With the consistent increase in smartphone sales around the world, the fingerprint sensors market size, as computed by PS Intelligence, is expected to increase from $3.8 billion in 2019 at a high 13.6% CAGR between 2020 and 2030 (forecast period). In the beginning, mobile phones were mostly produced in Europe and North America, and they were expensive for the common folk.
But, since the entry of Chinese companies in smartphone production, their prices have dropped drastically, and the masses are now able to purchase them. As a result of these factors, the consumer electronics and government categories occupied the top positions in the fingerprint sensors market during the historical period (2014–2019), on the basis of vertical.
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This situation will continue to remain the same till 2030 with governments around the world putting more-robust identity and access management solutions in place and the demand for consumer electronics with advanced features increasing. During the forecast period, the banking, financial services, and insurance (BFSI) category is likely to witness market growth at the highest CAGR within the segment.
The growing consumer electronics sales are also the reason the fingerprint sensors market was dominated by Asia-Pacific (APAC) in 2019. China, India, and South Korea are three of the largest buyers of smartphones, laptops, and tablets in the world, on account of their increasing disposable income. Moreover, many of the companies producing such devices are based in these countries.
In addition, the digitization initiatives of regional governments will continue to push up the demand for fingerprint sensors, which is why APAC will continue being the largest market for them throughout the forecast period. Thus, with the strengthening need to secure sensitive information and authenticate the identity of users, fingerprint sensors will continue to be important.
