According to the new market research report "Automated Fingerprint Identification System Market by Component (Fingerprint Input Modules, Microprocessors/Microcontrollers, Displays, Matchers), Search Type (Tenprint Search, Latent Search), Application, and Geography - Global Forecast to 2020", the market is expected to be worth USD 8.49 Billion by 2020 at an estimated CAGR of 21.0% between 2015 and 2020. The transformation and technology evolution from the manual process to digital process and the growing investments in the government and enterprise sectors to support e-governance applications would help drive the AFIS market during the forecast period.
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The growing investments in the government and banking & finance sectors to support e-governance and secure transactions is likely to drive the automated fingerprint identification system market
The major forces driving the automated fingerprint identification system market are the transformation and technology evolution from the manual process to digital process. As the criminal records keep on increasing, the need for the digitization of the data through the use of AFISs would drive the market for law enforcement applications in the government sector. The need for secure transactions in the banking & finance sector would be another major driver in the AFIS market.
Mobile payment solution to play a key role in the automated fingerprint identification system market
The increasing preference for the mobile payments would help to drive the AFIS market to ensure safe transactions instead using password as a safety tool. The use of fingerprint identification is expected to play a key role in changing the security landscape for transactions and would grow at a high rate during the forecast period.
Government and transportation sectors hold the significant market share
The government and transportation sectors are expected to hold the significant share of the automated fingerprint identification system market. The AFIS market for the government sector is expected to grow at the highest rate between 2015 and 2020. The use of AFIS in e-governance applications and by the law enforcement agencies would drive the AFIS market for the government sector. The market is also estimated to witness growth in banking & finance and hospitality sectors during the forecast period.
North America expected to hold the largest market share and to grow at the highest rate
North America is expected to have the largest market share and dominate the automated fingerprint identification system market between 2015 and 2020 due to the presence of several players in the region. The North American AFIS market has offered several opportunities in various sectors, such as the law enforcement agencies like Federal Bureau of Investigation (FBI) (U.S.), using AFISs for criminal investigations.
The major vendors in the automated fingerprint identification system market include 3M Cogent Inc. (U.S.), Morpho SA (France), and NEC Corporation (Japan) among others.
The scope of the report covers detailed information regarding the major factors influencing the growth of the automated fingerprint identification system market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products & services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations, and recent developments associated with the automated fingerprint identification system market.
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