The latest report by IMARC, titled “Latin America Biometrics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the Latin America biometrics market size reached US$ 2,633 Million in 2021. Biometrics are used to recognize, authenticate, and identify individuals based on their behavioral or physical characteristics. They are secure, fast, accurate, and reliable as compared to traditional security systems. Biometrics identifiers can be categorized into two categories, including physiological and behavioral characteristics. Physiological characteristics include palm veins, fingerprints, palm prints, face, DNA, iris retina, and hand geometry. On the other hand, behavioral characteristics include voice, typing patterns, and signature recognition.
Latin America Biometrics Market Trends:
One of the primary factors driving the market is the extensive employment of biometrics in governmental and private organizations, and institutional setups for door access, marking attendance, and employee identification. Additionally, biometrics are easy to use and implement, and provide an economical solution for ensuring assurance and high-end security, thereby creating a positive market outlook. Other than this, they are also installed in high-security areas to secure the facility and minimize the risk of intrusion by identifying unknown individuals through automated biometrics recognition, which is positively influencing the market growth. Besides this, various companies are entering into partnerships to expand their consumer base globally. In line with this, the launch of multimodal biometrics that utilizes multiple behavioral or physiological characteristics for authentication is enhancing recognition and security performance. Furthermore, the sudden outbreak of the coronavirus disease (COVID-19) has led to the rising adoption of contactless biometrics systems that analyze gait, voice and face recognition for identity authentication. Apart from this, the utilization of biometrics has significantly increased in hotels, restaurants, and cafes for enabling users to register without an ID, consequently boosting product demand. Other growth-inducing factors include the growing demand for secure, accurate, and remote access to medical records and treatment plans and the rising security concerns due to the increasing prevalence of cybercrimes in Latin America. Looking forward, IMARC Group expects the market value to reach US$ 7,089 Million by 2027, expanding at a CAGR of 17.8% during the forecast period (2022-2027).
- Based on technology, the market has been divided into face recognition, hand geometry, voice recognition, signature recognition, iris recognition, AFIS, non-AFIS, and others.
- The market has been categorized based on functionality into contact, non-contact and combined.
- On the basis of the component, the market has been bifurcated into hardware and software.
- Based on the authentication, the market has been segregated into single-factor authentication and multifactor authentication.
- On the basis of the end user, the market has been segmented into government, defense services, banking and finance, consumer electronics, healthcare, commercial safety and security, transport/visa/logistics, and others.
- Region-wise, the market has been classified into Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others.
- The competitive landscape of the market has also been analyzed, along with detailed profiles of the key players operating in the industry.
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