According to a new report, published by KBV research, The Global Fingerprint Biometrics Market size is expected to reach $55.7 billion by 2030, rising at a market growth of 13.3% CAGR during the forecast period.
The AFIS Technology segment is registering a strong potential CAGR of 12.5% during (2023 - 2030). Law enforcement agencies have widely adopted AFIS technology for criminal identification purposes. The ability of AFIS to rapidly compare and match fingerprints against large databases significantly expedites the identification of suspects and aids in solving criminal cases. The ongoing need for robust tools in law enforcement has driven the consistent growth of AFIS technology. Therefore, the segment will grow rapidly in the upcoming years.
The Hardware segment is leading the Global Fingerprint Biometrics Market by Offering in 2022 thereby, achieving a market value of $23.3 billion by 2030, growing at a CAGR of 12.7 % during the forecast period. Fingerprint biometrics hardware has found extensive application in the financial services sector. Integrating fingerprint sensors in ATMs, payment terminals, and mobile banking devices enhances security for financial transactions. Users can authenticate themselves conveniently, reducing the reliance on traditional PINs and passwords. Thus, these factors can assist in the expansion of the segment.
The BFSI segment is poised to have a CAGR of 12.9% during (2023 - 2030). The BFSI sector has always been a prime target for cyber threats and identity fraud. Fingerprint biometrics provide a highly secure and reliable authentication method, significantly reducing the risk of unauthorized access and identity theft. Banks and financial institutions are increasingly leveraging fingerprint biometrics as an additional layer of security to safeguard sensitive financial data and transactions. Hence, owing to these factors, the segment will grow rapidly in the upcoming years.
Full Report: https://www.kbvresearch.com/fingerprint-biometrics-market/
The North America region dominated the Global Fingerprint Biometrics Market by Region in 2022 thereby, achieving a market value of $19.3 billion by 2030, growing at a CAGR of 12.5 % during the forecast period. The Europe region would witness a CAGR of 13% during (2023 - 2030). Additionally, The Asia Pacific region is registering a CAGR of 14% during (2023 - 2030).
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