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Growth of Smartphones in Asia-Pacific Will be the Key Growth Engine for Fingerprint Sensors
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The revenue of the global fingerprint sensors market in 2019 is estimated to be $3,201.7 million and is expected to grow at a CAGR of 16.7% between 2019 and 2024. The Asia-Pacific (APAC) is the biggest region for fingerprint sensors, holding 24.1% of the global revenue. The APAC region is expected to witness the highest CAGR of 19.0% between 2019 and 2024 and will become the biggest revenue contributor by 2024, with 26.6% of the global revenue share. Capacitive fingerprint sensors technology is the biggest sensor type, with revenue of $1,280.7 million in 2019, and will continue to hold a majority of the market revenue during the forecast period. Optical and ultrasonic fingerprint sensors will grow at a CAGR of 16.2% and 17.0%, respectively, between 2019 and 2024, and will contribute significantly to the to the total market by the end of 2024. The government vertical is the biggest revenue contributor, with 34.8% revenue share. The consumer electronics is the second-biggest vertical, holding 29.3% of the total global revenue in 2019. The consumer electronics vertical will have the highest CAGR of 21.6% between 2019 and 2024, and will be the biggest revenue contributor by the end of 2024 for fingerprint sensors. The fingerprint sensors market is highly competitive, with about 100 participants and top 3 participants holding 31.4% of the market share globally. Manufacturers are consistently coming up with products that can support new applications. Most market participants are into different product and vertical market segments; however, in recent years, the key focus of market participants has been the consumer electronics vertical, especially the smartphones segment. As the market is highly competitive, leading participants, as well as Tier-II companies compete on similar product offerings. Companies that have demonstrated product innovation time and again have been able to stay ahead of their peers in the competitive environment. In addition, market leaders also focus on inorganic growth to expand their product portfolio and customer base.
Key Issues Addressed
Author: Nandini Bhattacharya
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