FINGERPRINT MODULE MARKET ANALYSIS

Market Challenges And Opportunities

Fingerprint module helps establish the identity of a person, using two processes, namely finger enrolment and finger matching. Data security become one of the major driver for growth of the fingerprint module market, globally. According to Coherent Market Insights analysis of 2013, the total data in the world was 4.4 zettabytes and was projected to reach 44 zettabytes by 2020. Rampant increase in data generated worldwide, in turn fuels demand for data security and subsequently augments growth of the fingerprint module market. In addition to this, keys, numeric keypads, and identity badges were majorly used to secure the data and access. With advancement of technology, two-factor validation was presented, where people could gain entrance into secure premises only when they were confirmed twice by utilizing equipment gadgets and numeric codes. However, this two-factor confirmation has also turned out to be uncertain as hackers are able to access hardware devices and also obtain numeric codes. Owing to increased hacking, the demand for new technically advanced security products in the security market has increased globally. This increasing demand for security products provides swift growth to the fingerprint module market worldwide. Moreover, the increasing trend of ‘bring your own device’ in various enterprises and rising penetration of smart phone users pose as major drivers accelerating the market of fingerprint module, globally. According to coherent market insights’ analysis the bring your own device market is predicted to reach up to US$ 266 billion in 2019. With potential benefits, the “bring your own device” culture also presents data security risk for the organization, which ultimately increase the demand for security products.