Increasing Security Threats in BFSI Sector Fueling Fingerprint Sensors Sales Globally

The increasing risks of frauds and thefts in the banking, financial services, and insurance (BFSI) sector, on account of the surging penetration of connected devices and the internet, will augment the requirement for fingerprint sensors in the coming years. The rising incidence of such threats has led to the emergence of biometric cards. Unlike conventional payment cards, biometric cards are more secure and fast.

Fingerprint sensors-enabled payment cards can authenticate the identity of users in less than one second and offer more security than a standard four-digit pin. In addition, government organizations, courts, and military headquarters are rapidly installing advanced sensors to secure their premises. These organizations are also adopting fingerprint sensors to authenticate the identity and avoid duplication during the provision of several services to the public.


For example, the Unique Identification Authority of India (UIDAI) utilizes Aadhaar-based biometric identification to distribute the benefits of social welfare schemes to the economically weaker sections. Owing to these reasons, the fingerprint sensors market will progress at a CAGR of 13.6% during 2020–2030. According to P&S Intelligence, the market was valued at $3.8 billion in 2019.

To cater to the escalating need for increased security in the BFSI and government sectors, companies such as Synaptics Incorporated, Integrated Biometrics LLC, IDEX Biometrics ASA, Fingerprint Cards AB, Shenzhen Goodix Technology Co. Ltd., Next Biometrics Group ASA, Egis Technology Inc., id3 Technologies, and Qualcomm Incorporated are focusing on launching new products.

For instance, in June 2019, Integrated Biometric LLC launched the Dannoline of low-power light-emitting sensor (LES)-based fingerprint scanners. These scanners have been designed for biometric fingerprint identification applications, due to their low weight, compactness, and low-power requirement.

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