The global fingerprint access control market size is expected to reach USD 11.88 billion by 2024, according to a new report by Grand View Research, Inc. Technological proliferation backed by increasing need for secure authentication and recognition of individuals across distinct end-use industries are the factors expected to impel fingerprint access control market growth over the forecast period. Moreover, declining prices of fingerprint technology has led to an overall increase in its global demand.
Favorable
government initiatives and standards worldwide is expected to contribute to the
industry growth over the forecast period. The governments across several
countries have formed regulations governing the usage, gathering and disposal
of biometric information by entities, however the affluence of these laws
varies extensively over regions. For instance, in the U.S. state of Illinois
with its Illinois Biometric Information Privacy Act, 740 ILCS 14/1, et seq. and
Texas with its Bus. & Com. Code Ann. § 503.001 strictly regulate the use,
revelation, and the final destruction of biometric data by a private entity.
The state of Illinois compels such entities to develop written policies
describing their biometric data collection methods.
Use
of fingerprint access control in government and commercial sector has
contributed immensely to industry growth. Need for security is one of the key
factors driving market demand. Multimodal biometrics based products have
enticed popularity specifically in passport and e-IDs verification systems.
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Fingerprint Access
Control Systems Market Report Highlights
- The optical product segment
dominated the industry with overall revenue share of over 38% in 2015.
Optical access control provides larger sensing area, better image quality,
higher resolution, and robust operations. However, capacitive is a recent
technology and is relatively cheaper than optical sensors. It can be
embedded into smaller devices and are prone to dirt. Owing to these
features the segment is expected to witness significant growth with a CAGR
of nearly 18.0% over the forecast period.
- Commercial and government
applications segment have high penetration rate and captured over 50% of
the revenue share in 2015 to strengthen internal and external security.
Government sector is among the early adopters of biometrics technologies
such as fingerprint and iris scanning and currently represents the
significant end-user of the technology.
- BFSI sector is anticipated
to grow rapidly with the significant CAGR of over 21% from 2016 to
2024.Proliferation of mobile devices such as smartphones with fingerprint
authentication capability has paved the way for mobile logon. Banks and
other financial organizations now offer biometric login facility for their
mobile banking apps to ensure the authorized transactions. Biometric
modalities offer a secure way to authenticate user identity and shield
against cybercrime.
- North America is estimated
to be a major regional segment with over 34% of the overall revenue share
in 2015. However, Asia Pacific and MEA are expected to grow at a
considerable rate owing to the increasing penetration of smartphones and
favorable government regulations. Increasing terror activities and crime
rate globally have generated the need for added security and control
measures. Technological advancements and government initiatives towards
access control is expected to drive the industry growth over the next
eight years.
- The key industry players in
the fingerprint access control market include 3M Cogent, Anviz Global,
Cross Match Technologies Inc., ViRDI Tech, Daon Inc., Entertech Systems,
Hitachi Omron Terminal Solutions, IDtech 360, NEC Corporation of America,
Lockheed Martin Corporation, SecuGen Corportaion, Safran Group, Suprema
Inc., Merkatum Corporation, Fingerprint Cards AB (FPC), Diamond Fortress
Technologies, Aware, Inc., and ZKTeco. Owing to increasing penetration
across several end-use industries such as healthcare and consumer
electronics, manufacturers are developing unique solutions to address the
needs of varying applications such as identity verification or mobile
health monitoring.
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Fingerprint Access
Control Systems Market Segmentation
Grand View Research has segmented
the global fingerprint access control market on the basis of product,
application and region:
Fingerprint Access
Control Product Outlook (USD Million, Thousand Units 2014 – 2024)
- Optical
- Capacitive
- Pressure
- Ultrasonic
- Thermal
Fingerprint Access
Control Application Outlook (USD Million, Thousand Units 2014 – 2024)
- Commercial
- Consumer Electronics
- Government
- Military & Defense
- BFSI
- Healthcare
- Others
Fingerprint Access
Control Regional Outlook (USD Million, Thousand Units 2014 – 2024)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- MEA
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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