Automated Fingerprint Identification System Market Overview:
Automated Fingerprint Identification System Market Research Report analyzed the current state in the definitions, classifications, applications, and industry chain structure. The analysis provides unbiased professional commentary on the present market scenario, prior market performance, production and consumption rates, demand and supply ratios, and income generation forecasts for the projected period. The Automated Fingerprint Identification System market study gives a complete picture of competition, including the market share and company profiles of the key competitors in the global industry. The scope of the research includes a thorough investigation of the Automated Fingerprint Identification System Market, as well as the reasons for variations in the industry's growth in various locations.
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Expected Growth in Revenue:
Global Automated Fingerprint Identification System Market was worth US$ 5.41 Bn. in 2020 and total revenue is expected to grow at a rate of 18.4 % CAGR from 2021 to 2027, reaching almost US$ 17.65 Bn. in 2027.
This research study makes extensive use of secondary sources, directories, and databases, such as annual reports, press releases, journals, company websites, and databases, to discover and collect material acceptable for this study.
An upsurge in criminal and terrorist activities worldwide is driving demand for automatic fingerprint identification systems to identify people for security purposes. Over the past 20 years, crime and terrorism have substantially escalated on a global scale. Numerous of these occurrences have led to both fatalities and huge financial losses. These actions might slow a country's economic development in the near future. For instance, the 26/11 terrorist attack in Mumbai, India, which left 164 people dead and enormous economic damage, had a detrimental effect on both the Bombay Stock Exchange and the National Stock Exchange. Additionally, it reduced India's GDP growth for about 6 to 8 months.
The market is divided into three categories: hardware, software, and services. The software sector is anticipated to dominate the market during the projected time frame. This can be the cause of the rising need for integrated AFIS products for criminal or individual identification. Furthermore, makers of automated fingerprint recognition systems are putting a lot of effort into creating highly effective, standards-compliant systems with complete adaptability, enabling users to get a solution tailored to their particular business processes very rapidly.
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The entire method entails an examination of the key market players' financial reports. Following the assessment of the overall market size, the market was segmented into several divisions and sub-segments and validated with key industry professionals such as CEOs, VPs, directors, and marketing executives. The biggest players in the Automated Fingerprint Identification System market are as follows:
• Biometrics4ALL Inc.
• Gemalto NV
• Crossmatch (HID Global)
• DERMALOG Identification Systems GmbH
• M2SYS Technology
• Morpho SA (IDEMIA)
• 3M Cogent (US)
• Safran Identity and Security (US)
• NEC Corporation (Japan)
• M2SYS Technology (US)
• Afix Technologies Inc (US)
• Biometrics4ALL (US)
• Fujitsu (Japan)
• Cross Match Technologies (US)
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The region component of the Automated Fingerprint Identification System market analysis also contains individual market influencing variables and changes in market regulations that affect current and future market trends. Current and future trends are reviewed to evaluate the overall market potential and to identify profitable trends to get a more solid footing. The geographical market evaluation is based on the current environment and anticipated trends.
COVID-19 Impact Analysis on Automated Fingerprint Identification System Market:
End-user industries where Automated Fingerprint Identification System are utilized had a drop in growth from January to May in some countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a pause in operations. This resulted in a significant fall in the revenues of businesses operating in these industries and, as a result, in demand for Automated Fingerprint Identification System manufacturers, impacting the Automated Fingerprint Identification System market's growth in 2020. With lockdowns and an increase in COVID-19 instances throughout the world, end-user business demand for Automated Fingerprint Identification System has declined dramatically.
Key Questions Answered in the Automated Fingerprint Identification System Market Report are:
- Which segment had the largest share in the Automated Fingerprint Identification System market in 2020?
- How is the competitive landscape of the Automated Fingerprint Identification System market?
- Which are the key drivers aiding the Automated Fingerprint Identification System market growth?
- Which region has the maximum share in the Automated Fingerprint Identification System market?
- What will be the CAGR of the Automated Fingerprint Identification System market during the forecast period (2021-2027)?
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