A new report from Markets and Markets names the wide range of applications for fingerprint biometric sensors as a major growth factor, predicting that the global market for the devices will shoot to a projected $14.35 billion by the year 2020.
According to the report – titled Fingerprint Sensor Market – the market will show a CAGR of 16.8 percent between 2014 and 2020.
As can be expected in this market, mobility is a big reason to be optimistic about fingerprint sensors. Thanks to companies like Apple and Samsung incorporating biometric sensors into their flagship smartphones, the mobile consumer is turning to fingerprints instead of PINs for logical access control and mobile online payments. There is even speculation that by 2015 smartwatches will be sporting fingerprint sensors.
The report notes that though mobile is a growing area of application, fingerprint sensors also find deployments in areas like government, criminal identification, defense, travel and migration, banking and finance, healthcare, smart homes, and commercial security.
The Fingerprint Sensor Market divides the global market into four geographical areas. North America, Europe, APAC and ROW. In terms of market growth, APAC is reportedly the highest contributor in terms of market growth.
Earlier this week, Mobile ID World reported on Samsung’s second smartphone to feature a fingerprint sensor: the Galaxy S5 Mini.
July 4, 2014 – by Peter B. Counter