11 June 2019, The global fingerprint module market is subject to witness a substantial growth due to the growing demand for advanced security solutions and rising incidences related to terrorist attacks. Stringent laws & regulations by regional governments to mandate the adoption of identification technologies for citizens, employees, and foreign nationals in order to enhance national security are expected to favor market growth over the forecast period.
Additionally, numerous collaborative efforts are undertaken various government to improve security in response to the threat of terrorism over public safety. Globally, the market is predicted to grow at higher CAGR of 19.13% in the forecast period, providing numerous opportunities for market players to invest for research and development in the fingerprint module market.
In addition, increasing spending by local for improvements in existing security infrastructure, positioning emphasis on the technology is expected to favor market growth over the next seven years. Rising competition in the market owing to the presence of large number of manufacturers coupled with rise in the R&D operations to develop novel products are anticipated to fuel the growth of the market in the upcoming years.
Additionally, shifting trends towards adoption of latest technologies including cloud computing, and next-generation mobile computing for private enterprises are permanently changing the way an organization uses information technology for distributing an information and piloting e-commerce, thus propelling market growth in the recent years. Introduction of remote service management and varied wireless technologies are expected to favor market demand for fingerprint module. Increasing adoption of biometric security services such as fingerprint recognition and face recognition systems to provide secured financial transactions are anticipated fuel the growth of fingerprint module market over the next seven years.
The market is broadly categorized into five major segments based on the application type such as commercial sector, consumer electronics, banking, financial & insurance sector, government sector and military & defense sector. The consumer electronics is considered as one of the fastest growing segment in the with substantial revenue generation in the last few years. Growing popularity of fingerprint module in the consumer electronics segment is attributed to the rising demand for access control features in smartphones and tablets.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in security sector, increase in the number of research & development activities in the region, and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the fingerprint module market with massive growth in forecast period. Countries such as India, China, South Korea, Japan and Singapore are leading the Asia-Pacific market with increasing security concerns due to terrorist activities, strong economic growth, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the fingerprint module market are the 3M Company, Crossmatch Co., Fulcrum Biometrics LLC, NEC Co., Precise Biometrics A.B., IDEX ASA, Suprema Inc., and ZKTeco Inc.
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