Risk of forgery through duplication of fingerprint is another problem which is hampering the growth of fingerprint access control system market
Selbyville, United States - September 13, 2019 /MarketersMedia/ —
Fingerprint Access Control System Market is forecast to be valued at USD 4.5 billion in 2023. Increasing demand for secure recognition and authentication of individuals across various applications is driving the revenue. Prices of fingerprint technology are decreasing, this has increased the demand for the technology globally. Availability of innovative solutions to accomplish the demand from commercial and government sectors will facilitate the growth of fingerprint access control system market. Growing government projects like national identification programs and e-passports as well as stringent regulations for biometric registration will drive the demand. Security concerns such as data intrusion due to hacking of passwords can be avoided with this technology, increasing its adoption rate.
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Concerns of intrusion of privacy is a restraint to the global business landscape. Risk of forgery through duplication of fingerprint is another problem which is hampering the growth of fingerprint access control system market. Leakage of biometric data can cause identity crisis. High level of physical and cyber security is required in such applications. Preserving the right to privacy of each citizen is a mandatory requirement of these systems.
Multi utility technologies are trending in the Fingerprint Access Control System Market. New fingerprint access control systems include features such as hand geometry, finger vein, palm vein, fingerprint, facial recognition, and voice. Finger vein recognition is an accurate technology which is difficult to forge as it is extremely difficult to duplicate.
Optical fingerprint access control system market will dominate the revenue. It has features such as low-cost maintenance, physical resistance, high resolution, easy integration. Advancements in technology majorly focused at removing the stray light from another source and produce high contrast images. Capacitive technology is also anticipated to grow substantially over the forecast timeline it entails the capability of the capacitive systems to get integrated into cost-effective, small devices.
The Latin America fingerprint access control system market is predicted to witness a significant growth over the period of 2016-2023 owing to increase in foreign capital investments, a rise in the rate of crimes, unexplored private security segment, and growing number of business formation activities. The Asia Pacific market is also projected to display a noticeable growth over the period of 2016-2023 as biometric system in countries like China and Korea do not match international standards. The North America market is anticipated to witness significant growth over the period of 2016-2023. The U.S. fingerprint access control system market size is forecast to exceed USD 1.3 billion mark by 2023 and expected to contribute significantly towards the regional growth due to the increasing application of fingerprint access control system in healthcare and consumer electronics industries. The Europe market share is forecast to touch USD 1.12 billion by 2023.
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Key industry players include NEC Corporation, HID Global, 3M Cogent, Safran S.A., and Suprema Inc. These market players will try to increase their market share through mergers & acquisitions and joint ventures.
Major Key Points from Table of Content:
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.gminsights.com/toc/detail/fingerprint-access-control-system-market-report
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