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Fingerprint Access Control System Market in consumer electronics sector to witness 10% CAGR up to 2023

Author : Ronak Bora | Published Date : 2019-03-20 

Fingerprint Access Control System Market demand in consumer electronics application will be driven by increasing adoption of electronic products such as personal computers, smartphones, and tablets. 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.

Availability of innovative solutions to accomplish the demand from commercial and government sectors will facilitate the growth of fingerprint access control system market. Growing government projects like national identification programs and e-passports as well as stringent regulations for biometric registration will drive the demand. Security concerns such as data intrusion due to hacking of passwords can be avoided with this technology, increasing its adoption rate.  

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Banks and other financial organizations across the globe are incorporating high-end integrated technologies to mitigate security threats, avoid transaction frauds, and provide consumers with safe and secure account access. Adoption of biometric systems for personal identification and verification across the BFSI sector will be a major driving factor for Fingerprint Access Control Systems Market.

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. 

The fingerprint access control system market makes use of ultrasonic scanning, pressure, capacitive, thermal scanning, and optical scanning technologies to enhance safety features and provide security updates to counter malicious entry. The capacitive system segment is forecast to record a CAGR of 7.7% over the period of 2016-2023 as the readers are reliable, compact, cost-effective, and can be easily embedded into small equipment. Furthermore, these systems find myriad applications across healthcare, banking, entertainment, internet access, and consumer electronics industries as they help in preventing the fake enrollment. The optical scanning system segment is predicted to surpass USD 1.75 billion by 2023 owing to its exceptional features such as durability and high image quality. The ultrasonic scanning system segment is projected to witness a significant surge over the coming years due to its ability to record fingerprint through a high sound frequency as a result of which it is expected to find applications in smartphones for measuring 3D fingerprint images.

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.

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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. 

U.S. houses industry giants such as NEC Corp. of America and 3M Cogent, which will drive regional demand. Increasing requirement of security systems across the healthcare and consumer electronics sectors will drive U.S. fingerprint access control systems industry.

Asia Pacific Fingerprint Access Control Systems Market is predicted to grow at a CAGR of more than 7.5% over 2016-2023, driven by criminal activities, increased security concerns, and favorable government initiatives in countries such as India and China.
 
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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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