Fingerprint Access Control System Market Dynamics, Forecast, Analysis and Supply Demand 2016 – 2023

How will cloud technology help drive fingerprint access control system market forecast?

Rise in security threats for individuals as well as the organizations shall drive fingerprint access control system market trends in the coming years. Most companies have chosen to adopt robust security solutions in order to eliminate the use of passwords and implement multimodal biometrics solutions for authentication.

Cloud-based security systems are able to meet the extreme requirements of businesses for a reliable, flexible and affordable solution. They also allow the adoption of the latest products without having to spend on new physical on-premise systems.

There are well-established companies operating within the fingerprint access control system industry, including 3M Cogent, SecuGen, Aware Inc, ID Tech, Safran Group, Crossmatch Technologies, Lockheed Martin Corporation, Suprema Inc., and Merkatum Corporation.

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Will the increasing adoption of cloud-based biometric services boost fingerprint access control system market share?

There are numerous customers that have high-security requirements who choose to adopt biometrics for identity authentication of all the individuals. The industry has also been working to lower the use of smart cards for evading the related costs like defective cards or loss.

Rapid technological advancements have prompted the delivery of secure and reliable solutions on the cloud. Cloud-based biometric services are predicted to gain substantial traction over the forecast time period.  
On the cloud biometrics are highly cost-effective solutions that can be useful for the organizations as they generally need a massive cloud database for information storage. Industry players have been introducing several other technologies for security access along with the fingerprint access control systems.

What will be the impact of growing consumer electronics segment on fingerprint access control system industry?

With the advent of smartphones in the market, security solutions have been experiencing a significant amount of adoption across the world. This will be primarily attributed to the rising concerns associated with the data integrity of users. Additionally, the ongoing integration of mobile wallets for online money transactions has created profitable opportunities for fingerprint access control system market players.
Increasing disposable income at hand along with technological innovations has led to an increase in the adoption of all the electronic products like smartphones, tablets and personal computers. These products also entail several security threats and require reliable authentication technologies.
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These devices can be vulnerable to various security attacks and are in need of enhanced level of security features that will help protect the data. This encourages the firms to integrate the advanced security features, propelling fingerprint access control system industry size.

How will the evolving BFSI sector influence global fingerprint access control system market outlook ?

Industry players are focusing on mergers and acquisitions often to be able to gain a competitive edge within the market, besides pursuing constant innovations. For instance, Crossmatch had announced that it will be launching the ten-print sensing technology in 2016, which it had particularly developed to modernize the systems.

Modern security systems tend to provide constant access control, reduce the deceitful transactions and prevent security breaches. Banking and financial institutions have been said to be extremely vulnerable to security attacks which have resulted in an increasing need to secure their identification as well as personal verification systems associated with BFSI applications.

A large number of banks and other financial institutions have been integrating biometric technologies like fingerprint recognition with the help of access control systems in applications based on cellphones to offer the customers a safe access to all online accounts. This integration is done to eliminate any security breach or transaction frauds.