CLEVELAND, Sept. 7, 2017 /PRNewswire/ --Sales of biometric access control systems are projected to increase 9.9% annually to $1.2 billion through 2021. Biometric products will continue to represent the fastest growing product segment through the foreseeable future. These and other trends are presented in Access Controls Market in the US, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Finger and hand technologies represent the largest share of biometric access control sales, accounting for 49% in 2016. Through 2021, demand for finger and hand systems is expected to rise 9.1% per year to $590 million. Among biometric technologies, fingerprint technology has achieved the widest commercialization for access control systems. The long history of fingerprint identification and large pool of existing fingerprint data, in addition to the relatively low cost compared to other biometric technologies, will be important factors for growth. According to analyst Katherine Brink, "Fingerprint technology is expected to remain the market leader for the foreseeable future."
Sales of all types of access control systems in the US are projected to increase 5.0% per year through 2021 to $4.6 billion. Faster gains will be limited by the end users' willingness to invest in access control systems. Even as biometric technology comes down in price, the cost of these systems still outweighs the needs of all but the highest security locations. More basic electronic systems compete with mechanical locks, which provide similar levels of security at a lower cost.
More information about the study is available at https://www.freedoniagroup.com/industry-study/access-controls-in-the-us-by-product-and-market-3558.htm
Related studies include:
- #3553 Video Surveillance Equipment Market in the US (August 2017)
- #3533 Security Alarms Market in the US (July 2017)
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Security studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group