Automated Fingerprint Identification Systems (AFIS) Market to Reach $68.00 Billion By 2030

According to a recent report published by Allied Market Research, titled, “Automated Fingerprint Identification Systems (AFIS ) Market by Component, Search Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” 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 CAGR of 23.3% from 2021 to 2030.

The key factors that drive the Automated Fingerprint Identification Systems (AFIS) market growth include 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 market in the future. However, Lack of skilled technicians. Moreover, rising demand of AFSI in border management, and growing adoption of online transactions across the globe create ample opportunities for the growth of Automated Fingerprint Identification Systems (AFIS) market share.

By components, the Automated Fingerprint Identification Systems (AFIS) industry is fragmented into software, and hardware. The Hardware segment was the highest revenue generating segment that accounted for $ 4915.1million in 2020. However, the Software segment is expected to witness fastest growth at a CAGR of 24.8% during the forecast period.

By search type, the market is divided into Tenprint Search, and Latent Search. The Tenprint Search segment was the highest revenue generating segment that accounted for $ 4654.1 million in 2020. However, the Latent Search segment is expected to witness fastest growth at a CAGR of 24.9% during the forecast period.

By application, the market is divided into Commercial, Governments, Banking & Finance, Healthcare, Hospitality, and Others. The Government segment was the highest revenue generating segment that accounted for $ 2115.8 million in 2020. However, the Hospitality segment is expected to witness fastest growth at a CAGR of 26.6% during the forecast period.

By region, the Automated Fingerprint Identification Systems (AFIS) market analysis is done across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor that was valued at $ 2874.9 million in 2020. This region is further expected to attain a market value of $ 4136.2 billion by 2022, to grow at a CAGR of 20.6%. Moreover, Asia-Pacific is expected to maintain its dominant position during the forecast period.

COVID-19 Impact Analysis

COVID-19 has caused the overall semiconductor industry to mobilize quickly and make short-term decisions with long-term implications. Semiconductor companies operate in a complex ecosystem, working across the value chain with numerous raw materials, assembly, test, package, and equipment suppliers & partnersacross the globe.

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.

Demand from the wireless communication segmentis expected to increase, owing to factors such as rise in broadband usage, higher demand for cloud services, and video streaming. In addition, in the medium to long term, COVID-19 is expected to further push the need for digital transformation and technologies, such as 5G, IoT, AI, and intelligent edge computing, for future optimization.

Some of the Automated Fingerprint Identification Systems (AFIS) companies have witnessed temporary delays in services, increased costs, delay in and revenue lossesdue to the pandemic.

The manufacturing sector witnessed severe loss, and thus no new orders have been placed during the pandemic. In addition, this impact is estimated to continue till 2021. Moreover, international consumer electronics and electric devices markets are in a very weak state, owing to lockdowns imposed to tackle the pandemic. Although the markets in the U.S. and Europe witnessed mild recovery in the second half of 2020, they are still significantly down on pre-crisis levels. Therefore, the Automated Fingerprint Identification Systems (AFIS) market size is facing major obstacles from the emergence of the COVID-19 pandemic.

The overall impact of the pandemic is impacting the production process of several industries, including semiconductor and electronics. Trade barriers are further constraining the demand and supply outlook. The overall production process is adversely affected as governments of different countries have already announced total lockdown and temporary shutdown of industries.

Key Findings Of The Study

• The Hospitality sector is projected to be the major industry vertical during the forecast period.
• North America and Europe dominate the market in 2020.
• Asia-Pacific is anticipated to witness highest growth rate during the forecast period.
• U.S. was the major shareholder in 2020 in the North America Automated Fingerprint Identification Systems (AFIS) market.

The key players profiled in this 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 several strategies, such as new product launch &development, acquisition, partnership &collaboration, and business expansion, and adoption of Automated Fingerprint Identification Systems (AFIS) market trends to increase their footprint in theAutomated Fingerprint Identification Systems (AFIS )industry during the forecast period.