Fingerprint Access Control System Market demand will be driven by increasing need for secure identification and personal verification systems across BFSI applications.
Sellbyville, DE -- (SBWIRE) -- 01/14/2019 -- Fingerprint Access Control System Market in North America will dominate the market due to presence of leading players in the U.S. It will be followed by Asia Pacific as a result of China's growing market share. Some of the key players in the fingerprint access control system market include 3M Cogent, SecuGen Corportaion, Lockheed Martin Corporation, NEC Corporation of America, Cross Match Technologies Inc., and Aware, Inc.
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.
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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.
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.
Fingerprint Access Control System Market demand will be driven by increasing need for secure identification and personal verification systems across BFSI applications. Moreover, to eliminate transaction frauds and security breaches, numerous global financial institutions and banks are integrating biometrics technologies, such as fingerprint recognition, with access control systems in cellphone-based applications to provide customers secure access to online accounts.
Demand for biometric enrolment by government sector is an opportunity for the industry participants. Also, global implementation of biometric attendance systems throughout education and commercial sectors will boost the demand for fingerprint access control system market.
Multi utility technologies are trending in the industry. 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.
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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.
Major application areas are banking & finance, consumer electronics, commercial, government, healthcare and military & defense. Consumer electronics will hold majority share due to increasing demand in smartphone access. It is followed by commercial applications and is expected to grow considerably.
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