MarketsandMarkets has published a new report entitled “Fingerprint Sensors Market by Type (Swipe & Area), Technology, Material (Optical Prism, Piezoelectric, Capacitive & Adhesives), Application (Mobile, Government, Healthcare, Commercial Security & Others) & Geography – Global Forecast to 2014 – 2020“, which forecasts that the global fingerprint sensors market will experience a CAGR of 17.1% from $5.5 billion in 2014 to reach $14.5 billion by 2020.
The 225-page report predicts that the demand for fingerprint sensors will experience a rapid growth driven primarily by its application in mobile applications, government, defense and military, banking and finance, travel and migration, criminal identification, healthcare, smart homes, and commercial security.
Since fingerprint sensors are of better quality, cheaper, and more reliable compared to other biometrics technologies, the fingerprint sensors market is expecting to undergo a double digit growth rate in the coming five years, according to the report.
In terms of shipments, the fingerprint sensors market is projected to reach more than $10 billion till 2020 due to successful application of fingerprint sensors in smartphones, tablets, and other electronics consumer goods.
The fingerprint sensors market report outlines the various market trends, drivers, and challenges regarding fingerprint sensors and forecasts the market till 2020, based on type, material, technology, application, and geography.
The report also provides a broad overview of the market across various regions including 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. boasting the largest market share.
But the growth rate of the North American market is expected to decline by 2020. APAC is expected to take the top spot after experiencing the highest CAGR of 23.6% between 2015 and 2020.