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.
U.S. Fingerprint Access Control Systems Market By
Product, 2014- 2024 (USD Million)
Browse full research
report on fingerprint access control systems market: http://www.grandviewresearch.com/industry-analysis/fingerprint-access-control-systems-market
Further key findings from the report 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.
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-fingerprint-access-control-systems-market
About Grand View Research,
Inc:
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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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