From GlobeNewswire: 2024-11-19 09:10:00

The AFIS market was valued at USD 11.96 Billion in 2023, with a projected growth to USD 67.55 Billion by 2032 at a CAGR of 21.24%. Increasing security demands, technological advancements, smart city initiatives, and digitalization in emerging economies are key factors driving this growth.

Global security challenges are boosting AFIS adoption in law enforcement and finance sectors. AFIS technology offers secure authentication, reducing fraud risks. Concerns over illegal immigration and terrorism have led to government investments in AFIS for border and law enforcement purposes, contributing to market growth.

Hardware dominates the AFIS market, with the hardware segment holding a revenue share of 43.9% in 2023. The service segment is projected to grow at a CAGR of 23.89%, driven by increasing complexity in AFIS technology and greater demand for installations and maintenance, especially in law enforcement and public service applications.

The banking & finance sector led the AFIS market in 2023 due to the need for advanced security systems. The government sector is expected to grow at the fastest CAGR of 24.11% from 2024 to 2032, prioritizing public safety and national security through AFIS solutions for criminal identification, border control, and disaster response.

North America dominated the AFIS market in 2023, with a 36.4% share, driven by advanced infrastructure and high security demand. The Asia Pacific region is projected to experience a CAGR of 23.99% through the forecast period due to economic growth, rising disposable incomes, and increased demand for security solutions, particularly in banking, immigration, and access control sectors. IDEMIA Public Security North America has partnered with NEC Corporation to incorporate NEC’s Bio-IDiom biometric technology into its security and communication services. In May 2024, they deployed their cloud-based STORM ABIS at the Volusia Sheriff’s Office, improving remote fingerprint identification for law enforcement. This collaboration aims to enhance security measures with cutting-edge biometric technology.



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