Automated Fingerprint Identification Systems (AFIS) Market to Reach $68 Billion, Globally, by 2030 at 23.3% CAGR: Allied Market Research
Rise in demand of the ASFI systems in banking & finance, & government sector and surge in adoption of AFIS in smartphones & automated teller machines (ATM) drive the growth of the global AFIS market
PORTLAND, Ore., Feb. 16, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Automated Fingerprint Identification Systems (AFIS) Market By Component (Software and Hardware), By Search Type (Tenprint Search, and Latent Search) and Application (Commercial, Governments, Banking & Finance, Healthcare, Hospitality, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2030". According to the report, the global automated fingerprint identification systems industry generated $8.4 billion in 2020, and is anticipated to generate $68 billion by 2030, witnessing a CAGR of 23.3% from 2021 to 2030.
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Prime Determinants of Growth
Rise in demand of the ASFI systems in banking & finance, & government sector and surge in adoption of AFIS in smartphones & automated teller machines (ATM) drive the growth of the global AFIS market. However, lack of skilled technicians hinders the market growth. On the other hand, rise in demand of AFSI in border management and growth in adoption of online transactions across the globe present new opportunities in the coming years.
Covid-19 Scenario
- All the production and manufacturing facilities were halted due to the outbreak of the COVID-19 pandemic, which led to slowdown the AFIS market growth in 2020.
- Nevertheless, the market is going to recover once the global situation is beck to normalcy.
The Hardware Segment to Maintain its Leadership Status throughout the Forecast Period
Based on component, the hardware segment held the highest market share in 2020, accounting for nearly three-fifths of the global AFIS market, and is estimated to maintain its leadership status throughout the forecast period. This is due to adoption of hardware system in police department. Moreover, the software segment is projected to manifest the highest CAGR of 24.8% from 2021 to 2030, owing to continuous technological advancements in software technology.
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The Government Segment to Maintain its Lead Position during the Forecast Period
Based on application, the government segment accounted for the largest share in 2020, contributing to more than one-fourth of the global AFIS market, and is projected to maintain its lead position during the forecast period. This is due to usage of AFSI in government for security verification. However, the hospitality segment is expected to portray the largest CAGR of 26.6% from 2021 to 2030, owing to usage of AFSI for passport services.
North America to Maintain its Dominance by 2030
Based on region, North America held the highest market share in terms of revenue in 2020, accounting for more than one-third of the global AFIS market. This is due to presence of major players in this region. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 26.6% from 2021 to 2030, owing to increase in demand for security screening.
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Leading Market Players:
- THALES
- IDEMIA
- Synaptics incorporated
- SecuGen Corporation
- HID global Corporation
- Precise biometrics
- Innovatrics
- Suprema
- Aware Inc.
- DERMALOG Identification Systems
- GmbH.
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