Fingerprint module: Key market research findings
- Rise in deployment of BYOD policy drives market growth
- The Americas dominate the market currently
- Key vendors – BioEnable, Crossmatch, Fingerprint Cards, Fulcrum Biometrics, HID Global, and Suprema
Technavio’s market research analysts predict the global fingerprint module market to grow at CAGR of around 18% between 2016 and 2020. The demand for fingerprint modules is augmented by the increasing use of mobile devices to access company systems. Small- and medium-sized enterprises worldwide are adopting the bring-your-own-device (BYOD) policy to reduce operational costs. The policy is spurring to the need to authenticate employees before providing them with access to business data, applications, and services. By 2020, the Americas will continue its dominance over the global fingerprint module market by accounting for almost 38% of the overall market share. Factors such as rising violent activities in the region and the integration of fingerprint recognition technology for maintaining data confidentiality are expected to fuel growth in the market in Americas in the coming years.
The new market research report from Technavio provides a breakdown and analysis of the fingerprint module segments based on the end-user.
“Emergence of mobile biometrics is a trend that is revamping the dynamics of the market. Spurred by the increasing adoption of the BYOD policy, a number of mobile OEMs are integrating mobile devices with fingerprint modules and sensors. This ensures safe and secure storage of individuals’ fingerprint template to prevent data theft and any such fraudulent activities,” says Amrita Choudhury, Lead Analyst, ICT, Technavio Research.
During 2015, the government sector accounted for a majority of the market’s revenue with a market share of almost 44%. Incidences of violent activities and intrusions in the past have led the government sector to adopt the fingerprint biometric technology. The need to track government employees and government initiatives such as e-passports, border control programs, and e-governance are factors that will fuel the growth of the fingerprint module market for the government sector during the forecast period.
The key vendors in the market include BioEnable, Crossmatch, Fingerprint Cards, Fulcrum Biometrics, HID Global, and Suprema. The market is characterized by the presence of several multinational vendors and small regional players, which makes the market highly fragmented. Vendors normally concentrate on differentiating their product and service offerings through unique selling propositions. Increased R&D investments and technological innovations will lead to the development and introduction of several new and advanced products, which will further intensify the level of vendor competition in the market. The market is also expected to witness a number of M&As, wherein, large vendors will acquire smaller vendors to expand their product portfolio and increase their market shares.
A more detailed analysis is available in the Technavio report, Global Fingerprint Module Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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