LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global fingerprint module market to post a CAGR of over 19% during the forecast period. The rising applications of fingerprint modules in mobile devices is a key trend, which is expected to impact the market over the forecast period.
SMEs worldwide are increasingly adopting the BYOD policy to reduce their operational costs. This has created the need to authenticate employee credentials before allowing access to business data, applications, and services. Phone-based authentication and biometric technologies help enterprises avoid the additional cost of hardware tokens and they are more reliable.
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In this report, Technavio analysts highlight the rising number of data security breach incidents as a key factor contributing to the growth of the global fingerprint module market:
Rising number of data security breach incidents
The rising popularity of the data-centric approach among enterprises is driving the world economy in a new direction; however, it has also raised some concerns regarding data security. Earlier, when data was stored and managed on paper, data security efforts mostly consisted of physical security measures such as walls, fences, guards, and locks. In present times the threat from cyberspace is larger than any physical theft. These threats are not bound by political or jurisdictional boundaries of any country and can be carried out sitting anywhere in the world and often the damage done is irreversible. Once an incident takes place, it may take from days to months to restore operations, depending on the severity of the incident. However, the loss of profits due to ceased operations and the damage to the brand reputation, cannot be reversed.
“The characteristics of an individual's finger are unique and are useful in identifying the person. Organizations are investing in fingerprint biometric technology to ensure authorized access to secure premises because every individual has a unique biometric identification. This augurs well for the growth of the market during the forecast period,” says a senior analyst at Technavio for automatic identification system research.
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Global fingerprint module market - segmentation and analysis
This market research report segments the global fingerprint module market based on application (consumer electronics and stand-alone devices) and key regions (the Americas, APAC, and EMEA).
Based on geography, the Americas dominated the market with a share of more than 38%, followed by EMEA and APAC. Although APAC accounted for the smallest share of the market in 2017, it is expected to exhibit the maximum growth over the forecast period.
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