Fingerprint Access Control System Market size forecast to be valued at USD 4.76 billion by 2023
Fingerprint access control system market size is forecast to witness growth at 7.2% from 2016 to 2023 to be valued at USD 4.76 billion by 2023; as per a new research report by Global Market Insights, Inc. Multimodal biometrics based products have attracted popularity especially in e-IDs and passport verification systems. Integration of biometrics with consumer electronics particularly in smartphones has made the technology easily accessible for the public.
Increased security measures across a myriad of application areas have fueled the fingerprint access control system market. Smart homes are fitted with enhanced safety features; existing building retrofits are expected to offer security updates for countering malicious entry and theft.
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Conducive regulatory landscape includes national identification programs, border control, and e-passports projects being implemented worldwide. Other factors driving fingerprint access control system market size are proliferating smartphone demand, and expansion of communication technologies such as Wi-Fi, 3G, and 4G.
Technological innovation to bring down costs may help overcome the restraint of high capital requirements. Consumers are also skeptical of adopting these products due to data privacy and security concerns.
To access sample pages or view this report titled, “Fingerprint Access Control System Market Size By Application (Banking & Finance, Consumer Electronics, Commercial, Government, Healthcare, Military & Defense), By Technology (Capacitive, Optical, Pressure, Thermal, Ultrasonic), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, China, Japan, India, Mexico, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents, please click on the link below:
Key insights from the report include:
- Capacitive systems are forecast to grow at a CAGR of 7.7% from 2016 to 2023. This technique makes the reader reliable as it is more difficult to fake enrolment.
- Optical fingerprint scanners market is likely to exceed USD 1.75 billion by 2023. These products are expensive; however, this is offset by factors such as high image quality, longer life, and robustness.
- Ultrasonic scanning technique records fingerprint by very high frequency sound and is expected to be used in smartphones to measure 3D fingerprint images. Thermal scanning measures temperature differences over time as the finger is moved across a narrow array of sensors.
- Government and commercial sectors dominated fingerprint access control system market share in 2015. Consumer electronics applications had a small revenue base, but are forecast to grow at over 10% CAGR over the forecast timeframe. Growing personal electronics industry that includes smartphones, tablets, and PCs is responsible for high estimated growth.
- Europe fingerprint access control system market size is projected to reach USD 1.12 billion by 2023. Growing biometrics incorporation in healthcare and consumer electronics is estimated to propel the U.S. and Asia Pacific industry. Other drivers include untapped private security sector, rising business formation activities, and high crime rates. Mandates for security enhancement in government and law enforcement agencies will continue to encourage spending on biometric technologies.
- Notable participants comprise NEC Corporation, 3M Cogent, HID Global, Safran Group, Suprema, etc. Service providers have expanded product portfolio beyond security solutions to ensure applicability in the consumer sector. New vendors are entering the industry through mergers and acquisitions of existing biometric technology providers. Venture capitalists are investing heavily in start-ups catering to the securities market.
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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.