The Fingerprint Access Control System Market is projected to be growing at a 7.2% CAGR to 2023. The industry will be propelled by the growing number of security concerns among individuals and organizations.
Fingerprint Access Control System Market size is set to exceed USD 4.5 billion by 2023; according to a new research report.
Large enterprises have adopted robust security mechanisms to eliminate the usage of passwords and implementing multimodal biometrics solutions as a means of authentication.
These systems offer consistent access control, avoid security breaches, and minimize deceitful transactions.
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The above information has been provided on a regional and country basis for the following: North America, U.S., Canada, Europe, Germany, UK, Asia Pacific, China, India, Japan, Latin America, Brazil, Mexico, MEA.
Fingerprint Access Control System market by product Optical, Capacitive, Pressure, Ultrasonic, Thermal.
Asphalt mixing , plants market by application Commercial, Consumer electronics, Government, Military & defense, Banking & finance, Healthcare, Others.
The customers with high-security needs are widely adopting biometrics to ensure the identity authentication of the individuals, giving a boost to fingerprint access control system market. Furthermore, they are keen on eliminating the need for smart cards to evade the associated cost such as loss, or defective cards.
Rising adoption of smartphone technology is forecast to propel growth, this is largely due to the growing security concerns regarding the data integrity among users. Furthermore, the integration of mobile wallet technology is providing lucrative opportunities for the fingerprint access control system market.
Escalating demand for cloud-based biometric services is predicted to gain traction through the forecast time-period. This growth is attributed to the ability of the technology to deliver reliable and secure solutions.
In addition, these cloud services deliver constant monitoring in comparison to other biometric solutions. Cloud-based biometric services are cost effective solutions for organizations as they require a huge cloud database to store user information.
Increasing demand for advanced iris based or palm based authentication systems may hamper the fingerprint access control system market growth.
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Key insights from the report include:
Capacitive fingerprint access control system market share will witness significant growth rate with nearly 7.5% CAGR estimation. In 2015, optical access control systems dominated the industry with over 35% of the overall share owing to high durability and quality image capturing features.
Increasing adoption of electronic products such as personal computers, smartphones, and tablets will drive growth in the consumer electronics sector. These devices require an enhanced level of security features to protect their data, therefore, companies are increasingly integrating advanced security features, boosting the fingerprint access control system market share.
Increasing need for secure identification and personal verification systems across BFSI applications will drive fingerprint access control system market demand. Moreover, to eliminate transaction frauds and security breaches, numerous global financial institutions and banks are integrating biometrics technologies, such as fingerprint recognition, with access control systems in cellphone-based applications to provide customers secure access to online accounts.
Asia Pacific is anticipated to witness significant growth at over 7.5% CAGR from 2016 to 2023 due to rising government initiatives towards internal and external security in the attractive regions such as China and India fingerprint access control system market.
Companies operating in the fingerprint access control system market include Crossmatch Technologies Inc., 3M Cogent, Lockheed Martin Corporation, SecuGen Corporation, Aware, Inc and NEC Corporation of America. Daon Inc. Anviz Global, ID Tech, Suprema Inc., Safran Group, Merkatum Corporation, ZKTeco and Fingerprint Cards AB (FPC) are among the other notable players.
Industry participants are focusing on frequent acquisitions and new product developments strategy to gain prominence in the industry. For instance, in September 2016 Crossmatch announced the launch of its ten-print sensing technology that it is specifically developed to modernize systems.
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