Fingerprint Module Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Fingerprint Module Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Fingerprint Module Market was valued at USD 3.40 billion in 2020 and is expected to reach USD 8.75 billion by 2026, at a CAGR of 17.08% over the forecast period 2021 - 2026. Government investments towards the development of a secure and reliable repository of citizen identification is a major driver for the market. In India, 1.24 billion people have an Aadhaar number as of June 2019, covering more than 99% of the adult population. The project that had been initially linked to only public subsidy and unemployment benefit schemes now includes a payment scheme.

Key Highlights

• The ever-expanding smartphone integrations of biometric authentication, coupled with the sustained growth rates of the smartphone market itself will drive the demand for fingerprint module. Efforts to satisfy both data security and user convenience continue to drive innovations in the smartphone biometrics space. For example, the Galaxy S10 and S10+, the latest phones from Samsung have a new ultrasonic, in-display fingerprint sensor, which creates a 3D image of your print and is more secure than traditional capacitive fingerprint readers.
• Moreover, one crucial area is the fast-growing market for mobile payments, where both consumers and financial services need additional security. According to Precise Biometrics, 60 percent of all transactions in mobile payments are expected to be performed via biometric authentication by 2020, primarily using fingerprint sensors in mobile devices.
• Fingerprint authentication is fast becoming an essential method of attendance tracking for organizations across industries. Ministry of Electronics and Information Technology (MeitY), GOI, for example, has implemented biometric attendance for 901,713 central government employees and more than 1.8 million state employees under a pilot project implemented by GOI.

Key Market TrendsAviation Sector will Increasingly Use Bio-metric Solutions to Enhance Security for Air Travellers

• Airlines and Airports across the globe are stepping up investments to ensure secure and easy travel for passengers, with 71 percent of airlines and 77 percent of airports planning major programs or research and development in biometric ID management, according to a recently published report by SITA. The report further adds that biometric self-boarding gates are projected to be used by 59 percent of airports by 2021. It is also anticipated that 63 percent of airlines will start using biometric self-boarding gates during the same period.
• Hartsfield-Jackson Atlanta International, LAX, and JFK are among 15 US airports currently testing the technology with airline partners such as Lufthansa, British Airways and Delta. Delta is already using fingerprint and eye scanning technology to let members into its ‘Sky Clubs’; car rental company Hertz also plans to roll out biometric screening at 40 airports in the US.
• A report just released by the U.S. Department of Homeland Security’s Inspector General has urged the Customs and Border Patrol to meet its goal to confirm all foreign departures with biometrics at the top 20 U.S. airports by 2021. CBP collects biometric information such as fingerprints and photos, to confirm identity and document nonimmigrant entry to the country.
• Indian passengers on domestic flights may soon be able to board without travel documents using a “DigiYatra” (DY) based on biometrics after a technical team made up of representatives from the Airports Authority of India (AAI) and the four private metro airports finalized its format, The Times of India reports. Travelers can obtain an optional DY ID from aviation ministry Airsewa portals, which were established in 2016 to handle grievances, by enrolling fingerprints and iris biometrics.

Asia Pacific will be the Fastest Growing Market

• Asia-Pacific will continue to be the fastest growing market during the forecast period. Underpinned by a culture of acceptance and readiness to embrace new technology, Asia’s realistic approach has made it convenient for the public to embrace fingerprint biometric systems.
• This augmented by government efforts has led to the creation of a vibrant economy for fingerprint sensors in this region. The 1.2 billion Indians with Aadhaar biometric identities today are globally the largest national population with digitally verifiable identities.
• The increasing demand for convenient and secure payment methods will further increase the demand for fingerprint biometrics within Asia’s payment ecosystem. Following a series of trials of the biometric fingerprint payment smart card systems, several leading card issuers and payment networks within APAC, such as Hengbao, Chutian Dragon and China Union Pay, are relentlessly working to bring the concept of biometric fingerprint authenticated payments to the Asian market.
• The other major reason why Asia- Pacific will continue to dominate the Fingerprint Module Market is the fact that it will continue to the fastest growing smartphone market in the world. In terms of subscriber growth according to the 'The Mobile Economy of Asia Pacific 2018' report, APAC will account for over half of new subscribers globally by 2025. The report further states that 424 million new subscribers are expected to get added across the region by 2025, taking the total to 3.2 billion, which is 73% of the population.

Competitive Landscape

The fingerprint module market is a highly competitive market with a sizeable number of big and small players who continue to fight for establishing a footprint in geographies across the globe. The major players in this sector include Secugen Corporation, HID Global Corporation, Suprema Inc., NITGEN Co., Ltd, Idemia France SAS among others. Some of the recent developments in the industry are as follows:-

• February 2019 - Argus TrueID acquired Queensland based biometric services provider Biometric Identity Solutions. Argus TrueID supplies identity and security solutions for industries ranging from banking to criminal justice
• September 2018 - HID acquired Crossmatch, the biometric identity management company. Crossmatch has enhanced solutions for civil government, defense, and commercial applications, along with a secure multi-factor authentication software solution.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Secugen Corporation
HID Global Corporation
Suprema Inc.
Integrated Biometrics, LLC
NITGEN Co.,Ltd
NEC Corporation
NEXT Biometrics Group ASA
Anviz Global
Idemia France SAS
Thales Group (Gemalto NV)

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