MarketsandMarkets has released a new report that details the impact of COVID-19 on fingerprint sensor markets. In that regard, the firm expects the market for that technology to double between 2020 and 2025, growing from $3 billion to $6 billion even though the coronavirus has raised health concerns and discouraged the use of shared fingerprint readers.
The figures in the report represent a CAGR of 15.2 percent. The firm attributes much of that demand to consumer devices and biometric smart cards that use fingerprint sensors for authentication. Those personal devices typically have a single user and consequently do not carry the same level of risk as shared fingerprint sensors. They are also becoming more popular now that more people are adopting contactless payment options and relying on remote security solutions while working from home.
However, COVID-19 will still have some negative impact on the fingerprint sensor market. Many manufacturing facilities have been shut down in an effort to contain the virus, and the disruption of the semiconductor industry will eventually spread to the sensor market. As a result, many companies may spend less on research for the foreseeable future.
MarketsandMarkets believes that the APAC region will make up the largest portion of the fingerprint sensor market, holding on to the position that it has held for much of the past decade. Many of the world’s leading smartphone and device manufacturers are based in the region, and many public and private organizations are now using fingerprint sensors for identity verification.
The report identified Goodix, FPC, Apple, IDEX Biometrics, Qualcomm, and Egis Technology as some of the biggest players in the fingerprint space. Both IDEX and FPC have predicted that COVID-19 will generate more interest in contactless solutions like biometric payment cards, while Goodix has placed its in-display fingerprint sensors in multiple smartphones in the past few months.
(Originally posted on FindBiometrics)