The fact that fingerprints can be used to identify an individual has been known since ancient times, with records suggesting the concept to be in practice in Egypt as early as 2,000 BC. By the 1920s, governments around the world were widely using these features as proofs of identity. Then, people were simply made to cover their fingerprints with ink, for their impressions to be recorded on plain paper.
With time, the science of capturing, storing, and analyzing fingerprints has advanced significantly, with electronic means now being more widely used. Thus, with the growth of this practice, P&S Intelligence expects the fingerprint sensors market value to rise from $3.8 billion in 2019 at a high 13.6% CAGR between 2020 and 2030 (forecast period).
Apart from government, the BFSI sector is rather significant from the point of the usage of fingerprint identification. Since this industry deals with money, security is of the highest importance here. Therefore, the identity of an individual must be firmly established before any new account is opened, funds are withdrawn, or loan is issued.
With time, the science of capturing, storing, and analyzing fingerprints has advanced significantly, with electronic means now being more widely used. Thus, with the growth of this practice, P&S Intelligence expects the fingerprint sensors market value to rise from $3.8 billion in 2019 at a high 13.6% CAGR between 2020 and 2030 (forecast period).
For the longest time, fingerprints have been leveraged by governments for employee and citizen enrolment and verification. They are used for enrolling people for ration cards and other public services and during criminal investigations. However, now, the practice has become popular in many other industries, such as consumer electronics, corporate, banking, financial services, and insurance (BFSI), hospitality and healthcare, retail, and automotive.
Apart from government, the BFSI sector is rather significant from the point of the usage of fingerprint identification. Since this industry deals with money, security is of the highest importance here. Therefore, the identity of an individual must be firmly established before any new account is opened, funds are withdrawn, or loan is issued.
With the increasing incidence of thefts causing banks millions of dollars in losses, this industry is increasingly using swipe and area/touch sensors to capture the patterns, folds, arches, and whorls on people’s fingertips, to ascertain their identity.
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