Automated Fingerprint Identification Systems (AFIS) Market to Reach $68 Billion, Globally, by 2030 at 23.3% CAGR: Allied Market Research

Download Sample Report (Get Full Insights in PDF - 295 Pages) @ https://www.alliedmarketresearch.com/request-sample/12561 Download Sample Report (Get Full Insights in PDF - 295 Pages) @https://www.alliedmarketresearch.com/request-sample/12561 Prime Determinants of Growth Rise in demand of the ASFI systems in banking & finance, & government sector and surge in adoption of AFIS in smartphones & automated teller machines (ATM) drive the growth of the global AFIS market...

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Prime Determinants of Growth

Rise in demand of the ASFI systems in banking & finance, & government sector and surge in adoption of AFIS in smartphones & automated teller machines (ATM) drive the growth of the global AFIS market. However, lack of skilled technicians hinders the market growth. On the other hand, rise in demand of AFSI in border management and growth in adoption of online transactions across the globe present new opportunities in the coming years.

Covid-19 Scenario

The Hardware Segment to Maintain its Leadership Status throughout the Forecast Period

Based on component, the hardware segment held the highest market share in 2020, accounting for nearly three-fifths of the global AFIS market, and is estimated to maintain its leadership status throughout the forecast period. This is due to adoption of hardware system in police department. Moreover, the software segment is projected to manifest the highest CAGR of 24.8% from 2021 to 2030, owing to continuous technological advancements in software technology.

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The Government Segment to Maintain its Lead Position during the Forecast Period

Based on application, the government segment accounted for the largest share in 2020, contributing to more than one-fourth of the global AFIS market, and is projected to maintain its lead position during the forecast period. This is due to usage of AFSI in government for security verification. However, the hospitality segment is expected to portray the largest CAGR of 26.6% from 2021 to 2030, owing to usage of AFSI for passport services.

North America to Maintain its Dominance by 2030

Based on region, North America held the highest market share in terms of revenue in 2020, accounting for more than one-third of the global AFIS market. This is due to presence of major players in this region. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 26.6% from 2021 to 2030, owing to increase in demand for security screening.

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