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Fingerprint Access Control System Market is Likely to Grow with Prominent CAGR during 2020 – 2023

Author : Ronak Bora | Published Date : 2020-08-31 

Fingerprint Access Control System Market is anticipated to cross USD 4.5 billion by 2023, increasing at a CAGR of 7.2% forecast period. Rising security concerns leading to an increasing demand for biometric systems will augment fingerprint access control systems industry growth. High rate of terrorist and criminal activities across the globe, increasing safety concerns, and advanced technological innovations will also fuel product demand.

The latest cloud computing technology offers features such as finger vein, palm vein, hand geometry, voice, and facial recognition. Cloud-based biometric systems find applications in major corporations for extensive information storage, and are highly preferred owing to advanced features and cost-effectiveness. Growing demand for cloud services will escalate fingerprint access control systems industry growth.

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Fingerprint access control systems find applications in healthcare, consumer electronics, military & defense, government, banking & finance, and other commercial applications.

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.

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.

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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.

Table of Contents (ToC) of the report:

Chapter 4    Fingerprint Access Control System Market Technology Insights

4.1    Fingerprint access control market share by technology, 2015 & 2023

4.2    Optical

4.2.1    Market estimates and forecast by region, 2012 - 2023

4.3    Capacitive

4.3.1    Market estimates and forecast by region, 2012 - 2023

4.4    Pressure

4.4.1    Market estimates and forecast by region, 2012 - 2023

4.5    Ultrasonic

4.5.1    Market estimates and forecast by region, 2012 - 2023

4.6    Thermal

4.6.1    Market estimates and forecast by region, 2012 - 2023

Chapter 5    Fingerprint Access Control System Market Application Insights

5.1    Fingerprint access control market share by application, 2015 & 2023

5.2    Commercial

5.2.1    Market estimates and forecast by region, 2012 - 2023

5.3    Consumer Electronics

5.3.1    Market estimates and forecast by region, 2012 - 2023

5.4    Government

5.4.1    Market estimates and forecast by region, 2012 - 2023

5.5    Military & Defense

5.5.1    Market estimates and forecast by region, 2012 - 2023

5.6    Banking & Finance

5.6.1    Market estimates and forecast by region, 2012 - 2023

5.7    Healthcare

5.7.1    Market estimates and forecast by region, 2012 - 2023

5.8    Others

5.8.1    Market estimates and forecast by region, 2012 - 2023

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/fingerprint-access-control-system-market-report

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia 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. [email protected] | https://twitter.com/RonakBora26

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