World News: 14:58 GMT Tuesday 3rd December 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Dec. 03, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. The fingerprint sensor market was valued at USD 2.9 billion in 2018; it is expected to grow at a CAGR of 15.3% from 2019 to 2024, to reach USD 7 billion by 2024.
Extensive use of fingerprint sensors in consumer devices for biometric authentication, high adoption of biometrics by government bodies as part of enhanced security, and digitization in the time & attendance capturing are driving the growth of the fingerprint sensor industry. However, constraints such as threats pertaining to the biometric database in any organization may hinder market growth.
Players across the biometric smart card value chain are interested in increasing the adoption of biometric smart cards among users. For instance, Goldpac Group Ltd. (Goldpac), one of the five largest card integrators globally, and the only secure payment solution provider in China to hold simultaneous certifications by China UnionPay, VISA, MasterCard, American Express, JCB and Diners partnered with IDEX in January 2019, to launch dual-interface biometric smart cards for customers in the country. These developments expected to play an important role in the growth of the fingerprint sensor market for biometric smart cards for banking applications during the forecast period.
APAC is likely to be the fastest-growing region for the fingerprint sensor market in the coming years. Leading players offering fingerprint sensors such as Goodix (China), Egis Technology (Taiwan), Q Technology (China), and CrucialTec (South Korea) are based out of APAC. The factors contributing to the rising demand for fingerprint sensors in APAC include technological advancements in sensing technology, increasing awareness of the benefits of using fingerprint sensing technology among the masses, and the cost-effectiveness of these sensors. Biometric identification technology is famous as a secure and reliable way to verify a person's identity across the government and commercial sectors in Asia.
The growth of the smart home market is attributed to factors such as a significantly growing IoT market, government support, increasing urbanization, and rising awareness regarding smart home technology in APAC. Rising adoption of smart locks in smart homes provides an opportunity for the fingerprint sensor market growth. Also, new product developments for smart locks are another fueling factor for the growth of the fingerprint sensor market. For instance, in June 2019, Xiaomi launched MIJIA Smart Door Lock with a push-pull release.The report defines, describes, and forecasts the fingerprint sensor market based on technology, type, end-use application, and geography. It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the fingerprint sensor market. It also analyzes competitive developments such as collaborations, contracts, and product launches & advancements carried out by the key players to grow in the market. The report will help market leaders/new entrants in this industry with information on the closest approximations of the revenue numbers for the overall fingerprint sensor market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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Globe Newswire: 14:58 GMT Tuesday 3rd December 2019
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