PUNE, India, May 21, 2018 /PRNewswire/ --

According to the new market research report on the "Fingerprint Sensor Market by Type, Technology (Capacitive, Optical, Thermal), Application (Consumer Electronics, Government & Law Enforcement, Travel & Immigration, Banking & Finance), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 4.25 billion in 2018 to USD 8.80 billion by 2023, at a CAGR of 15.66%. The growth of this market is mainly driven by factors such as the proliferation of fingerprint sensors in smartphones and other consumer electronics, government support for the adoption of fingerprint sensors, and use of biometrics in mobile commerce.

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Capacitive fingerprint sensors to hold largest share of the fingerprint sensor market by 2023

Capacitive fingerprint sensors are expected to hold the largest share of the fingerprint sensor market based on technology, in terms of value, by 2023. The largest share of the sensors based on this technology is attributed to the use of capacitive fingerprint sensors in smartphones, laptops, and other consumer electronics. Moreover, Apple (US), Goodix (China), Egis Technology (Taiwan), and Synaptics (US), among others, are the major providers of the capacitive fingerprint sensors.

Fingerprint sensor market for banking and finance application to grow at highest CAGR between 2018 and 2023

The fingerprint sensor market for the banking and finance application is expected to grow at the highest CAGR between 2018 and 2023. The growth of the market for this application is attributed to the use of biometric smart cards in backs and finance-related organizations. In the near future, many companies are expected to play a major role in the market for smart cards, which can be used as payment cards. Companies such as NEXT Biometrics (Norway), Fingerprint Cards (Sweden), and IDEX ASA (Norway) are actively involved in the development and commercialization of smart cards. These cards would enable the consumers to make a contactless payment, taking security to the next level.

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APAC to dominate fingerprint sensor market during forecast period

The fingerprint sensor market in APAC is expected to grow at the highest CAGR during the forecast period. The rise in disposable income in APAC countries has led to the increase in the demand and use of smartphones and laptops, which, in turn, has increased the growth of fingerprint sensor market in this region. The increasing penetration of fingerprint sensors and the influx of global players, along with the emergence of native players, are contributing to the growth of the market. As a result, APAC holds a significant share of the overall fingerprint sensor market.

The key players in the market include Apple (US), Synaptics (US), Fingerprint Cards (Sweden), Goodix (China), IDEMIA (France), Egis Technology (Taiwan), NEXT Biometrics (Norway), Anviz Global (US), IDEX ASA (Norway), and Gemalto (Netherlands). These players in are increasingly undertaking the strategies of partnerships and collaborations, and product launches, which enables them to develop and introduce new technologies and products to the market.

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