Fingerprint Access Control System Market share to grow at 7.2% CAGR from 2016 to 2023: Global Market Insights Inc. Fuel Cell Market size worth $25.5bn by 2024
KeyInsights from Fingerprint Access Control System Market: • Growing number of security concerns among individuals and organizations will propel the fingerprint access control system market size. 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. • 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.
Continued... • 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.
Continued... • 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.
Japan fingerprint access control system market size, by technology, 2012-2023 (USD Million)
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Continued... • 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.
360° Analysis • Application Trends • Consumer electronics applications are set to observe substantial growth at over 10% CAGR from 2016 to 2023. Intensifying demand for high level of security to protect data across smartphones, tablets and computers will contribute to the segment growth. Personal identification to reduce privacy breach may also be an advantage for the fingerprint access control system market size. Moreover, increasing usage of cloud base services is expected to boost revenue. • Regional Trends • The presence of established players such as 3M Cogent, NEC Corporation of America and Cross Match is expected to boost the U.S. fingerprint access control system market. Rising penetration of solutions across healthcare and consumer electronics industries may boost the regional demand. • Competitive Market Share • Key industry players are 3M Cogent, Cross Match Technologies Inc., Lockheed Martin Corporation, NEC Corporation of America, SecuGenCorportaion, and Aware, Inc. Other prominent players include Anviz Global, Daon Inc., IDtech 360, Suprema Inc., Safran Group, Merkatum Corporation, Fingerprint Cards AB (FPC), and ZKTeco.
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