Fingerprint Biometrics Machine Market Size, Share, Growth, and Industry Growth by Type (Single Finger and Multi Finger), By Application (Government/army, Banking and Finance, Commercial, and Others) Regional Forecast From To 2031

Updated On: 08 April 2024

FINGERPRINT BIOMETRICS MACHINE MARKET REPORT OVERVIEW

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global fingerprint biometrics machine market size was USD 908.36 million in 2021 and market is projected to touch USD 1692.7 Million By 2031, exhibiting a CAGR of 6.42% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with fingerprint biometrics machine experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

The fingerprint biometrics machine is used to match the fingerprint patterns of an individual to record data.

The fingerprint biometrics machine market growth is attributed to the increased demand for the machine in companies and organizations, the technology is used in numerous applications such as time and attendance, physical access control, law enforcement, smart devices, and others. A growing number of fraud and identity threats is anticipated to fuel market growth. A rise in cybercrime and terrorism is expected to fuel market progress. Growing need for fingerprint biometric smartphones and increased adoption of the system in several smartphones for security purposes. Increased R&D activating and the growing spending capacity of consumers are anticipated to accelerate market progress in the forthcoming years. Several governments and organizations adopted the machine for timing and attendance of the employee are expected to fuel market growth. Huge technology development and increased market players are projected to fuel market growth in the forthcoming years. On the contrary, the high installation cost is estimated to limit the market growth.

COVID-19 Impact: Closing of Government and Private Organizations to Limit Market Growth 

The spread of the COVID-19 pandemic affected market progress due to the closure of offices, banks, financial institutes, and schools. Lower requirements for the machine among people minimized market growth. The market slowdown due to economic crises during the pandemic period.

LATEST TRENDS

"Advancement in Mobile Biometrics Technologies to Foster Market Growth"

Huge need for fingerprint biometrics in smartphones and the machine reader the fingerprint and unlock the smartphone. The technology is used for security purposes and it keeps the smartphone safe from hacks. Increased cybercrime activities are estimated to fuel market growth. Growing need for fingerprint biometric smartphones and increased adoption of the system in several smartphones for security purposes. Increased R&D activating and the growing spending capacity of consumers are anticipated to accelerate market progress in the forthcoming years. Several governments and organizations adopted the machine for timing and attendance of the employee are expected to fuel market growth. Huge technology development and increased market players are projected to fuel market growth in the forthcoming years.

FINGERPRINT BIOMETRICS MACHINE MARKET SEGMENTATION

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• By Type

Based on type, the market is divided into single finger and multi finger.

Single finger type is estimated to be the leading part of type segmentation.

• By Application

Based on application, the market is classified into government/army, banking and finance, commercial, and others.

Government/army is estimated to be the leading part of application segmentation.

DRIVING FACTORS

"Increased Adoption of the Machine in Organizations and Companies to Surge Market Growth"

Growing adoption of the machine in organizations and companies for verification purposes and timing & attendance. The machine reads the fingerprint of the individual and matches the pattern with the internal database to verify identity. Further, increased demand for the machine in companies and organizations, the technology is used in numerous applications such as time and attendance, physical access control, law enforcement, smart devices, and others. A growing number of fraud and identity threats is anticipated to fuel market growth. A rise in cybercrime and terrorism is expected to fuel market progress in the upcoming years.

"Government Regulations and Rapid Development of the Technology to Push Market Growth "

Increased government regulation to adopt biometrics in identity cards and a huge need for biometric identification are anticipated to accelerate market progress. Several government and financial institute demand for individual identification are predicted to push market growth. Increased development in the technology and ongoing research is anticipated to drive market progress. A growing number of fraud and identity threats is anticipated to fuel market growth. A rise in cybercrime and terrorism is expected to fuel market progress in the upcoming years. Increased adoption of cloud-based solutions and rapid internet usage is predicted to surge market growth.

RESTRAINING FACTORS

"High Installation Cost to Limit Market Growth "

The high installation cost is estimated to limit the market growth in the forthcoming years.

FINGERPRINT BIOMETRICS MACHINE MARKET REGIONAL INSIGHTS

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"Increased Adoption of Fingerprint Attendance in North America to Drive Market Share "

North America is anticipated to account for the highest fingerprint biometrics machine market share owing to the high adoption rate of fingerprint attendance. Rapid technology advancement and an increased need to track employees’ work shifts and prevent unauthorized entering the organization. A huge need for the chip in mobile phones is predicted to surge market growth. Growing need for fingerprint biometric smartphones and increased adoption of the system in several smartphones for security purposes. Increased R&D activating and the growing spending capacity of consumers are anticipated to accelerate market progress in the forthcoming years. Several governments and organizations adopted the machine for timing and attendance of the employee are expected to fuel market growth. Huge technology development and increased market players are projected to fuel market growth in the forthcoming years.

KEY INDUSTRY PLAYERS

"Leading Players Adopt Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the Industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Northrop Grumman (U.S.)
• 3M Cogent (U.S.)
• ZKTeco (China)
• M2SYS Technology (U.S.)
• Crossmatch (U.S.)
• Bio-key (U.S.)
• HID Global (U.S.)
• Suprema (South Korea)
• Green Bit (U.S.)
• Integrated Biometrics (U.S.)
• Dermalog Identification Systems (Germany)
• Safran
• NEC

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.