What Is The Definition Of The Global Optical Fingerprint Sensor Market?
An optical fingerprint sensor is a biometric device that captures fingerprint images using light-sensitive technology, typically through an array of light-emitting diodes (LEDs) and photodiodes. It works by illuminating the fingerprint surface and recording the reflected light patterns, which are then analyzed to extract unique fingerprint characteristics for identification or authentication purposes.
Optical Fingerprint Sensor Global Market Report 2024 provides data on the global optical fingerprint sensor market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Optical Fingerprint Sensor market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Optical Fingerprint Sensor Market Size And Annual Growth Rates?
The optical fingerprint sensor market size has grown rapidly in recent years. It will grow from $1.97 billion in 2023 to $2.18 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to security concerns, mobile device integration, cost reduction, consumer demand for convenience, and growing concerns regarding identity theft, fraud, and unauthorized access. The optical fingerprint sensor market size is expected to see rapid growth in the next few years. It will grow to $3.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to advancements in technology, increasing adoption of biometric authentication, government regulations and initiatives, rising smartphone penetration, and a growing IoT (Internet of Things) ecosystem. Major trends in the forecast period include increasing adoption of mobile devices, integration with smart home devices, growth in automotive applications, advancements in sensor technology, and demand for wearable devices.
Which Key Drivers Are Propelling The Optical Fingerprint Sensor Market's Growth?
A growing emphasis on cybersecurity is expected to propel the growth of the optical fingerprint sensor market going forward. Cybersecurity threats are rising due to increased digitization and interconnectedness, providing more avenues for malicious actors to exploit vulnerabilities in systems and networks. Optical fingerprint sensors enhance cybersecurity by providing a biometric authentication layer, ensuring secure access to devices and systems through unique fingerprint identification, and bolstering overall security measures. For instance, in April 2023, according to the Department for Science, Innovation, and Technology, a UK-based government body, cybercrime affected 11% of businesses and 8% of charities in total. Moreover, this number has increased to 26% of medium-sized enterprises, 37% of large companies, and 25% of high-income charities compared to 2022. Therefore, the growing emphasis on cybersecurity is driving the growth of the optical fingerprint sensor market, with market sizes reaching $A billion in 2023, $B billion in 2024, and $C billion in 2028.
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What Are The Key Segments Within The Global Optical Fingerprint Sensor Market?
The optical fingerprint sensor market covered in this report is segmented –
1) By Type: Photo Diode, Charged Coupled Device, Complementary Metal–Oxide–Semiconductor (CMOS) Optical Imagers, Cover Plate, Lens
2) By Technology: Electro-Optical Imaging, Multi-Spectral Imaging
3) By Application: Consumer Electronics, Military And Defense, Banking And Finance, Telecommunications Operators, Government Agencies, Healthcare, Smart Homes, Commercial Security
How Are New Trends Impacting The Size Of The Optical Fingerprint Sensor Market?
In the optical fingerprint sensor market, companies are advancing biometric authentication technologies such as live finger detection (LFD) to enhance security and address evolving digital threats. LFD technology distinguishes between live human fingers and fake replicas, such as silicone or gelatin molds, used to deceive fingerprint recognition systems. For instance, in February 2021, Aratek International, a Taiwan-based biometric device and digital identity solutions provider, released the FBI FAP30 Aratek A700 fingerprint scanner. This optical fingerprint scanner, designed to meet the demands of various applications, features a larger sensing area (20.32 x 25.4 mm) for efficient biometric data capture, incorporating LFD and AES-256 encryption for enhanced security.
Which Region Drives The Highest Growth In The Optical Fingerprint Sensor Market?
North America was the largest region in the optical fingerprint sensor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the optical fingerprint sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
