Enthusiasm about the fingerprint sensor market continues to mount with a new report predicting a high rate of growth over the next several years. Authored by Stratistics Market Research Consulting (or Stratistics MRC), the report predicts a CAGR of 17.53 percent from 2014 to 2022.
Estimating that the 2014 market was valued at $5.5 billion, Stratistics MRC expects that it will reach $20.03 billion by the end of the forecast period. Increasing integrations into consumer electronics and rising demand for fingerprint sensor technology at airports are listed as the most important factors driving growth. Meanwhile, a report synopsis cites “lack of awareness on security rudiments” as a major obstacle to growth.
Stratistics MRC’s findings echo those of other recent reports, which have also highlighted rising demand from security screening and the consumer electronics sector; though many others would place a particular emphasis on mobile integrations, with fingerprint sensors having quickly become standard features of high-end smartphones. The report’s predictions about growth are also in the same ballpark as some others; for example, a Markets and Markets report from earlier this fall predicted that the market would be valued at $14.5 billion by 2020, though an earlier Grand View Research report predicted $4.41 billion by 2022. Despite such disparities, all agree that growth is in store, and most analysts seem to think it will be significant, with Stratistics MRC being among the most enthusiastic.
(Originally posted on FindBiometrics)