Fingerprint Sensors Market Size

Fingerprint Sensors Market Analysis

The Fingerprint Sensors Market size is estimated at USD 9.54 billion in 2024, and is expected to reach USD 16.78 billion by 2029, growing at a CAGR of 11.96% during the forecast period (2024-2029).

The fingerprint sensors market has expanded rapidly over the past few years and is projected to increase even further during the forecast period. Increased adoption of smartphones, increasing security applications, and government initiatives to adopt biometrics tend to be the key factors driving the demand for fingerprint sensors globally.

• The fingerprint is among the prominent type of biometrics used in various devices and application fields, owing to which the demand for fingerprint sensors is on the rise. Moreover, according to the survey carried out by Biometrics Institute for 360 respondents across the globe in June 2021, 56% of the respondents from Europe agree with strict legislation concerning biometrics.
• The growing penetration of smartphones, which are equipped with fingerprint sensors, is among the prominent driver of the growth of fingerprint sensors. For instance, as reported by counterpoint, In Q1 of 2021, the shipment of smartphones like Samsung accounted for approximately 77 million globally, and loads of iPhones globally accounted for 57 million.
• In line with that, the number of intelligent devices, such as tablets, laptops, smartphones, and smart wearables per person, is expected to increase over the coming years; these devices are increasingly being incorporated with fingerprint sensors. According to Cisco, in 2018, the number of networked devices per person stood at eight and is expected to reach 13.6 per person by 2022.
• The penetration of smartphones is increasing exponentially, owing to the increasing influence of fast internet access, and with the advent of 5G, smartphone penetration is expected to increase even further. According to GSMA, the number of smartphone subscribers in North America is expected to reach 328 million by 2025. Moreover, by 2025, the region may witness an increase in the penetration rates of mobile subscribers (86%) and the internet (80%). Additionally, according to GSMA, by 2025, Europe is estimated to register the highest internet penetration rate (82%) and smartphones (88%).
• Facial recognition systems are increasingly becoming common in various devices. For instance, major smartphone vendors, such as Apple, Samsung, and OnePlus, have already incorporated this user authentication. This increase in the adoption of substitute technology can hamper the growth of the fingerprint sensors market.
• The COVID-19 pandemic has increased the demand for consumer electronics such as smartphones, laptops, PCs, and tablets. For instance, the sale of notebooks grew in Russia amid the pandemic in March 2020 and accounted for a growth of 50%, according to RBC.ru.