BIS Research report forecasts fingerprint market to reach $12.82B by 2023
BIS Research has published a new research report titled “Global Fingerprint Sensors Market, Analysis & Forecast, 2017 – 2023“, which forecasts the global fingerprint sensors market to grow at 15.7 percent CAGR to reach $12.82 billion by 2023.
The growth of the global fingerprint authentication and identification market has been driven by the pursuit for a safe and secure ecosystem where there are no fraudulent multiple identities, identity fraud, security breaches, and a threat to digital assets.
The report said the market has significant potential as a result of the growing demand for fingerprint sensors in various end user industries, including healthcare, automotive, banking and various financial institutions, consumer electronics, and many others.
However, some of the obstacles faced by these devices include the high cost of the products and privacy concerns, BIS Research analysts said.
The evolution of next generation devices is expected to lead to the significant decline in the cost of fingerprint sensor products due to the technological advancement and increasing number of product launches and developments. In addition, the market will experience a gradual decrease in the cost of these products.
The report pointed out that while fingerprint authentication methods are used globally in disparate applications and have penetrated into many existing and new markets, they are still at an evolving and emerging phase.
As a result, they have yet to have an impact on a large scale but are expected to have a promising future in identification and security systems.
The number of sensors being produced is expected to grow exponentially as a result of fingerprint authentication technology increasingly being integrated into mid-range smartphones.
“In terms of geography, Asia- Pacific (APAC) fingerprint sensors market is expected to witness the fastest growth throughout the forecast period,” Rachit Jain, analyst at BIS Research, said. “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 segments the overall market by sensor type (swipe, area and touch), technology type (optical sensors, thermal sensors, ultrasonic sensors, capacitive sensors and others), and application (mobile devices, travel, commercial, smart cards, residential, automotive, healthcare and government).
The report highlights some of the mobile gaming market’s key players including Synaptics, Precise Biometrics, Next Biometrics, NEC Corporation, Fingerprint Cards AB, and Bio-Key International.
This report compiles 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.