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.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/fingerprint-access-control-systems-market
Further key findings from the study suggest:
·
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.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
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
o
U.S.
o
Canada
·
Europe
o
Germany
o
UK
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
o
Mexico
·
MEA
For press release of this report - http://www.grandviewresearch.com/press-release/global-fingerprint-access-control-systems-market
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company provides syndicated research reports, customized research reports, and
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company offers market intelligence studies ensuring relevant and fact-based
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