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Fingerprint Access Control System Market will positively impact by adoption of electronic products

Author : Ronak Bora | Published Date : 2019-05-06 

Fingerprint Access Control System Market growth will be driven by increasing adoption of electronic products such as personal computers, smartphones, and tablets 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 systems market share.

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.

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Multi utility technologies are trending in the industry. New fingerprint access control systems include features such as hand geometry, finger vein, palm vein, fingerprint, facial recognition, and voice. Finger vein recognition is an accurate technology which is difficult to forge as it is extremely difficult to duplicate.

Concerns of intrusion of privacy is a restraint to the global business landscape. Risk of forgery through duplication of fingerprint is another problem which is hampering the growth of fingerprint access control system market. Leakage of biometric data can cause identity crisis. High level of physical and cyber security is required in such applications. Preserving the right to privacy of each citizen is a mandatory requirement of these systems.

Optical fingerprint access control system market will dominate the revenue. It has features such as low-cost maintenance, physical resistance, high resolution, easy integration. Advancements in technology majorly focused at removing the stray light from another source and produce high contrast images. Capacitive technology is also anticipated to grow substantially over the forecast timeline it entails the capability of the capacitive systems to get integrated into cost-effective, small devices.

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North America will dominate the market due to presence of leading players in the U.S. It will be followed by Asia Pacific as a result of China’s growing market share. Some of the key players in the fingerprint access control system market include 3M Cogent, SecuGen Corportaion, Lockheed Martin Corporation, NEC Corporation of America, Cross Match Technologies Inc., and Aware, Inc.

The Latin America fingerprint access control system market is predicted to witness a significant growth over the period of 2016-2023 owing to increase in foreign capital investments, a rise in the rate of crimes, unexplored private security segment, and growing number of business formation activities. The Asia Pacific market is also projected to display a noticeable growth over the period of 2016-2023 as biometric system in countries like China and Korea do not match international standards. The North America market is anticipated to witness significant growth over the period of 2016-2023. The U.S. fingerprint access control systems market size is forecast to exceed USD 1.3 billion mark by 2023 and expected to contribute significantly towards the regional growth due to the increasing application of fingerprint access control system in healthcare and consumer electronics industries. The Europe market share is forecast to touch USD 1.12 billion by 2023.

Increase in proportion of criminal & terrorist activities across the globe has created a great need for providing enhanced security to a wide range of applications in banking & finance, healthcare, military & defense, commercial, consumer electronics, and government sectors. These additional security measures are predicted to benefit the fingerprint access control system market over the coming years. Growing demand for security features in smartphones, personal digital assistants, and laptops are forecast to boost the industry revenue over the coming seven years. Moreover, the rise in technological innovations coupled with favorable government policies towards access control are expected to be the key drivers for the industry growth over the coming years. Other factors fueling the market expansion includes introduction of new communication technologies like 3G, Wi-Fi, and 4G. As per Global Market Insights Inc.,” The fingerprint access control systems market is anticipated to reach USD 4.76 billion by 2023, growing at a CAGR of 7.2% over the period of 2016-2023.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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