NEW CASTLE, Delaware, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Fingerprint Biometrics Market by Offering (Hardware, Software, and Services), Type (AFIS Technology and Non-AFIS Technology), and End User (BFSI, Healthcare, Travel & Tourism, IT & Telecom, Government & Defense, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032” According to the report, the global fingerprint biometric market generated $21.6 billion in 2022, and is estimated to reach $74.1 billion by 2032, witnessing a CAGR of 13.4% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
The fingerprint biometrics market is expected to witness notable growth owing to surge in penetration of user identification devices and increased spending in the defense sector. Moreover, key technological developments leading to the commodification of biometrics are expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, operational concerns related to privacy, security, and ROI limit the growth of the fingerprint biometrics market.
Request Sample Pages: https://www.alliedmarketresearch.com/request-sample/4370
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $21.6 Billion |
| Market Size in 2032 | $74.1 Billion |
| CAGR | 13.4% |
| No. of Pages in Report | 345 |
| Segments covered | Offering, Type, End User, and Region. |
| Drivers | Surge in penetration of user identification devices. Increased spending in the defence sector. |
| Opportunities | Key technological developments leading to the commodification of biometrics |
| Restraints | Operational concerns related to privacy, security, and ROI |
COVID-19 scenario-
- The COVID-19 pandemic brought about a notable transformation in the landscape of fingerprint biometrics, primarily due to concerns related to hygiene and the potential transmission of viruses through surface contact.
- Traditional fingerprint recognition systems, often employed in various sectors for secure access and identification, faced challenges as individuals became more cautious about physical contact with shared surfaces, such as fingerprint scanners.
- The widespread use of face masks during the pandemic presented challenges for facial recognition systems, leading to a reevaluation of touchless alternatives. While facial recognition remained relevant, there was a growing interest in refining and improving fingerprint biometrics systems to make them more conducive to a hygienic environment.
Buy this Complete Report (345 Pages PDF with Insights, Charts, Tables, and Figures) at:
https://www.alliedmarketresearch.com/fingerprint-biometrics-market/purchase-options
The hardware segment dominated the market in 2022
By offering, the hardware segment held the major share in 2022, garnering nearly half of the global fingerprint biometrics market revenue, as fingerprint recognition technology was becoming more widespread and integrated into various devices, including smartphones, laptops, and access control systems. Manufacturers were focusing on improving the resolution and sensitivity of fingerprint sensors to ensure more reliable and secure authentication. However, the services segment would also showcase the fastest CAGR of 15.9% during the forecast period, owing to the use of fingerprint biometrics in healthcare services, providing secure access to patient records and ensuring the accuracy of medical information. Moreover, the deployment of fingerprint technology in access control systems for buildings and secure facilities has gained momentum, enhancing physical security measures. As technology continues to evolve, the integration of fingerprint biometrics with artificial intelligence and machine learning is expected to further improve accuracy, speed, and overall reliability, expanding its applications in a wide range of services, from law enforcement to e-commerce.
The non-AFIS technology segment to dominate by 2032
By type, the non-AFIS technology segment accounted for nearly two-thirds of the global fingerprint biometrics market share in 2022, and is expected to rule the market by 2032, owing to the continuous improvement in accuracy and speed of fingerprint matching algorithms. AFIS systems are becoming more efficient in processing large databases and delivering rapid and reliable results, making them invaluable in law enforcement and identity verification applications. However, the non-AFIS technology segment would also display the fastest CAGR of 12.4% throughout the forecast period, owing to the deployment of non-AFIS fingerprint technology in access control systems for various sectors, including commercial buildings, healthcare facilities, and financial institutions. These systems contribute to heightened security by allowing authorized individuals seamless and touchless entry, aligning with the broader shift toward contactless technologies in the post-pandemic era.
The government and defense segment dominated the market in 2022
By end user, the government and defense segment accounted for nearly one-fourth of the global fingerprint biometrics market share in 2022, owing to the integration of fingerprint technology into national identification systems and e-passports, allowing governments to strengthen border control and streamline identity verification processes. In addition, many defense and law enforcement agencies are increasingly leveraging fingerprint biometrics for criminal investigations and intelligence gathering. However, the travel and tourism segment would also display the fastest CAGR of 17.8% throughout the forecast period, owing to the increasing adoption of fingerprint recognition technology at airports and border control checkpoints. This development enhances security measures by providing a more reliable and efficient method of verifying travelers' identities compared to traditional methods such as passports and boarding passes.
Asia-Pacific garnered the major share in 2022
By region, North America garnered the highest share in 2022, holding nearly one-third of the global fingerprint biometrics market revenue in 2022, owing to the integration of fingerprint recognition in access control systems for both physical and digital environments, including workplaces, government facilities, and financial institutions. The increased emphasis on security and identity verification fueled the deployment of fingerprint biometrics in smartphones, laptops, and other personal devices. The Asia-Pacific region would also portray the fastest CAGR of 16.6% during the forecast period, owing to the surge in the implementation of fingerprint biometrics for financial transactions, access control, and workforce management, reflecting a growing emphasis on security and efficiency. Mobile devices equipped with fingerprint sensors became commonplace, contributing to the seamless integration of biometrics into daily life.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/4370
Leading Market Players-
- Thales
- Bio-Key International
- HID Global Corporation
- M2SYS Technology
- NEC Corporation
- IDEMIA
- Anviz Global Inc.
- DERMALOG Identification Systems GmbH
- Fingerprint Cards AB
- FingerCheck
The report analyzes these key players in the global fingerprint biometrics market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" 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.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
