dual interface biometric payment cards were launched by Visa Inc. in collaboration with Mountain America Credit Union and Bank of Cyprus. Due to these factors, the popularity of fingerprint sensors is growing rapidly across the globe, which is, in turn, fueling the expansion of the global fingerprint sensors market. According to various reports, the market reached a value of .8 billion in 2019 and it is predicted to grow at a CAGR of 13.6% from 2020 to 2030.

 

Depending on type, the fingerprint sensors industry is divided into area/touch sensors and swipe sensors. Of these, the area/touch sensors recorded higher growth in the market during the last few years, because of the huge requirement for them in smartphones and several other consumer electronic devices, on account of the fact that the sensing capability of these devices is better than the swipe sensors. Thermal, ultrasonic, optical, and capacitive are the major technologies used in fingerprint sensors.

 

 

Amongst these, the demand for ultrasonic sensing technology will rise rapidly in the future years, due to their ability to capture prints from dirty, dry, and wet fingers more accurately than the other technologies. Geographically, the fingerprint sensors market will register the highest growth in Asia-Pacific (APAC) in the upcoming years, as per the estimates of the market research firm, P&S Intelligence. This will be due to the growing usage of biometric sensors by the governments of the regional countries.

 

Hence, it can be said with full surety that the demand for fingerprint sensors will shoot up all over the world in the forthcoming years, mainly because of their growing usage in the banking, financial services, and insurance industry and the government sectors of many countries.