Automated Fingerprint Identification Systems (AFIS) Market Outlook - 2030
The global automated fingerprint identification system market was valued at $8.42 Billion in 2020, and is projected to reach $68.00 Billion by 2030, growing at a CAGR of 23.3% from 2021 to 2030. The Automated Fingerprint Identification System (AFIS) is a biometric identification system that uses digital imaging technology to obtain, store, and analyze fingerprint data. Fingerprinting is a form of personal identification using finger print scan. Automated Fingerprint Identification Systems (AFIS) are widely used in ATM’s, smartphones, government sector, commercial & industrial sector and more.
In the coming years, the Automated Fingerprint Identification Systems (AFIS) industry is expected to generate moderate revenue with investments in development, research, and tests toward environmental sensor. However, the Automated Fingerprint Identification Systems (AFIS) market is reaching its maturing stage, and is expected to generate modest revenue for key players in the coming years.
Factors such the rising demand of the ASFI systems in banking & finance, and government sector, the increasing advantages of automated fingerprint identification systems over conventional method, and rising adoption of AFIS in smartphones and automated teller machines are expected to drive growth of the Automated Fingerprint Identification Systems (AFIS) market in the future. However, Lack of skilled technicians acts as major barrier and hampers the market growth. Furthermore, factors such as rising demand of AFSI in border management, and growing adoption of online transactions across the globe are expected to offer lucrative opportunities for growth of the market.
Segmentation Analysis
The Automated Fingerprint Identification Systems (AFIS) market is analyzed by component, search type, application and region. By component, the market is divided into software, and hardware. By search type, the market is divided into tenprint search, and latent search. By application, it is divided into commercial, governments, banking & finance, healthcare, hospitality and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with its prominent countries.
By Component
Software segment is projected as one of the most lucrative segments.
Competitive Analysis
The key players profiled in the report include THALES, IDEMIA, Synaptics incorporated, SecuGen Corporation, HID global Corporation, Precise biometrics, Innovatrics, Suprema, Aware Inc. and DERMALOG Identification Systems GmbH. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration.
COVID-19 Impact Analysis
The ongoing spread of COVID-19 has become one of the biggest threats to the global economy and is causing widespread concerns and economic hardship for consumers, businesses and communities across the globe. The “new normal” that includes social distancing and working from home has created challenges with daily activities, regular work, needs, and supplies, causing delayed initiatives and missed opportunities.
The COVID-19 pandemic has impacted the society and overall economy across the globe. The impact of this outbreak has grown day-by-day that affects the supply chain. This has created uncertainty in the stock market, decreased business confidence, slowed supply chain, and increased panic among customers.
By Search Type
Latent Search segment is projected as one of the most lucrative segments.
European countries under lockdown have suffered a major loss of business and revenue due to shutdown of manufacturing units in the region. Operations of production and manufacturing industries have been heavily impacted by the outbreak of COVID-19, which led to slowdown the Automated Fingerprint Identification Systems (AFIS) market growth in 2020.
According to the Automated Fingerprint Identification Systems (AFIS) market trends, the COVID-19 pandemic has severely impacted the global manufacturing and industrial sectors as production facilities have stalled, which, in turn, led to significant demand in industries.
Emergence of COVID-19 has declined growth of the Automated Fingerprint Identification Systems (AFIS) market share in 2020, and is estimated to witness slow growth till the end of 2021. Implementation of partial or complete lockdown across various countries globally is the prime reason for decline in growth rate of the market as industries were temporarily shut, it reduced the need for maintenance from various industries.
Top Impacting Factors
The significant impacting factors in the global Automated Fingerprint Identification Systems (AFIS) market size rising demand of the ASFI systems in banking & finance, and government sector, the increasing advantages of automated fingerprint identification systems over conventional method, and rising adoption of AFIS in smartphones and automated teller machines are expected to drive growth of the market in the future.
By Application
Hospitality segment is projected as one of the most lucrative segments.
However, Lack of skilled technicians acts as major barrier and hampers the market growth. Furthermore, factors such as rising demand of AFSI in border management, and growing adoption of online transactions across the globe. Each of these factors is anticipated to have a definite impact on the global Automated Fingerprint Identification Systems (AFIS) market during the forecast period.
