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Market Entry-Fingerprint Sensor Market in Russia: Analysis of Growth, Trends and Progress (2020 - 2025)

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About the Market

Fingerprint scanners have been there in the industry for years. Many offices, banks, healthcare facilities, homes and manufacturing centers use this technology. Mobile devices are expected to lead the fingerprint sensors market due to the increasing demand for more secure mobile devices, rise in mobile payments and mobile payment platforms such as Samsung Pay, Apple Pay, Alipay, and WeChat Pay among others. The developing nations of Asia-Pacific are expected to dominate the fingerprint sensors market between 2015 and 2020; as these countries have a considerable market size and offer a significant scope for development. The major players in the fingerprint sensors market include Apple Inc. (U.S.), Fingerprint Cards AB (Sweden), Synaptics Inc. (U.S.), Goodix Ltd. (China), Egis Technology Inc. (Taiwan), Silead Inc. (China), IDEX ASA (Norway), Safran Identity & Security (France), Thales SA (France), Suprema Inc. (South Korea), Dermalog Identification Systems GmbH (Germany), Crossmatch (U.S.), NEC Corp. (Japan), and 3M Cogent Inc. (U.S.).

About the Geography                  

Russia is the largest country in terms of area and has a democratic government with a very strong president. Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. The economy, which had averaged 7% growth during 1998-2008 as oil prices rose rapidly, has seen diminishing growth rates since then due to exhaustion of Russia’s commodity-based growth model.

Russia is seeking to develop in an adverse political and economic environment. The government is trying to transition from an economy based on oil and raw material extraction to an economy based on technology. To achieve this, continual improvement of the attractiveness of investment in Russia remains one of the government’s key strategies. As a part of this, they have created special economic zones, ‘advanced development’ territories, and developed tax incentive systems.

The Russian economy is going through a difficult period with international sanctions, drop in oil prices and other limitations. The major challenges for doing business include the vastness of the country, which means different levels of economic and social factors, high levels of corruption and extreme climatic conditions. The Russian economy is trying to get rid of inefficiencies at all levels including government spending and there is an enormous push for localization of production to diversify the economy.

Component Name

Unit

From Site

                                      GDP

USD billion

1326

GDP Annual Growth Rate

%

-0.6

                           GDP Per Capita                          

USD

11039

Employment Rate

%

66.6

Wages

USD/Month

545.247

Inflation Rate

%

6.4

               Consumer Price Index (CPI)

Index Points

531

Interest Rate

%

10

Loans to Private Sector

USD million/billion

350,554.26 million

Balance of Trade

USD million/billion

6490 million

Business Confidence

(No Units)

-5

Manufacturing PMI

Index Points

51.1

Ease of Doing Business

(No Units)

51

Competitiveness Rank

(No Units)

43

Corruption Rank

(No Units)

119

Consumer Confidence

(No Units)

-19

Consumer Spending

USD million/billion

113.711 billion

Bank Lending Rate (Consumers)

%

12.53

Corporate Tax Rate

%

20

Sales Tax Rate

%

18

 

The Market Entry Series

Exploring global markets is now recognized as the shortest way to ensure high time to efficiency conversion, when trying to expand revenues past domestic markets, for firms both large and small. Our market entry series, priced suitably low contains the essentials of all the parameters (Refer: Table of Contents) you must be apprised of before you can have a well informed contemplation of a business opportunity in your choice of industry, in your choice of geography.

 

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