Market Size of Fingerprint Module Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 17.08 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Fingerprint Module Market Analysis
The Fingerprint Module Market was valued at USD 3.40 billion in 2020 and is expected to reach USD 8.75 billion by 2026, at a CAGR of 17.08% over the forecast period 2021 - 2026. Government investments towards the development of a secure and reliable repository of citizen identification is a major driver for the market. In India, 1.24 billion people have an Aadhaar number as of June 2019, covering more than 99% of the adult population. The project that had been initially linked to only public subsidy and unemployment benefit schemes now includes a payment scheme.
- The ever-expanding smartphone integrations of biometric authentication, coupled with the sustained growth rates of the smartphone market itself will drive the demand for fingerprint module. Efforts to satisfy both data security and user convenience continue to drive innovations in the smartphone biometrics space. For example, the Galaxy S10 and S10+, the latest phones from Samsung have a new ultrasonic, in-display fingerprint sensor, which creates a 3D image of your print and is more secure than traditional capacitive fingerprint readers.
- Moreover, one crucial area is the fast-growing market for mobile payments, where both consumers and financial services need additional security. According to Precise Biometrics, 60 percent of all transactions in mobile payments are expected to be performed via biometric authentication by 2020, primarily using fingerprint sensors in mobile devices.
- Fingerprint authentication is fast becoming an essential method of attendance tracking for organizations across industries. Ministry of Electronics and Information Technology (MeitY), GOI, for example, has implemented biometric attendance for 901,713 central government employees and more than 1.8 million state employees under a pilot project implemented by GOI.
