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.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global tenprint search automated fingerprint identification system market. With governments of several nations imposing and extending lockdowns, production and manufacturing facilities across the globe were shut down.
- Considering the inputs from various industry experts belonging to the various stages of the value chain, such as OEMs, suppliers, integrators, end users, and distributors, and the financial release of various companies in the tenprint search automated fingerprint identification system ecosystem, it was calculated that the market experienced a decline during the period, 2019-2020.
- Furthermore, the outbreak of the pandemic disrupted the global supply chain, thereby creating a significant gap in the supply chain.
- Key players operating in the tenprint search automated fingerprint identification system industry temporarily witnessed a slowdown, owing to lack of availability of skilled professionals to develop tenprint search automated fingerprint identification system market solutions, which led to a decline in revenues for the financial year, 2020 to 2021.
- However, the market recovered since 2021 and is expected to remain in the growth stage 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 identification 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
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the tenprint search automated fingerprint identification system market analysis from 2021 to 2031 to identify the prevailing tenprint search automated fingerprint identification system market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the tenprint search automated fingerprint identification system market outlook assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global tenprint search automated fingerprint identification system market trends, key players, market segments, application areas, tenprint search automated fingerprint identification system market forecast and market growth strategies.
Key Market Segments
Component
- Software
- Hardware
Application
- Commercial
- Government
- Banking and Finance
- Healthcare
- Hospitality
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (U.K., Germany, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Leading Market Players:
- THALES
- IDEMIA
- Suprema Inc.
- HID Global
- Aware, Inc.
- DERMALOG Identification Systems GmbH
- BioID Technologies
- Futronic Technology Company Limited
- Chongqing Huifan Technology Co., Ltd.
- BIOENABLE TECHNOLOGIES PVT. LTD.
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