Optical Fingerprint Sensor Market Advancement, Target Audience, Growth Prospects Predicted by 2027 | COVID-19 Effects
Market Research Future (MRFR) expects the global Optical Fingerprint Sensor market 2020 to attain a valuation of USD 1 billion by 2023-end. It is also estimated that the market can advance at a decent rate of 12% between 2017 and 2023, which is the forecast period. We will provide covid-19 impact analysis with report.
Primary Boosters and Main Deterrents
Optical fingerprint scanning technology has been observing a rapid surge in its adoption rate, on account of its high accuracy level and affordability that makes it a big hit among price-sensitive end-users. A mounting need to safeguard sensitive data and information within an intensely competitive environment prompts am increase in the adoption of fingerprint sensors. With a widespread use in commercial security, the Optical Fingerprint Sensor technology has a broad application range across various industries, which induces major market growth across the globe.
Vastly utilized in various consumer electronics, the frequent advancements in the display technology coupled with security have given rise to lucrative opportunities that result in business expansion. The flourishing consumer electronics industry along with the rampant demand of these products has boosted the demand for Optical Fingerprint Sensors. New applications paired with the associated markets are projected to expand in the coming years, which can drive the market growth for optical fingerprint sensors. The increasing number of attractive opportunities and the technological advancements that are underway in the field can also benefit the optical fingerprint sensor market during the appraisal period.
Speaking of opportunities, optical fingerprint sensors are extensively deployed in smartphones. However, the latest trend is the increasing use of in-display optical fingerprint sensors in smartphones that can pave the way for better growth prospects in the market. As of now, the technology is considered highly affordable; however more developments are ongoing to come up with lower priced systems to draw in the attention of more consumers. This is bound to ensure market growth in the approaching years.
MRFR provides the latest impact analysis on COVID-19, revealing that in just few months, the semiconductor industry has been drastically affected by the recent crisis. Taking into account the long-term impact of covid-19, the semiconductor sector will however remain resilient, in line with the companies adopting the work-from-home strategy to ensure their operations continue in the coming time. Therefore, with the rising use of digital platforms, the demand for data centers, laptops, and other gadgets has skyrocketed in the face of the present lockdown situation. Although the short-term impact of the pandemic can lead to slight inconvenience, the growth potential of the optical fingerprint sensor market seems quite high.
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The market for optical fingerprint sensors has been considered for component, technology and application.
The primary components covered in the market study are charged coupled device (CCD), photodiode, cover plate and lens as well as CMOS optical imagers. Between these, the lead has been taken by the CCD segment and the CMOS segment, given their combined use in fingerprint sensors.
The main technologies studied are electro-optical imaging as well as multi-spectral imaging. Electro-optical imaging is one of the most popular techniques in optical fingerprint sensors, as a result of which it is holds the biggest share in the global market.
The applications of optical fingerprint sensors are government agencies, healthcare, military & defense, smart homes, telecom operators, banking & finance, commercial security, consumer electronics, and more. Banking & finance, commercial security and telecom can exhibit higher demand in the coming years, and show fast growth during the given period.
The regional study of the optical fingerprint sensor market covers Europe, North America, Asia Pacific (APAC) and the Rest of the World (RoW).
The dominance of the APAC market is apparent, given the strong presence of a massive number of celebrated tech vendors in the consumer electronics and semiconductors industries. The high concentration of a number of renowned smartphone OEMs like Oppo, Samsung, Xiaomi and Vivo in China; increasing deployment of biometrics systems in retail and the mounting need to bring down the fraud incidents and provide safe access to the logical and physical assets in commercial applications also benefit the optical fingerprint sensor market. The increasing awareness levels about the benefits of optical fingerprint sensing technology and the appeal of its cost-effectiveness also drives the APAC market.
North America is one of the strongest contenders in the global market for optical fingerprint sensors, spearheaded by the US and Canada. The market study suggests that the frequent technical advancements and the increase in security-related concerns push the uptake of optical fingerprint sensors in the region.
Top contenders in the industry include Securlinx Integration Software (U.S.), Fingerprint Cards AB (Sweden), BioEnable Technologies Pvt. Ltd. (India), VocalZoom (Israel), Vkansee (China), Bio Key International Inc (U.S.), SecuGen Corporation (U.S.), Shenazhen CAMA Biometrics Co.Ltd (China), Aware Inc (U.S.), Bayometric (U.S.), Synaptics Incorporated (U.S.), to name a few.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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