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, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023
Published Date: Apr 2016 | Report ID: GMI382 | Authors: Preeti Wadhwani, Saloni Gankar
Fingerprint Access Control System Market size was over USD 2.7 billion in 2015 with 7.2% CAGR estimation from 2016 to 2023.
Growing demand for biometric solutions owing to the intensifying security and safety threats is projected to drive fingerprint access control system market size over the forecast timeline. Ability to offer reliable solutions to augment access control and to mitigate security breaches & transaction frauds is predicted to drive the industry growth.
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Increasing demand across applications including healthcare, and banking & finance is expected to fuel the demand in the coming years. Moreover, technological advances and availability of innovative solutions to fulfill requirements from the government and commercial sectors may contribute to the fingerprint access control system market size. For instance, in 2016, IEI’s introduced its latest Secured Series BioRead system that integrates both biometric enrollment software and access control.
Increasing terrorist and crime activities will increase the adoption rate across the globe to mitigate security risks. Rising government initiatives and stringent norms for biometric enrolment will supplement the fingerprint access control system market size over forecast period. Projects such as e-passports and national identification programs are projected to drive demand.
Advances in cloud computing technology offers ample opportunities to the fingerprint access control system market size. It supports various features such as fingerprint, finger vein, palm vein, facial recognition, hand geometry, voice and many others that will add an advantage. Moreover, ability to create & manage different areas, access schedules, and checkpoints for authorised access may further augment demand.
|Market Size in 2015:||2.7 Billion (USD)|
|Forecast Period:||2016 to 2023|
|Forecast Period 2016 to 2023 CAGR:||7.2%|
|2023 Value Projection:||4.5 Billion (USD)|
|Historical Data for:||2012 to 2015|
|No. of Pages:||130|
|Tables, Charts & Figures:||114|
|Segments covered:||Application, Technology and Region|
|Pitfalls & Challenges:|
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Rising data vulnerability and privacy concern may hinder the industry over forecast period owing to theft or misuse of data. Furthermore, enormous capital investment to install such technology and additional expense such as enrolling users and training may also restrict the growth.
Fingerprint Access Control System Market, By Technology
Optical fingerprint access control system market size is expected to cross over USD 1.75 billion by 2023 as it offers high image quality. Moreover, it offers features such as physical resistance, low cost maintenance, easy integration, high resolution, and large sensing areas that is expected to increase the revenue share over the future. Advancement in technologies will further augment the growth over forecast timeline. For instance, Synaptics announced optical based fingerprint sensors for smartphones.
Capacitive fingerprint access control system market share is anticipated to witness substantial growth at over 8% CAGR owing to compact sizes and low cost. This can be attributed to the ability of the capacitive fingerprint access control to get embedded into small devices and cost-effective nature. Moreover, it may also witness high adoption across various application such as banking, healthcare, entertainment, and internet access as it prevents fake enrollment. Ultrasonic is anticipated to witness considerable growth over forecast period as it records fingerprint through high sound frequency and found application in smartphones.
Fingerprint Access Control System Market, By Application
Consumer electronics applications are set to observe substantial growth at over 10% CAGR from 2016 to 2023. Intensifying demand for high level of security to protect data across smartphones, tablets and computers will contribute to the segment growth. Personal identification to reduce privacy breach may also be an advantage for the fingerprint access control system market size. Moreover, increasing usage of cloud base services is expected to boost revenue.
Commercial applications accounted for over 34% of the overall fingerprint access control system market share in 2015. The growth is expected to continue over forecast period due to increase in demand for security and safety across the business sector. Ability to control the entrance and exit across office premises, school, areas and floors may escalate the adoption rate.
Fingerprint Access Control System Market, By Region
The presence of established players such as 3M Cogent, NEC Corporation of America and Cross Match is expected to boost the U.S. fingerprint access control system market. Rising penetration of solutions across healthcare and consumer electronics industries may boost the regional demand. Technological advancements and rising budgets across military & defense, and banking & financial sectors offer ample opportunities to industry players.
Asia Pacific is predicted to witness significant growth at over 8% CAGR due to fast growing China fingerprint access control system market size. Rising security concern and crime threat may drive the market growth in the coming years. Moreover, increasing government initiatives also provides tremendous growth opportunities for industry growth.
Brazil fingerprint access control system market share is also to witness significant growth opportunities from 2016 to 2023 owing to rising crime rates. Moreover, increasing business activities and unexplored security segment will also contribute to industry growth.
Competitive Market Share
Key industry players are 3M Cogent, Cross Match Technologies Inc., Lockheed Martin Corporation, NEC Corporation of America, SecuGen Corportaion, and Aware, Inc. Other prominent players include Anviz Global, Daon Inc., IDtech 360, Suprema Inc., Safran Group, Merkatum Corporation, Fingerprint Cards AB (FPC), and ZKTeco. Owing to the increased competition within industry and from low-cost imports, the market is witnessing consolidation with the vendors pursuing acquisition strategy to expand their product offerings and gain share.
The technology is expected to bring huge investments from organizations that may contribute to growth. For instance, in 2014, Fingerprint Cards (FPC) spent over USD 55.2 million in R&D to develop advanced biometric solutions. Moreover, reducing need of password and multimodal biometric solutions as an authentication will propel the fingerprint access control system market share in the coming years.
Fingerprint Access Control System Industry Background
Growing innovations and developments across the industry is expected to boost the demand in the future. Companies invest immensely in R&D operations for delivering highly differentiated products. For instance, in 2016, Altronics announced to introduce fingerprint access controller kit to add tagless access control for shed, home, or storage area. Furthermore, expansion of communication technologies such as Wi-Fi, 3G, and 4G and proliferating smartphone demand is anticipated to drive the industry demand.
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