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The global optical fingerprint sensor market was analyzed by Market Research Future (MRFR) and it was projected that a notable CAGR of 12% will be attained by the market over the forecast period of 2018 to 2023. The valuation of the optical fingerprint sensor market was further stated to surpass its previous figure to reach an expected valuation of USD 1 Billion.
Fingerprint scanning technology has over the years gained massive adoption across different applications owing to the accuracy and affordability that it brings to the table. An increasing need to protect sensitive information in highly competitive environments has prompted the use and demand of fingerprint scanning technology. It is most commonly seen being used in commercial security, however, the technology boasts a wide array of applications, thereby driving its global growth. It is increasingly being integrated in consumer electronics as advancements in display technology and security has brought-forward new opportunities to support the market growth. The booming growth and expansion of the consumer electronics industry is expected to further drive the global optical fingerprint sensor market.
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On the other hand, false rejections and various other technical issues are reported to be the major challenges that the global market might face over the forecast period. However, a pool of opportunities and increasing technological advancements in the field are expected to curb down the hampering effect these challenges might pose. It was noted by MRFR that a huge opportunity lies ahead for fingerprint sensors in smartphone devices, wherein there is an ongoing trend of moving towards in-display optical fingerprint sensors. As the technology is affordable, major developments are being made on a consistent basis to ensure large scale adoption of the technology and growth of the global market.
The global optical fingerprint sensor market has been segmented in terms of type, end-user, and components.
By component, the market includes CMOS optical imagers, photodiode, cover plate, charged coupled device (CCD), and lens. Among these, both the CCD and CMOS segment enjoy the maximum share over the market due to its wide-scale use together in fingerprint sensors.
By technology, the market segments into multi-spectral imaging and electro-optical imaging. Electro-optical imaging segment edges past multi-spectral imaging segment as the most commonly used technology in fingerprint sensors. This has prompted the segment to lead the global market with the highest share.
By application, the market comprises healthcare, telecom operators, consumer electronics, military & defense, commercial security, banking & finance, smart homes, and government agencies.
The global optical fingerprint sensor market share is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The global optical fingerprint sensor market is led by Asia Pacific. The regional market holds a strong presence of various important technology-driven industries like semiconductors and consumer electronics. Various leading players present in the region are contributing to the overall growth and development of the technology. Many players in the market are even seen expanding bases or shifting bases to this region to reap onto the opportunities the regional market boasts.
North America follows up Asia Pacific to stand second in the global optical fingerprint sensor market. The presence of the US and Canada with a number of leading manufacturers therein is one of the biggest driving factors of the regional market.
The global optical fingerprint sensor market comprises a host of key players. This includes names like Shenazhen CAMA Biometrics Co.Ltd (China), Vkansee (China), Synaptics Incorporated (U.S.), Bio Key International Inc. (U.S.), BioEnable Technologies Pvt. Ltd. (India), Bayometric (U.S.), Fingerprint Cards AB (Sweden), VocalZoom (Israel), Aware Inc (U.S.), SecuGen Corporation (U.S.), Securlinx Integration Software (U.S.), among others.
July 2019, BOE Technology, Chinese-based smart display solution provider, announced that it has successfully made an in-display optical fingerprint sensing solution for Liquid Crystal Display (LCD) screens.
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Michael Owens serves as the marketing advisor of Head45 in Cardiff Bay. He is a specialist in customer experience and an expert brand strategist who is keen to take on challenges that will help the business expand. Michael puts his creative energy into penning posts that are both interesting and useful for the most popular blogging sites.