The global automated fingerprint identification systems (AFIS) market is expected to grow to USD 23.76 billion by 2027, at a CAGR of 22% during the forecast period. The market is driven by factors such as increasing security concerns, rising demand for AFIS systems in the banking and financial sector, and growing adoption of AFIS systems in government and law enforcement agencies.
Automated Fingerprint Identification Systems (AFIS) are biometric systems that use fingerprint patterns for identification and authentication purposes. AFIS technology is widely used in law enforcement, civil identification, border control, and access control applications.
The global Automated Fingerprint Identification Systems (AFIS) market is experiencing significant growth due to the increasing demand for secure biometric identification and authentication solutions. This market report provides a comprehensive analysis of the global AFIS market, covering market size, trends, drivers, challenges, and the future outlook.
Market Drivers
The key factors driving the growth of the global AFIS market include:
• Increasing security concerns: The rising number of terrorist attacks and other criminal activities is fueling the demand for AFIS systems. AFIS systems can help to identify and apprehend criminals, and to prevent terrorist attacks.
• Rising demand for AFIS systems in the banking and financial sector: AFIS systems are widely used in the banking and financial sector to prevent fraud and identity theft. AFIS systems can be used to verify the identity of customers when they open an account, apply for a loan, or make a transaction.
• Growing adoption of AFIS systems in government and law enforcement agencies: Government and law enforcement agencies are increasingly adopting AFIS systems to improve public safety and national security. AFIS systems can be used to track criminals, identify victims of crime, and investigate crimes.
Competitive Landscape
The global AFIS market is highly competitive, with a number of players operating in the market. Some of the key players in the market include:
• Biometrics4ALL Inc.
• Suprema
• Gemalto NV
• Crossmatch (HID Global)
• DERMALOG Identification Systems GmbH
• M2SYS Technology
• Morpho SA (IDEMIA).
Recent Developments:
Here are some recent developments of companies in the global automated fingerprint identification systems (AFIS) market, with year:
• Crossmatch: 2023 – Launched a new line of AFIS systems that are designed to be more affordable and easier to use for small and medium-sized businesses.
• NEC: 2023 – Announced plans to develop a new AFIS system that uses artificial intelligence to improve the accuracy and speed of fingerprint identification.
• Fujitsu: 2022 – Released a new version of its AFIS software that includes new features such as support for mobile devices and cloud-based deployment.
• Aware, Inc.: 2022 – Acquired Bio-key International, Inc., a company that develops biometric authentication technologies, including AFIS systems.
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Attractive Investment Opportunities
The global AFIS market presents a number of attractive investment opportunities for investors. Some of the key areas of investment include:
• Development of new and innovative AFIS technologies: There is a growing need for new and innovative AFIS technologies that are more accurate, reliable, and affordable. Investors can invest in companies that are developing new AFIS technologies.
• Manufacturing of AFIS systems: The demand for AFIS systems is expected to grow significantly in the coming years. Investors can invest in companies that are manufacturing AFIS systems.
• Deployment of AFIS systems: AFIS systems are complex systems that require expertise to deploy and operate. Investors can invest in companies that provide AFIS deployment and operation services.
Emerging Trends
The global AFIS market is constantly evolving, with new trends emerging all the time. Some of the key emerging trends in the market include:
• Biometric integration: AFIS systems are increasingly being integrated with other biometric technologies such as facial recognition and iris recognition. This is creating new applications for AFIS systems, such as cross-matching multiple biometric data sets and identifying people who are not in the AFIS database.
• Cloud-based AFIS: Cloud-based AFIS solutions are becoming increasingly popular, as they offer a number of advantages over traditional on-premises AFIS systems. Cloud-based AFIS solutions are more scalable, reliable, and cost-effective.
• Artificial intelligence (AI) and machine learning (ML): AI and ML are being used to develop new and innovative AFIS technologies. For example, AI and ML can be used to develop algorithms that can improve the accuracy and speed of fingerprint matching.