STATE OF THE FINGERPRINTING BUSINESS INDUSTRY
According to a report by MarketsandMarkets, the global fingerprint biometrics market size was valued at USD 3.84 billion in 2020 and is projected to reach USD 8.5 billion by 2026, growing at a CAGR of 12.2% during the forecast period.
Fingerprint recognition is one of the most widely used biometric technologies, with applications in various industries such as government, law enforcement, healthcare, banking and finance, and transportation, among others.
The fingerprint-based background check market is expected to grow at a steady pace, driven by factors such as increasing regulations for employment screening, rising adoption of biometric technologies, and the growing trend of remote hiring and online education.
MULTIPLE SECTOR USAGE
Fingerprint-based background checks are commonly used in various industries such as healthcare, education, and government, among others, for pre-employment screening and security clearance purposes.
The market for fingerprint-based background check services is highly fragmented, with numerous small and large players operating in different regions and industries. This presents an opportunity for new entrants to capture market share by offering innovative and cost-effective solutions that meet the specific needs of different customers.
In the United States, the Federal Bureau of Investigation (FBI) operates the largest fingerprint-based background check system, known as the Integrated Automated Fingerprint Identification System (IAFIS), which is used by law enforcement agencies and other authorized entities to conduct criminal background checks. The FBI conducted over 25 million background checks through IAFIS in 2020.
Considering Entering the Industry? You may want to know the following:
Steady demand: Essential services are those that people need regardless of the economic conditions or external factors. These services are always in demand, and the need for them is unlikely to decrease significantly in the future. Examples of essential services include healthcare, grocery stores, logistics, and sanitation services.
Recession-proof: Essential services businesses are relatively resistant to economic downturns, as people continue to rely on these services even during tough times. This can provide a degree of stability and security to business owners, employees, and stakeholders.
Long-term potential: Because essential services are always needed, starting a business in this sector can provide a stable and long-term revenue stream. If managed well, these businesses can continue to thrive for years, even decades.
Social impact: Essential services play a crucial role in society and can have a positive impact on people’s lives. Starting a business in this sector can provide a sense of purpose and fulfillment for entrepreneurs who are passionate about helping others.
Opportunities for innovation: While essential services are generally seen as stable and unchanging, there is always room for innovation and improvement. Entrepreneurs can explore new ways to deliver essential services, such as through technology or alternative delivery models, which can provide a competitive advantage and increase efficiency.
Fingerprinting Business Network
Join the largest fingerprinting network in the United States with members that enjoy early access to information, utilizing our marketing expertise, and attending exclusive meetings.
Be one of the early movers in a niche where independent companies have just scratched the service. Businesses in the biometric market will be well positioned to piggyback on the organic growth curve the industry is experiencing.
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Fingerprinting Business Industry Screenshot
What clients does a Fingerprinting Business Serve?
- Correctional officers
- Probation officers
- Childcare workers
- School administrators
- Bus drivers
- Taxi drivers
- Air traffic controllers
- Social Workers
- Financial Advisors
And many more…