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mobile banking and OTP applications are expected to fuel the Finger printing market.
HYDERABAD, TELANGANA, INDIA, November 24, 2022 /einpresswire.com / -- The global finger printing market size is expected to reach $5.8 billion by 2027, as per the new report by IndustryARC. It is expected to expand at a CAGR of 10.1% from 2022 to 2027. The rising need of multi-factor biometric authentication systems across consumer electronics, banking and financial sectors is set to drive the adoption of Finger printing. Factors such as the proliferation of Finger printing in smartphones and other consumer electronics, government support for the adoption of Finger printing in BFSI industry, and the use of biometrics in mobile commerce and for online tracking are driving the growth of the market. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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This IndustryARC report on the Finger Printing Market highlights the following areas –
•The major driving factor in the Finger printing market is the increasing demand of smartphones with high-end technologies and fingerprint specifications, which are likely to grow the Finger printing market during the forecast period.
•The BFSI sector in the Finger printing market is expected to grow at a CAGR of 15.3% during the forecast period. The increased need for multi-factor authentication systems in banking is being more prominent and increasing the demand for Finger printing within this application.
•APAC holds the largest market for the Finger printing market accounting to around 34% of the global market share in 2021 owing to the increased demand for consumer electronics such as smartphones, and wearable devices and so on, which are installed with Finger printing. Moreover, the BFSI sector will be showing significant growth in the adoption of fingerprint to prevent the fraud cases.
•By Technology: The capacitive and optical sensor technology are the most common type of fingerprint scanner, being used nowadays with capacitive sensors accounting for 27.2% market share in 2021. The market is expanding significantly owing to increasing demand for secure consumer electronics and an overall need for rigid security.
•By End Industry: The BFSI industry in Finger printing market is expected to grow with the fastest CAGR of 15.3% during the forecast period 2022-2027. The banks are extensively working on payments cards with in-built Finger printing, in order to end the need of PINs to make payments much secure. This will allow the most secure authentication mechanism for account holders.
•By Geography: The Asia Pacific region is the largest revenue contributor for the Finger printing market, with a share of 34% in 2021. The rising adoption in mobile banking applications, collaborative innovations, updating smart devices, and, of course, security concerns in this region has resulted in increased demand for Finger printing in this region.
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The top 5 players in the Large Finger Printing Industry are -
4.Fingerprint Cards AB
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