Fingerprint recognition is an automated method of identifying or confirming the identity of an individual based on the comparison of two fingerprints.
Increasing use of biometrics in consumer electronics devices is a major factor boosting growth of the global fingerprint recognition system market over the forecast period. For instance, in December 2019, Shenzhen Goodix Technology Co., Ltd. announced the launch of its ultra-thin optical IN-DISPLAY FINGERPRINT SENSOR with the commercialization by OnePlus 7T Pro 5G McLaren in the U.S.
Major automakers are focused on integrating fingerprint recognition in their vehicles, which is expected to boost growth of the global fingerprint recognition system market. For instance, in November 2019, Karma Automotive launched all-electric concept vehicle SC2 with fingerprint and facial recognition sensors for vehicle entry.
Increasing initiatives of various governments to digitalize various sectors is expected to offer lucrative growth opportunities for players in the global fingerprint recognition system market over the forecast period. For instance, in December 2019, Asia Pacific Economic Cooperation (APEC) unveiled an action plan to boost the digitalization of small and medium-sized enterprises (SMEs) in APEC economies. Moreover, increasing adoption of cloud HSM service in the banking sector is also expected to boost growth of the market. For instance, in September 2019, Treezor, the leading banking-as-a-service platform in France, chooses Thales Cloud HSM, a product of Thales eSecurity, to help secure banking-as-a-Service
Key players in the market are focused on launching optical fingerprint sensors to expand their product portfolio. For instance, in December 2019, Mantra Softech launched a new optical fingerprint sensor that can be deployed to bring biometric authentication to a range of different devices and applications. Key players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in March 2018, Thales eSecurity acquired Gemalto, a digital security company.
However, increasing adoption of facial recognition system is expected to hinder growth of the global fingerprint recognition system market. For instance, in December 2019, the Ministry of Industry and Information of the Republic of China, announced that all mobile phone users in China registering new SIM cards must submit to facial recognition scans.
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