Home / Press Release / Global Automated Fingerprint Identification Systems Market Expected To Grow at CAGR of 16.5% during the Forecast Period

Global Automated Fingerprint Identification Systems Market Expected To Grow at CAGR of 16.5% during the Forecast Period

The latest market report published by Credence Research, Inc., “Automated Fingerprint Identification Systems Market By Component Type (Hardware, Software, Service), By Application (BFSI, Healthcare, Government Organization, Transportation, Others (Industrial, Hospitality, Defense & Security)) and By Geography (North America, Europe, Asia Pacific, and Rest of the World)) - Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global automated fingerprint identification systems market is expected to reach US$ 17.34 Bn by 2027, expanding at a CAGR of 16.5% during the forecast from 2019 to 2027. 

Market Insights 

“Increasing adoption of technology and digital solutions in security systems will spur revenue growth during the forecast period” 

The advanced use of automated fingerprint identification systems (AFIS) technology, in high-level security in private, public, and commercial sectors, resulting in expansion of the market over the forecast period. Improvement in digital imaging technology, adoption of mobile payment solutions, and growing concern towards secure payment gateway expected to further drive the market. For instance, in April 2015, Standard Bank introduced fingerprint authentication technology for mobile banking application for customers who use tablets and mobile devices enabled with fingerprint access control.

In addition, demand for integrated solutions, rising security threats, and technological growth in the military and defense sector expected to boost the market growth. Moreover, deployment of autonomic platform to dynamically manage end-to-end activities in the corporate sector, rising demand for modernize infrastructures and increasing terrorist & criminal activities is projected to boost up the market for automated fingerprint identification system over the forecast period.

Automated Fingerprint Identification Systems Market

Industrial Developments

• In Sept 2019, Seven Bank, Ltd. and NEC Corporation has announced for the development of a next-generation ATM, having facial recognition system. Moreover, implementation of IoT, AI, biometrics, and other technologies in these ATMs will enhance face recognition for identity verification with QR codes.

• In July 2019, NEC announced to provide customs procedure system with face recognition for six major airports in Japan.  

Key Market Movements: 

• Globally, the automated fingerprint identification systems is growing at a CAGR of 15.8% for the period from 2019 to 2027. 

• North America dominates the global automated fingerprint identification systems market and projected to hold the market share of around 32% in global ICT spending by 2019. This trend estimated to continue over the forecast period attributed to the early adoption of the technology and the presence of major AFIS vendors in the region. Furthermore, growing adoption by retail, education sectors and BFSI expected to drive market growth. 

• North America market primarily driven by law enforcement agencies, such as the U.S. Customs and Border Protection (CBP), Federal Bureau of Investigation (FBI), Federal Bureau of Prisons, and other noticeable end-users of AFIS technology, thereby increasing the demand for the market growth. 

List of Companies Covered: 

• Afix Technologies Inc.

• Cross Match Technologies Inc

• DERMALOG Identification Systems GmbH

• Gemalto NV

• Fujitsu Limited

• HID Global Corporation

• IDEMIA

• NEC Corporation

• Papillon Systems

• Sonda Technologies

• SUPREMA

The Global Automated Fingerprint Identification Systems Market is Segmented into:

ATTRIBUTE DETAILS
Research Period  2017-2027
Base Year 2018
Forecast Period  2019-2027
Historical Year  2017
Unit  USD Billion
Segmentation

 Component Type (2017–2027; US$ Bn)

 Application Type (2017–2027; US$ Bn)

 Geography Segment (2017–2027; US$ Mn)

*Complete segmentation list is on report page

Browse Full Report at https://www.credenceresearch.com/report/automated-fingerprint-identification-systems-market

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