Exponential Rise in Demand for Smartphones Likely to Augment Market
Technological advancements have played an imperative role across the consumer electronics sector. Several brands and companies are leveraging new technologies to launch products with advanced features. At present, smartphones are arguably one of the most important components of the human ecosystem. Smartphones have evolved at a considerable pace over the past decade, due to staggering advancements in sensor and semiconductor technologies. The unlock feature of different smartphones manufactured by different brands continues to gain notable spotlight as consumers continue to emphasize on data security. In-display fingerprint sensors are increasingly being used in smartphones and have emerged as one of the most popular advancements in smartphone technologies.
The deployment of in-display fingerprint sensors or fingerprint recognition systems has increased over the past few years. In addition, progress in mobile biometrics and advancements in fingerprint technologies have led to the large-scale adoption of in-display fingerprint sensors in modern-day smartphones, thus driving the in-display fingerprint sensors market.
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The growing adoption of the fingerprint technology has gained pace in recent years, due to a series of technological developments and innovative concepts. In addition, as the overall costs of these technologies continue to spiral down, consumer demand continues to move in the opposite direction. At the back of these factors, the global in-display fingerprint sensors market is expected to attain a market value of US$ 2.5 Bn by the end of 2030.
Identity Verification and Advancements in Biometrics Technologies to Propel Market
Fingerprint recognition technologies have evolved over the years and gained considerable adoption due to access control and identity verification. A pre-established record of an individual enables identity verification across biometric systems due to which, the need to display an identification card is not required. At present, in-display fingerprint recognition is one of the most advanced biometric modality and is also provides an end-to-end solution that can be easily integrated with the existing fingerprint recognition systems.
In the current scenario, fingerprint recognition technologies can be utilized in a host of applications, including identity verification, identification, and access control. In addition, as in-display fingerprint sensors have emerged as an ideal and safe replacement for keys, cards, passwords, and PINS, the demand continues to grow at a staggering pace. In-display fingerprint sensors are increasingly being used across different sectors, including residential (fingerprint lock doors), corporate (fingerprint attendance system), and industrial (access control). The in-display fingerprint sensors market is likely to grow due to the added convenience, time saving ability, and a high degree of safety in comparison with other alternatives.
Fingerprint Recognition Moves beyond Forensics
Fingerprint recognition techniques that are primarily used in forensic operations have garnered considerable attention from players in the technology space over the past few years. Technological advancements in these systems are directly linked to the progress made by sub-systems. Advancements in fingerprint sub-systems are likely to influence the development of next-generation fingerprint technologies and devices. Recent advancements in hardware and software coupled with focus on using high-quality materials are some of the factors that have played an imperative role in improving fingerprint technologies in recent times.
Advancements in fingerprint sensors, fingerprint processors, and firmware algorithms are some of the other factors that are likely to boost the growth of the in-display fingerprint sensors market.
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Supply Chain Challenges, Declining Consumer Demand to Hinder Market Growth amid COVID-19
The advent of the novel COVID-19 pandemic is expected to hamper the growth of the global in-display fingerprint sensors market. Although most industries continue to find different ways to minimize the impact of the COVID-19 pandemic, participants within the in-display fingerprint sensors market are likely to invest resources to diversify their product range and focus on developing cutting-edge face recognition scanners. Growing consumer concerns pertaining to the transmission of the COVID-19 infection coupled with mounting hygiene concerns are some of the factors that are likely to hinder the demand for in-display fingerprint scanners.
In addition, supply chain bottlenecks put forward by the COVID-19 pandemic, particularly in nations such as India and China are likely to affect the growth of the in-display fingerprint sensors market. In addition, as consumer demand for electronic items continues to witness considerable decline, the adoption of in-display fingerprint sensors is anticipated to decline as well.
In-display Fingerprint Sensors Market: Overview
- The global in-display fingerprint sensors market is expected to register a CAGR of ~35% (in terms of volume) between 2020 and 2030
- The rising adoption of smartphones across the globe is expected to boost the in-display fingerprint sensors market in the near future
- The global in-display fingerprint sensors market is expected to reach US$ 2.5 Bn by 2030 from ~US$ 350 Mn in 2020
- Asia Pacific holds a major share of the in-display fingerprint sensors market in terms of revenue and is anticipated to dominate the in-display fingerprint sensors market during the forecast period, followed by Europe and North America
- Asia Pacific remains the leading region in the in-display fingerprint sensors market, with revenues in 2020 estimated at US$ 163 Mn
- The in-display fingerprint sensors market in Middle East & Africa and South America are also projected to show moderate growth during the forecast period