The global AFIS (Automated Fingerprint Identification System) market was valued at USD 7,646.2 million in 2019 and is expected to grow at a 23.8 per cent compound annual growth rate (CAGR) to USD 33,395.2 million by 2026. (2020 to 2026).
AFIS (Automated Fingerprint Identification System) is an identity verification system that uses digital imaging technology to analyze and match fingerprints in a collection. The software for the automated fingerprint recognition system also provides for real-time information retrieval, uploading, and storage.
On the other hand, access control system-based businesses operating in the worldwide AFIS (automatic fingerprint identification system) market would face challenges due to a lack of significant technological advances. Based on products and services, analysts divided the market into components, end-users, geographies, and type categories. Companies that use access control systems have been profiled. During the projection period of 2020 to 2026, a scarcity of professional services is expected to harm the global market. The research also includes market performance projections through 2026.
Analysts have looked into how access control systems-based firms aid newcomers and established businesses. The increased penetration of the internet, as well as the requirement for AFIS as biometric identification for authentication purposes, boosts the access control systems sector.
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AFIS Market Segmentation
Hardware and software are sub-segments of the component segment. The software industry is the largest. The software category accounted for 53.4 per cent of the market in 2019, with a market value of USD 3,326.1 million. During the forecast period, the segment is expected to develop at a 24.6 per cent CAGR.
The type segment is divided into two categories: latent and ten-print searches. The ten-print search approach is the most popular. In 2019, the segment had a market share of 56.2 per cent and a market value of USD 56.2 million. During the forecast period, the ten-print searches segment is expected to increase at a 24.8 per cent CAGR.
At the same time, the Banking, Financial Services, and Insurance (BFSI) sector have the second-largest market share. AFIS contributes to increased consumer trust in banks and financial institutions, as well as improved overall brand reputation.
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AFIS Regional Classification
North America holds the lion’s share of the global market for automated fingerprint recognition systems. The region was valued at USD 2,755.3 million in 2019 and is predicted to expand at a 22.0 per cent compound annual growth rate (CAGR) over the projection period. The region has a well-developed infrastructure, allowing modern technology to be implemented more quickly.
In the global market for automated fingerprint identification systems, Europe is a potential market. The AFIS demand is due to increasing economic expansion and smartphone sales. Furthermore, the region’s large pool of AFSI system providers and vehicle firms boosts the market for automatic fingerprint identification systems.
AFIS Industry News
The AFIS market analysis includes unique and relevant aspects that are expected to have a substantial impact on market growth during the evaluation period. The comprehensive research study will aid industry participants in better understanding the market. The study identifies historical and present market trends for automated fingerprint identification systems that are driving the market growth.
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Table of content:
1 EXECUTIVE SUMMARY
1.1 GLOBAL AUTOMATED FINGERPRINT IDENTIFICATION SYSTEM MARKET, BY COMPONENT
1.2 GLOBAL AUTOMATED FINGERPRINT IDENTIFICATION SYSTEM MARKET, BY SEARCH TYPE
1.3 GLOBAL AUTOMATED FINGERPRINT IDENTIFICATION SYSTEM MARKET, BY END USER
1.4 GLOBAL AUTOMATED FINGERPRINT IDENTIFICATION SYSTEM MARKET, BY REGION
2 MARKET INTRODUCTION
2.1 DEFINITION
2.2 SCOPE OF THE STUDY
2.3 RESEARCH OBJECTIVE
2.4 MARKET STRUCTURE
3 RESEARCH METHODOLOGY
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 DRIVERS
4.2.1 INCREASING NEED FOR IMPROVED SECURITY FOR ONLINE TRANSACTIONS
4.2.2 GROWING MOVE TOWARDS E-GOVERNANCE POLICIES IN PUBLIC AND ENTERPRISE SECTORS
4.3 RESTRAINTS
4.3.1 FEARS REGARDING PRIVACY AND SECURITY
4.4 OPPORTUNITY
4.4.1 HIGH DEMAND FOR ACCESS CONTROL SYSTEMS IN THE GOVERNMENT AND CIVIL SECTORS
4.5 IMPACT ANALYSIS OF COVID PANDEMIC
4.5.1 IMPACT ON THE OVERALL INVESTMENT IN TECHNOLOGY
4.5.2 THE IMPACT OF DEPLOYMENT AND INTEGRATION
4.5.3 THE IMPACT ON SMALL AND MEDIUM BUSINESSES
5 MARKET FACTOR ANALYSIS
Continued…
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