According to a new report, published by KBV research, The Global Automated Fingerprint Identification System (AFIS) Market size is expected to reach $29.1 billion by 2031, rising at a market growth of 18.7% CAGR during the forecast period.
The Latent Search segment is anticipating a CAGR of 19.3% during (2024 - 2031). Latent fingerprints are those that are not immediately visible and require processing and enhancement to be used for identification. These are often collected from crime scenes and are crucial in solving criminal cases. The latent search process is inherently more complex due to the quality and clarity of fingerprints collected from crime scenes. However, innovations in image processing and enhancement techniques have significantly improved the effectiveness of latent searches. Advanced software tools can now process poor-quality fingerprints, increasing the chances of matching latent prints with existing records in the database.
The Hardware segment is leading the Global Automated Fingerprint Identification System (AFIS) Market by Component in 2023; thereby, achieving a market value of $11.8 billion by 2031. This segment includes essential physical components such as fingerprint scanners, sensors, and processing units crucial for capturing and processing fingerprint data. The high revenue share of the hardware segment can be attributed to several key factors. Firstly, continuous technological advancements in sensor technology, such as higher resolution and faster processing capabilities, have significantly driven the demand for advanced hardware solutions.
The Banking & Finance segment is registering a CAGR of 17.9% during (2024 - 2031). This dominant position can be attributed to the increasing need for secure and reliable identification methods to prevent fraud and ensure the integrity of financial transactions. AFIS technology provides robust security measures by accurately verifying individuals’ identities through unique fingerprint patterns. The adoption of AFIS in banking and finance is driven by regulatory requirements and the rising demand for secure authentication processes to safeguard sensitive financial information. Banks and financial institutions are increasingly implementing AFIS to enhance their security infrastructure, streamline customer authentication, and improve operational efficiency.
Full Report: https://www.kbvresearch.com/automated-fingerprint-identification-system-market/
The North America region dominated the Global Automated Fingerprint Identification System (AFIS) Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $10.2 billion by 2031. The Europe region is experiencing a CAGR of 18.3% during (2024 - 2031). Additionally, The Asia Pacific region would obtain a CAGR of 19.3% during (2024 - 2031).
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