June 12, 2020
As per the report titled ‘Global Fingerprint Identification Module Market Size study, by Technology (Optical Fingerprint Scanner, Capacitive-based Fingerprint Reader and Multispectral Imaging Sensor), by End-Use Industries (Government & Law Enforcement, Consumer Electronics, Aviation, BFSI, Healthcare and others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global fingerprint identification module market was worth USD 2.9 billion in 2018 and is anticipated to record a CAGR of 8.3% over 2019-2026.
Fingerprint identification module is a combination of computer software and hardware referred as a biometric process that recognizes and validates the authenticity of the user’s fingerprints to authorize or deny access to the computer system or physical facility. The process involves enrolling the fingerprint into the system which gets stored into a database which looks for a match when the finger is scanned on the system, and accordingly allows or denies the access.
Increasing government investments towards development of a secure and reliable repository for citizen identification coupled with technological advancements in security systems are driving the growth of global fingerprint identification market.
According to the Indian government, over 1.24 billion people have a registered Aadhaar number as of June 2019, accounting for nearly 99% of the adult population. According to Precise Biometrics, 60% of transactions in mobile payments are expected to be authenticated through biometrics by 2020, facilitated by the fingerprint sensors in mobile devices. Moreover, latest smartphones from Samsung such as Galaxy S10 and S10+ feature a new ultrasonic in-display fingerprint sensor which renders a 3D image of the fingerprint, thereby ensuring the highest level of security as compared to traditional capacitive fingerprint sensors. Hence, increasing government initiatives towards digitalization coupled with wide adoption of fingerprint technology among smartphone manufacturers will enhance the industry growth over the forecast period.
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As reported by research experts, the high cost of hardware and software used for processing of fingerprint identification module may hinder the industry growth over the forecast period.
Considering the regional outlook, global fingerprint identification module market is divided into North America, Europe, Asia Pacific, Latin America, and Rest of the World. North America is anticipated to record substantial gains over the forecast period, owing to growing concerns regarding data thefts among people and spike in the cases of cyberattacks in the region.
Asia Pacific fingerprint identification module market will exhibit momentous growth over the forecast timeline, fueled by increasing government initiatives for protecting confidential information of the customer from data thefts and cyberattacks in the region.
Prominent industry players include Thales Group (Gemalto NV), Idemia France SAS, Anviz Global, NEXT Biometrics Group ASA, NEC Corporation, Nitgen Co.,Ltd., Integrated Biometrics, LLC, Suprema Inc., HID Global Corporation, and Secugen Corporation.