Fingerprint recognition is the oldest and longstanding biometric authentication method. From ancient times to the present, the judiciary and law enforcement have regarded it as the most reliable identification technique. As the world evolved to the digital era, fingerprint sensors overtook all old identification techniques. Fingerprint sensor authentication is used for everything from unlocking wearable gadgets to voter identification. The fingerprint sensor has become a standard authentication method for people using personal and public services. So, in this article, we will discuss the industries where biometrics are gaining traction and their present market status.
Fingerprint market predictions
According to their most recent study, published in October 2021 by Market and Market researchers, the CAGR from 2021 to 2026 is 10.9%, implying that the market value of fingerprint sensors will only reach $5.8 billion by 2026.
The comprehensive research suggests that the fingerprint module market can find profitable prospects in BFSI, consumer electronics, IoT-based products, etc. The most recent advancements, such as fingerprint payment cards, in-display fingerprint sensors, and contactless fingerprint modules, can boost the market even more. Besides, governments around the globe are using biometrics, particularly fingerprint sensors, to authenticate citizens to receive government services.
To that end, in the South Asian region, which is the largest biometric sensor market globally, India has launched various programmes that leverage biometric authentication under UIDAI (Unique Identification Authority of India). The use of fingerprint scanners for KYC for LPG distribution, BFSI, National Health ID, postal banking, etc., governed by UIDAI, can propel the market. These initiatives might strongly reflect the global market's growth since they are the largest of their kind.
Sectors where fingerprint sensors are blooming
During the pandemic, the trend slightly leaned to contactless biometric authentication. In the sight of the requirement, biometric companies are pushing themselves to launch contactless fingerprint sensors. Though, there are sectors where fingerprint sensors are going to alter the industry.
Finance: Top payment card manufacturers are replacing fingerprint authentication-based payment cards with traditional magnetic strip cards. Mastercard and VISA have already launched their fingerprint payment cards that authenticate cardholders with their fingerprints to initiate transactions. Mastercard is expecting to wipe out the magnetic strip from payment cards by 2025.
Consumer Electronics: Fingerprint sensors, including onscreen sensors, will remain in smartphones and tablets for the foreseeable future since they have purposes like unlocking the device, mobile banking, and web authentication. Apart from smartphones, fingerprint sensors find their applications in home appliances, door locks, switchboards, etc., as security authentication devices.
Information Technology: Web and system applications started practising biometric authentication by replacing password systems. Microsoft applications have started using biometric login with Windows Hello support. Google apps are also following the same path to secure their applications. Furthermore, biometric login devices have applications in office desktops as an attendance registering and login device.
Automotive: As per Allied Market Research, the automotive biometric market is growing at a CAGR of 12.0% from 2018 to 2024. Big giants in the sector like Ford, BMW, Mercedes-Benz, and Volkswagen plan to incorporate the biometric system into their cars, including facial recognition, fingerprints, and voice. However, the fingerprint sensors might find applications in engine start and access control.
Fingerprint sensors are an inevitable biometric authentication method. The judiciary still uses fingerprints to identify people, implying fingerprint authentication is a viable identification method for distributing government subsidies and financial aid.
Corporations and individuals don't have to wait until they switch from their traditional devices to biometric-enabled devices. Use Mantra's fingerprint modules to make the change now.
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