The global automated fingerprint identification system (AFIS) market size is projected to reach USD 12.46 billion by 2025, according to a new study conducted by Grand View Research, Inc. It is anticipated to expand at a CAGR of 18.4% over the forecast period. Increasing demand for advanced security systems across various business domains is expected to boost the growth. In addition, rising adoption of mobile payment solutions and demand for integrated AFIS solutions are expected to fuel the expansion.
AFIS is increasingly used to cater to the safety and security needs of individuals and organizations, on account of growing number of threats across the globe. A biometric identification system is difficult to circumvent. Systems based on this technology provide a secure identification and verification mechanism to mitigate the level of transaction frauds and security breaches. This factor is expected to drive the demand for automated fingerprint identification systems over the forecast period.
Smart homes are equipped with advanced security systems such as fingerprint access control. Additionally,existing building retrofits are installing biometric security systems to counter thefts and malicious entries. This is further expected to boost the market growth. Furthermore, increasing terrorist activities and theft cases have compelled governments to deploy AFIS solutions in various government agencies, which, in turn, is expected to drive the market in near future.
The rising demand for AFIS technology in enterprises to monitor the attendance of employees is expected to propel the market growth. Developers are focusing on introducing automated fingerprint identification systems that can withstand extreme conditions and can be used suitably across various industries, including manufacturing, IT and telecommunication, construction, and oil and gas, among others.
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Further key findings from the study suggest:
Grand View Research has segmented the global Automated Fingerprint Identification System (AFIS) market on the basis of component, end use, and region:
Automated Fingerprint Identification System (AFIS) Component Outlook (Revenue, USD Million; 2014 - 2025)
Automated Fingerprint Identification System (AFIS) End-use Outlook (Revenue, USD Million; 2014 - 2025)
Automated Fingerprint Identification System (AFIS) Regional Outlook (Revenue, USD Million; 2014 - 2025)
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