PUNE, India, July 20, 2016 /PRNewswire/ --
According to the new market research report "Fingerprint Sensors Market by Type (Swipe, Area & Touch), Technology (Capacitive, Thermal, Optical), Application (Mobile Devices, Travel & Immigration, Government, Military & Defense, Banking & Finance) and Geography - Global Forecast to 2022", published by MarketsandMarkets, the market is expected to reach USD 8.85 Billion by 2022, at a CAGR of 18.9% between 2016 and 2022.
Browse 70 market data Tables and 71 Figures spread through 176 Pages and in-depth TOC on "Fingerprint Sensors Market"
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The factors which are driving the growth of market include government initiatives to adopt biometrics in various fields, increasing penetration of fingerprint sensors in mobile devices, growing adoption of mobile commerce, and increase in the usage of biometrics systems in criminal identification. The banking & finance industry and IoT provide ample opportunities for fingerprint sensors.
"Mobile device expected to hold a major share of the fingerprint sensors market during the forecast period"
Mobile devices are expected to lead the Fingerprint Sensors Market between 2016 and 2022. This growth is attributed to the increasing demand for more secure mobile devices, growing security concerns, rise in mobile payments and mobile payment platforms such as Samsung Pay, Apple Pay, Alipay, and WeChat Pay among others.
"Banking & finance expected to grow at the highest CAGR between 2016 and 2022"
The increased adoption of biometric products and cards in the banking & finance application is expected to spur the growth of the market in this segment. In June 2015, IDEX ASA (Norway) entered into a strategic partnership with a global payments company for the development of a worldwide biometric payment card program. Such developments are expected to drive the biometric payment cards market during the forecast period.
"APAC expected to dominate the fingerprint sensors market between 2016 and 2022"
Countries such as China, South Korea, and India are majorly driving the growth of the fingerprint sensors market in Asia-Pacific. These countries have a considerable market size and offer a significant scope for the development of the fingerprint sensors market. Asia-Pacific is home to more than half of the world's population. The rise of the middle class in China and India and other major emerging markets in the region largely drives the consumer expenditure. Factors such as the large population, rapid urbanization, rising disposable income, and growing middle class in APAC region are some of the drivers for the growth of the market for fingerprint sensors in the consumer electronics application in APAC.
The increasing usage of mobile devices and the growing penetration of fingerprint sensors in mobile devices is one of the driving factors for the market in the APAC region. The government projects in APAC region and the increasing non-cash transactions provide opportunities for the growth of the smart cards and fingerprint sensors market.
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The major players in the fingerprint sensors market include Apple Inc. (U.S.), Fingerprint Cards AB (Sweden), Synaptics Inc. (U.S.), Goodix Ltd. (China), Egis Technology Inc. (Taiwan), Silead Inc. (China), IDEX ASA (Norway), Safran Identity & Security (France), Thales SA (France), Suprema Inc. (South Korea), Dermalog Identification Systems GmbH (Germany), Crossmatch (U.S.), NEC Corp. (Japan), and 3M Cogent Inc. (U.S.).
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