Automated Fingerprint Identification Systems Market By Component Type (Hardware, Software, Service), By Application (BFSI, Healthcare, Government Organization, Transportation, Others) - Growth, Future Prospects, and Competitive Landscape, 2019 - 2027
Rising government spending on safety & security coupled with technological evolution has significantly increased on a global scale.
The global automated fingerprint identification systems market is growing competently, at a CAGR of 16.5%, and is projected to reach 17.34 Bn by 2027.
Increasing adoption towards authentication and recognition systems, growing concern towards secure transaction systems, growing application for the digital identification process, and development of advanced authenticated security systems is projected to ensure continued growth for automated fingerprint identification system in the future.
Market Synopsis
Component Analysis
"Rising need for secure transaction and increasing adoption towards mobile payment solutions among the consumers will spur revenue growth."
The digital revolution has increased an impact on the outsourcing industry and will continue to shape digital solutions in the near future. Technological advancements like AI and IoT have increased a wide range of applications within the market, thereby driving the market for automated fingerprint identification systems globally. For instance, in April 2019, "Softtek" finalized a partnership with a Spanish company named "Vector ITC" for a capacity expansion strategy towards banking, consumer products, and industrial sectors. Moreover, increasing demand for IoT devices and applications, coupled with increased portability of computing power and AI-driven tools, is expected to fuel the market for automated fingerprint identification systems.
Regional Analysis
"Early adoption of new technology and the presence of top AFIS vendors in the U.S. market to drive the market growth"
The U.S. dominates the AFIS market on a global scale due to the early adoption of the technology and the presence of major AFIS vendors across the region. In addition, to growing adoption by the education sector, retail, and BFSI, retail is expected to drive market growth.
North America is mostly driven by federal agencies, such as the Federal Bureau of Investigation, U.S. Customs and Border Protection, and others. By the end of 2019, North America dominated the AFIS market, withholding a market share of around 35%. Developed countries such as the U.S. and Canada are contributing significantly to the automated fingerprint identification systems market globally.
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
Key Industry Development:
In Feb 2019, NEC Corporation have announced the provision of a facial recognition system for the new "One ID" check-in to boarding process introduced by Narita International Airport Corporation (NAA).
In June 2019, Vaccine Alliance, Gavi, Simprints Technology Ltd., and NEC Corporation signed a memorandum of understanding (MoU) on using biometrics to improve immunization coverage in developing countries.
Historical & Forecast Period
This study report represents analysis for each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
Europe (U.K., Germany, Spain, Italy, and the Rest of Europe)
Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
Middle East & Africa (GCC, Rest of the Middle East & Africa)
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to understand better the overall automated fingerprint identification system (AFIS) market. In addition, the global report also represents the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.
Frequently Asked Questions
The market for Automated Fingerprint Identification Systems is expected to reach US$ 17.34 Bn in 2028.
The Automated Fingerprint Identification Systems market is expected to see significant CAGR growth over the coming years, at 16.5%.
The report is forecasted from 2015-2022.
The base year of this report is 2021.
Afix Technologies Inc., Cross Match Technologies Inc., DERMALOG Identification Systems GmbH, Gemalto NV, Fujitsu Limited, HID Global Corporation, IDEMIA, NEC Corporation, Papillon Systems are some of the major players in the global market.
