Why will Demand for Fingerprint Sensors Soar in Asia-Pacific in Near Future?

 

With the rising usage of fingerprint sensors in various government sectors and applications, their sales are surging sharply across the world. Government organizations, military headquarters, courts, and various other public organizations are increasingly adopting advanced fingerprint sensors for improving the security of their premises. These devices authenticate the identity of the person entering the premises. This subsequently mitigates the chances of identity thefts and prevents identity duplication during the provision of several government services to the citizens.

For example, the Unique Identification Authority of India (UIDAI) uses Aadhaar-based biometric identification for dispersing the various benefits sanctioned under different social welfare schemes to the people belonging to the economically weaker sections of the society. This model involves the capturing of the fingerprints of people so that their identity can be easily authenticated. Besides this, the usage of biometric cards by organizations working in the banking, financial services, and insurance sector is also fueling the demand for fingerprint sensors.

Get More Insights: Fingerprint Sensors Market Segmentation Analysis Report

The growing incidence of frauds and thefts in this sector is massively boosting the demand for connected devices, which is, in turn, generating a huge requirement for fingerprint sensors. Biometric cards integrated with the fingerprint technology are more secure and faster than the traditionally used payment cards. These cards not only authenticate the identity of users in less than a second but they also provide more security and protection than a standard four-digit pin.

In 2018, dual interface biometric payment cards were launched by Visa Inc. in collaboration with Mountain America Credit Union and Bank of Cyprus. Due to these factors, the popularity of fingerprint sensors is growing rapidly across the globe, which is, in turn, fueling the expansion of the global fingerprint sensors market. According to various reports, the market reached a value of $3.8 billion in 2019 and it is predicted to grow at a CAGR of 13.6% from 2020 to 2030.