Tenprint Search Automated Fingerprint Identification System Market to Reach $40.0 Billion, Globally, by 2031 at 21.7% CAGR: Allied Market Research
Surge in demand for the tenprint search automated fingerprint identification system and the increasing advantages of tenprint search automated fingerprint identification system over conventional method drive the global tenprint search automated fingerprint identification system market growth.
PORTLAND, Ore., Dec. 6, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Tenprint Search Automated Fingerprint Identification System Market by Component (Software, Hardware), by Application (Commercial, Government, Banking and Finance, Healthcare, Hospitality, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global tenprint search automated fingerprint identification system industry generated $5.6 billion in 2021, and is anticipated to generate $40.0 billion by 2031, witnessing a CAGR of 21.7% from 2022 to 2031.
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Prime Determinants of Growth
Surge in demand for the tenprint search automated fingerprint identification system in banking & finance and government sectors, and the increasing advantages of tenprint search automated fingerprint identification system over conventional method are expected to drive the global tenprint search automated fingerprint identification system market growth. However, lack of skilled technicians and rise in data security concerns hamper the growth of the market. On the contrary, rising demand of automated fingerprint identification system in border management offers potential growth opportunity for the tenprint search automated fingerprint identification system market during the forecast period.
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The software segment to maintain its leadership status throughout the forecast period
Based on component, the software segment held the highest market share in 2021, accounting for more than two-thirds of the global tenprint search automated fingerprint ientification system market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 21.9% from 2022 to 2031. Automated fingerprint verification is extensively used with many other systems such as attendance, access control system, and others. The rise in awareness about the benefits of this type of technology is the main reason behind its growth.
The hospitality segment to achieve the fastest growth during the forecast period
Based on application, the government segment accounted for the largest share in 2021, contributing to one-fourth of the global tenprint search automated fingerprint identification system market. An increase in government initiatives to promote smart city projects is driving the segment growth. However, the hospitality segment is expected to portray the largest CAGR of 25.3% from 2022 to 2031. Identification of a user using his passport is the new trend seen in the hospitality segment. Carrying no extra documents for identification and a seamless transaction of money using a bank account attached to a passport is the new trend. Such growth factors are certainly enriching the experience of contactless hospitality service and are impacting the market positively.
North America to Maintain its Dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for around one-third of the global tenprint search automated fingerprint identification system market, and is likely to dominate the market during the forecast period. In addition, the same region is expected to witness the fastest CAGR of 22.5% from 2022 to 2031, owing to the availability of advanced technology in the region along with the presence of major players operating in the market. The region has major players offering advanced solutions, which further propel the market growth.
Key Benefits for Stakeholders
Key Market Segments
Leading Market Players:
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Automated Fingerprint Identification Systems (AFIS) Market is projected to reach $68.00 Billion by 2030, growing at a CAGR of 23.3%.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research
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