Fingerprint market set for double digit growth

New research from Marketsandmarkets has found that the global fingerprint sensor market is expected to reach $14,500.07 Million by 2020, at a CAGR of 17.1%.

Fingerprint sensing technology has been considered to be one of the most reliable & cost effective biometrics technologies. Currently, the demand for fingerprint sensors is expected to register a rapid growth which would be majorly driven by its application in mobile applications, government, defense & military, banking & finance, travel & migration, criminal identification, healthcare, smart homes, and commercial security. Additionally, fingerprint sensors are generally considered to be of better quality, cheaper, and more reliable compared to other biometrics technologies. Thus, the said market is expecting to witness double digit growth rate in the coming five years.

The fingerprint sensors market was valued at $5.5 Billion in 2014 and is projected to grow till $14.5 Billion by 2020, and according to Marketsandmarkets, it is expected to grow at a CAGR of 17.1% between 2015 and 2020. Additionally, in terms of shipments, the fingerprint sensors market is projected to reach ~10 Billion till 2020, at a double digit CAGR between 2015 and 2020. The rapid growth in the market size is due to the successful application of fingerprint sensors in smartphones, tablets, and other electronics consumer goods.

The fingerprint sensors market report describes the market trends, drivers, and challenges with respect to the fingerprint sensors and forecasts the market till 2020, based on type, material, technology, application, and geography. It provides a bird’s eye-view of the market across various regions such as North America, Europe, APAC, and RoW. North America is the largest market for fingerprint sensors and is expected to hold a major market share in 2014, with the U.S. occupying the largest market share. However, the growth rate of the North American market is expected to decline by 2020, with APAC expected to lead the said market. The market for fingerprint sensors in APAC is expected to grow at the highest CAGR of 23.6% between 2015 and 2020.