BLOOMINGTON, Minnesota, August 23, 2017 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled "Global Fingerprint Sensors Market, Analysis & Forecast, 2017 - 2023", the global fingerprint sensors market is expected to reach $12.82 billion by 2023, growing at a CAGR of 15.7% from 2017 to 2023. The pursuit of a safe and secure ecosystem where there are no fraudulent multiple identities, identity fraud, security breaches, and a threat to digital assets, has given the much-needed impetus to fingerprint authentication and identification market globally.
The fingerprint based biometric authentication and identification market has a high degree of potential in future owing to the rising demand for the fingerprint sensors in various end user industries. The upcoming wave of biometrics devices is likely to undermine a number of industries such as healthcare, automotive, banking and various financial institutions, consumer electronics, and many others. However, some of the challenges faced by these devices include the high cost of the products and privacy concerns. With the evolution of next generation devices, the cost of fingerprint sensor products is expected to decline substantially due to the technological advancement and increasing number of product launches and developments, moreover, the market will witness a gradual decrease in the cost of such products.
Fingerprint authentication technology is deployed to meet the security requirements of companies, gathering actionable intelligence of people with a history of past terrorist and criminal activities. Innovation in this field is a continuous phenomenon, with vendors attempting to create next generation security systems. Fingerprint authentication methods are used globally in disparate applications and have paved their way into many existing and new markets. However, authentication technologies are still at an evolving and emerging phase so as to have an impact on a large scale. Fingerprint authentication methods have a promising future in identification and security systems.
After the launch of fingerprint sensor "Touch ID" on iPhone 5s, fingerprint authentication on consumer devices started becoming mainstream. Android smartphone manufacturers like Samsung followed the trend and started adopting fingerprint sensors in their devices. Fingerprint sensors are also used to authenticate purchases on app stores. These sensors in smartphones are now expected to witness growth due to adoption of fingerprint authentication technology in mid-range smartphones.
According to Rachit Jain, Analyst at BIS Research, "In terms of geography, Asia-Pacific (APAC)fingerprint sensors market is expected to witness the fastest growth throughout the forecast period. The increasing usage of mobile devices and growing penetration rate of fingerprint sensors in mobile devices is one of the driving factors for the market in the region. Moreover, the introduction of government biometric projects such as national ID programs, passports, and visas will drive the growth in the market. However, in terms of application, the automotive sector is expected to witness the fastest growth. This growth can be attributed to the increasing interest of car manufacturers towards implementing fingerprint solutions in their cars to strengthen the car's security."
The report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financials, financial summary and SWOT analysis. The overall market has been segmented by sensor type namely swipe, area and touch, by technology type namely optical sensors, thermal sensors, ultrasonic sensors, capacitive sensors and others and by application namely mobile devices, travel, commercial, smart cards, residential, automotive, healthcare and government. The report also includes a comprehensive section on the geographical analysis including country analysis for more than 10 different countries.
Some of the key players in the mobile gaming market include Synaptics, Precise Biometrics, Next Biometrics, NEC Corporation, Fingerprint Cards AB, and Bio-Key International.
This report is a meticulous compilation of research on more than 100 players in the fingerprint sensors ecosystem and draws upon insights from in-depth interviews with key opinion leaders, market participants, and vendors.
Key questions answered in the report:
What are the major market drivers, challenges, and opportunities in the global fingerprint sensors market?
How will the fingerprint sensors market evolve and what is its scope in the future?
What is the market share of the leading segments and sub-segments of the global fingerprint sensors market in 2016 and 2023?
How will each segment of the global fingerprint sensors market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2023?
How will the industry evolve during the forecast period between 2016 and 2023?
What will be the growth rate of different segments during the forecast period? Which is the leading segment by the application?
How has the market been segmented on the basis of application?
Which geographical location will dominate the fingerprint sensors market?
What are the new strategies adopted by the existing market players to make a mark in the industry?
Who are the key players in the fingerprint sensors market?
What major opportunities do the fingerprint sensors companies foresee?
What strategies are adopted by fingerprint sensors manufacturers to sustain or grow in the market?
What is the impact of recent big acquisitions in the fingerprint sensors market?
The global biometric market generated a revenue of $12.52 million in 2015. It is anticipated to grow at an estimated CAGR of 12.02% from 2015 to 2022. The biometrics authentication and identification market is growing steadily owing to the global security and safety concerns faced in the present day. The global biometric ecosystem has been supportive in addressing security and authenticity issues of the industry through timely, accurate and convenient deployment of biometric measures. The increasing proliferation of smartphones, popularity of wearable technology, increasing adoption of biometric products and availability of a diverse range of biometric solutions are expected to keep driving the industry despite the financial, technological and security challenges impeding the ecosystem in several key market regions.
About BIS Research: BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials & Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics & Semiconductors, Robotics & UAV and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data, but also complement it with valuable insights and actionable inputs for the success of our clients.
Contact: Bhavya Banga BIS Research™ 9100 West Bloomington Freeway Suite 159, Bloomington MN 55431 Email: [email protected]