AFIS biometric software market to reach $68B by 2030: report
The global Automated Fingerprint Identification System (AFIS) market may reach $68 billion by 2030, according to new data from Allied Market Research (AMR), although the forensic biometrics market is maturing, meaning potentially only modest revenues for key players.
The research firm forecasts a compound annual growth rate (CAGR) of 23.3 percent from 2021 to 2030.
Among the factors behind the upcoming AFIS growth is a rising demand for biometrics in the banking and finance, and government sectors, as well as the increasing advantages of Automated Fingerprint Identification Systems over conventional methods, and rising adoption of AFIS in smartphones and ATMs.
The document also has a section outlining the impact of the pandemic on the AFIS market, which claims that while the COVID emergency led to a contraction of the AFIS market in 2020, it went to achieve slow growth in 2021.
Additionally, the Allied Market Research report includes a section analyzing the factors that may slow down the forecast growth of the automated fingerprint biometrics market in the coming years.
These include the lack of a robust education system to train skilled professionals in fingerprint detection and limited R&D infrastructure aimed to develop affordable monitoring technologies in developing countries, which are also subject to high export tariffs on these products.