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Automated Fingerprint ID Market to grow to $8.49 Billion by 2020

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Recent  market research released by Marketsandmarkets, concerning Automated Fingerprint Identification Systems and authentication. The report states that the marketbetween 2015 and 2020 is expected to be worth $ 8.49 Billion USD by the year 2020 that is an estimated Compound Annual Growth Rate (CAGR) of 21.0%

 

The Automated Fingerprint Identification System (AFIS) is a biometric identification (ID) methodology that uses digital imaging technology to obtain, store, and analyze fingerprint data. The AFIS was originally used by the U.S. Federal Bureau of Investigation (FBI) in criminal cases.

Government and enterprise sectors will support e-governance applications and should help drive the AFIS market during the next few years, research analysts found that 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 numbers of criminal records keeps on increasing, the need for the digitisation of the data through the use of AFISs would drive the market for law enforcement applications in the government sector worldwide.

3rd world ahead of the West

The need for secure transactions in the banking & finance sector would be another major driver in the western market, although once again South American, African and some Indian states are ahead of the game having built up extensive databases of fingerprints for elections, these will now be the base information required.

In addition, the increasing preference for the mobile payments will also help to drive the digital market to ensure safe transactions instead of using passwords 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, eliminating pass books, cards, pin numbers and every other method of identifying customers and giving access both physically (doors ) and financially (bank accounts).  

African and south American markets have used finger print technology for many years, more through necessity than commercial choice. Now in the Western world private industry, 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 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 identified within the research 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. European reseller will be interested in opportunities for resellers dealers and cloud companies with hosting opportunities.