The Rising Demand of the ASFI Systems in Banking & Finance, and Government Sector
Increasing demand for secure financial transactions and rising investments in banking & finance & government sectors are driving the growth of the ASFI market. There is an increasing acceptance of automated fingerprint identification system technology in government and banking sector to make simple protected financial transactions and maintain the security and privacy.
For instance, now-a-days banks introduced fingerprint verification technology for mobile banking for customers who use mobile phones enabled with fingerprint access control. Moreover in government sector, fingerprinting is largely being used for criminal investigation and for fraud prevention. Also government bodies highly adopt AFIS as it improve crime solving performance. In addition it is also used for attendance and identification in these sectors. Hence these factors are driving the market growth.
Lack of Skilled Technicians
A lack of robust education system to train skilled professionals in fingerprint detection and limited R&D infrastructure to develop affordable monitoring technologies in developing countries further hamper the implementation of effective monitoring & control reforms.
Currently, the growth of the automated fingerprint identification system market across emerging nations is hindered, by high export tariff on monitoring products to other nations. Research & Development for this technology in emerging nations will provide a boost but the high cost of fingerprint sensors in comparison to the benefits offered by them is expected to be a major restraint to the growth of the automated fingerprint identification system market.
By Region
Asia-Pacific would exhibit the highest CAGR of 26.6% during 2020-2030
Key Benefits for Stakeholders
- This study comprises analytical depiction of the Automated Fingerprint Identification Systems (AFIS) market size, Automated Fingerprint Identification Systems (AFIS) market growth along with the current trends and future estimations to depict imminent investment pockets.
- The overall Automated Fingerprint Identification Systems (AFIS) market analysis and Automated Fingerprint Identification Systems (AFIS) market outlook is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The present Automated Fingerprint Identification Systems (AFIS) market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the sensor market share of key vendors.
- The report includes the market trends, Automated Fingerprint Identification Systems (AFIS) market size and the Automated Fingerprint Identification Systems (AFIS)market share of key vendors.
Automated Fingerprint Identification Systems (AFIS) Market Report Highlights
| Aspects | Details |
 By Component |
|
 By Search Type |
|
 By Application |
|
 By Region |
|
Analyst Review
The Automated Fingerprint Identification Systems (AFIS) market is competitive, owing to strong presence of existing vendors. Automated Fingerprint Identification Systems (AFIS) companies, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals as they have the capacity to cater to the market requirements. Competitive environment in the Automated Fingerprint Identification Systems (AFIS) market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by firms.
The Automated Fingerprint Identification Systems (AFIS) market holds a substantial scope for growth on a global scale. Recent discoveries and innovations have created vast opportunities for numerous players to step in the Automated Fingerprint Identification Systems (AFIS) market.
Increase in focus of manufacturing companies to improve safety and security by offering and surge in demand for IoT based system and devices drive the market growth. Lack of awareness and limited life span is the biggest limitation for the market growth.
Surge in competition and reduced awareness among small scale manufactures are the key factors that hamper growth of the market. Increase in awareness for need of Automated Fingerprint Identification Systems (AFIS) and rise in concerns for safety and quality are the factors opportunistic for the Automated Fingerprint Identification Systems (AFIS) market growth.
The Automated Fingerprint Identification Systems (AFIS) Market is estimated to grow at a CAGR of 23.3% from 2021 to 2030.
The Automated Fingerprint Identification Systems (AFIS) Market is projected to reach $68.00 billion by 2030.
To get the latest version of sample report
Factors such as size rising demand of the ASFI systems in banking & finance, and government sector, the increasing advantages of automated fingerprint identification systems over conventional method, and rising adoption of AFIS in smartphones and automated teller machines drives the growth of the Automated Fingerprint Identification Systems (AFIS) market
The key players profiled in the report include THALES, IDEMIA, Synaptics incorporated, SecuGen Corporation, HID global Corporation, Precise biometrics, Innovatrics, Suprema, Aware Inc. and DERMALOG Identification Systems GmbH, and many more.
On the basis of top growing big corporations, we select top 10 players.
The Automated Fingerprint Identification Systems (AFIS) Market is segmented on the basis of component, search type, application , and region.
The key growth strategies of Automated Fingerprint Identification Systems (AFIS) market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
subsegments of application are commercial, governments, banking & finance, healthcare, hospitality and others.
Latent Search segment will grow at a highest CAGR of 24.9% during 2021 - 2030.
Loading Table Of Content...
