Fingerprint Access Control System Market Size

Fingerprint Access Control System Market Size

Fingerprint Access Control System Market size was over USD 2.7 billion in 2015 with 7.2% CAGR estimation from 2016 to 2023./p>

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./p>

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./p>

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./p>

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./p>

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.