Fingerprint Biometrics Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Fingerprint Biometrics market in 2021?

The global fingerprint biometrics market had a market size of USD 6.12 billion in 2021. It is expected to grow at a CAGR of 14.5% from 2021 to 2028, reaching USD 15.27 billion by the end of the forecast period.

COVID-19 Impact on the Fingerprint Biometrics Market

The COVID-19 pandemic had a significant impact on the fingerprint biometrics market. The implementation of social distancing measures and lockdowns led to a slowdown in the adoption of fingerprint biometric systems in various sectors. However, the need for contactless biometric solutions has increased the demand for fingerprint biometrics in applications such as access control, healthcare, and financial services.

Fingerprint Biometrics Dynamics

The fingerprint biometrics market is driven by the increasing concerns regarding security and identity theft. The rise in cybercrimes and the need for secure authentication methods have propelled the adoption of fingerprint biometric systems. Additionally, technological advancements such as the integration of fingerprint sensors in smartphones and wearable devices have expanded the market opportunities for fingerprint biometrics.

Segments and Related Analysis

The fingerprint biometrics market is segmented based on technology, application, and end-user. In terms of technology, capacitive sensors held the largest market share in 2021, driven by their accuracy and reliability. In terms of application, the government sector dominated the market due to the increasing demand for secure identification and authentication systems. In terms of end-user, the BFSI sector accounted for the highest market share, driven by the need for secure financial transactions.

By Region Analysis

The fingerprint biometrics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America led the market in 2021, followed by Europe and Asia Pacific. The presence of key market players, technological advancements, and stringent regulations regarding data security have propelled the growth of the fingerprint biometrics market in these regions.

Key Market Players and Competitive Landscape

Key players in the fingerprint biometrics market include NEC Corporation, 3M Cogent, Gemalto, HID Global, and Crossmatch Technologies. These companies focus on product innovation, partnerships, and acquisitions to maintain their market position and gain a competitive edge. The competitive landscape of the fingerprint biometrics market is characterized by intense competition, with players striving to develop advanced biometric solutions to cater to the evolving security needs of various industries.

Recent Happenings in the Fingerprint Biometrics Market

In recent years, the fingerprint biometrics market has witnessed several developments aimed at enhancing security and efficiency. For instance, advancements in fingerprint recognition algorithms have improved the accuracy and speed of biometric authentication systems. Additionally, the integration of fingerprint sensors in smart devices such as smartphones, tablets, and laptops has increased the convenience and accessibility of biometric authentication. Furthermore, partnerships and collaborations among key market players have led to the development of innovative biometric solutions tailored to specific industry requirements.