The market researchers over at Research and Markets have issued a new report looking specifically at the fingerprint sensors biometrics market. Entitled “Fingerprint Sensors Market by Type, Material, Application, and Geography – Global Trends & Forecasts to 2014 – 2020”, the report finds the fingerprint sensors industry undergoing massive growth, projecting a valuation $14.35 billion by 2020.
There’s been a lot of press lately about the application of fingerprint sensors in the realm of smartphones, but the report indicates that, surprisingly, right now it’s actually in laptops that the technology has the greatest market size. Still, the technology’s application in smartphones is poised to overtake the laptop sector, with a compound annual growth rate (CAGR) of 56.4 percent predicted from 2014 to 2020.
The researchers note that what’s driving the market’s growth is the decreasing size of the technology, allowing fingerprint sensors to be installed on smartphones. And it looks like Apple played a decisive role in bringing the technology to the mainstream: The report asserts that its inclusion of the Touch ID fingerprint scanner on the iPhone 5s “triggered the growth of the fingerprint sensors market immensely,” spurring Samsung to jump into the ring with its Galaxy S5 smartphone.
Overall, the researchers expect the fingerprint sensor market to experience a CAGR of 16.8 percent between 2014 and 2020, and they note that the U.S., Japan, China, Korea, Germany, and the U.K. currently lead the worldwide market.
October 21, 2014 – by Alex Perala