A recent report added by Market Research Future entitled AFIS Market reveals that it will generate remunerative prospects for key players post COVID-19 crisis. As per the latest readings, MRFR finds the market would rise at a pace of ~22% CAGR and would reach USD 13 billion valuations.
The rising period predicted is to be from 2020-2027. The entire report aims to provide an additional illustration of the latest scenario, economic slowdown globally, and COVID-19 impact on the overall industry.
Top Impacting Factors
As experts are working toward a better understanding of market dynamics, the world shudders in fear of COVID-19 that surfaced in later 2019; the market is going towards a different perspective. Amid the crisis, the report focuses on some of the impactful factors driving the market rapidly. The factors recorded are the rising crime rate is probable to motivate demand for AFIS technology in the law enforcement application to detect criminals.
The technology is also used to search latent fingerprints from the crime scene and compare them with a database of existing fingerprints. The AFIS is an efficient process of classifying, searching, and matching fingerprints than traditional identification methods. This created a high expectancy to propel the growth of the market.
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MRFR spots light on the fact that the global ICT expenditure is predicted to achieve a value of ~US$ 5 billion by the year 2027. To maintain the secrecy of information and ensure the security of officials, more government institutions are adopting automated fingerprint identification systems. The government and security agencies grab for the peak revenue in the automated fingerprint identification systems market, with an approximate valuation of ~US$ 15 billion by the year 2027.
In fact, escalating criminal and terrorist activities have triggered the demand for automated fingerprint identification systems. To maintain law enforcement and public safety, companies in the automated fingerprint identification systems market are innovating multimodal capture solutions. This trend, coupled with biometrics, is transforming the landscape of the global automated fingerprint identification systems market.
Furthermore, the manufacturers in the market are catering to the need of government officials by offering them superior biometric identification systems that are integrated with live face recognition. End users are benefitting from this technology, as it offers face identification in real-time as well as post-event instances to support public security.
Segmentation of Market
The automated fingerprint identification systems market is hugely segmented among types, components, and end-users.
Depending on the type segment, the market has included hardware and software.
Depending on the component segment, the market has included latent searches and ten-print searches.
Depending on the end-user segment, the market has included hospitality, education, transportation, government, healthcare, BFSI, and others.
Regionally, North-America grabbed the largest market share in support of the technological advancements, several opportunities in various sectors as well as mounting usage by the law enforcement agencies. North American region led the Automated Fingerprint Identification System (AFIS) market in terms of revenue, and this trend is projected to continue attributed to the early adoption of the technology and the incidence of major AFIS vendors in the region.
North America’s regional market is mainly driven by law enforcement agencies, such as the Federal Bureau of Prisons, Federal Bureau of Investigation (FBI), and U.S. Customs and Border Protection (CBP), among other prominent end-users of AFIS technology for criminal identification.
The Asia Pacific AFIS market is likely to observe remarkable growth over the assessment period. Such growth is attributed to a rise in government initiatives to create personal tax IDs, e-passport, unique identity numbers based on biometric information such as fingerprint, face, and iris recognition. Moreover, governments are spotting on the deployment of biometric solutions at airports and for border control to improve the security level. This, in turn, has anticipated motivating the demand over the assessment period.
Top industry players operating in the global automated fingerprint identification systems market include Safran Identity & Security (U.S.), 3M Cogent, Inc. (U.S.), M2SYS Technology (U.S.), NEC Corporation (Japan), Biometrics4ALL (U.S.), Afix Technologies Inc (U.S.), Cross Match Technologies, Inc. (U.S.), Fujitsu (Japan), and M2SYS Technology (U.S.).
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Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
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