Jul 9 2015
In the present market scenario, security is one of the major issues of concern for various industry verticals such as banking, healthcare, defense, electronic gadgets, and government.
This is due to the growing demand for secure & simplified access control and growing rate of unethical practices in various sectors, such as hacking of bank accounts, misuse of users, and so on. Security concerns for electronic equipment such as PC's, laptops, and smartphones are expected to provide potential opportunities for growth of the fingerprint sensors market. The market for fingerprint sensors has been witnessing a rapid growth since the last few years and is expected to grow at CAGR of 17.1% between 2015 and 2020.
The major drivers behind the growth of this market include the rising need for secured & simplified access for users, growth of the global smartphones market, increase in government funding and support, and technological advancements in the fingerprint sensors market. However, factors such as challenges in integrating fingerprint sensors into smartphones and lack of awareness among users regarding the security constraints are restraining the growth of the fingerprint sensors market.
The fingerprint sensors market was valued at $5.5 billion in 2014 and is projected to reach $14.5 billion by 2020. Additionally, in terms of shipments, the fingerprint sensors market is projected to reach ~10 billion by 2020, at a CAGR of double digits between 2015 and 2020.
The report presents a detailed insight on the fingerprint sensors market and identifies the key trends of various segments of the market with in-depth quantitative and qualitative information. The report segments the fingerprint sensors market on the basis of type, material, technology, application, and geography. Furthermore, it includes market size forecasts, shipments, and trend analysis with respect to the market's timeline. Detailed geographic insights with respect to major regions, such as the North America, APAC, Europe, and RoW have been provided.
The major players in the fingerprint sensors market are adopting various strategies to expand and consolidate their position in the said market. In the global marketplace, the number of established players is observed to be growing, which makes it imperative for market players to gain a competitive edge over others. The various strategies adopted by the key players to compete in the fingerprint sensors market included new product developments and agreements, partnerships, contracts, and collaboration among others.