Market Overview:

The Latin America biometrics market size reached US$ 2,633 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 7,089 Million by 2027, exhibiting a growth rate (CAGR) of 17.8% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Biometrics are utilized to verify the identity of users by analyzing their physical or behavioral characteristics, such as fingerprints and voice patterns. They are fast, secure, reliable and accurate as compared to conventional security systems. Consequently, they find extensive applications in schools, colleges and corporate and government facilities in Latin America.

The increasing security concerns on account of the rising instances of cybercrimes represent one of the key factors impelling the growth of the biometrics market in Latin America. Moreover, the deployment of biometric technology across borders and airports for more accurate citizen identification is bolstering the market growth. Additionally, governments of several countries in the region are investing in the manufacturing of their biometric national identity card (ID) systems to prevent identity fraud and theft. Furthermore, the increasing utilization of biometrics technology in restaurants, hotels and cafes for allowing users to register without an ID is contributing to the market growth. Apart from this, the rising demand for secure, remote and accurate access to medical records and treatment plans is increasing the adoption of biometrics technology in the healthcare industry.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Latin America biometrics market, along with forecasts at the regional and country level from 2022-2027. Our report has categorized the market based on technology, functionality, component, authentication and end user.

Breakup by Technology:

• Face Recognition
• Hand Geometry
• Voice Recognition
• Signature Recognition
• Iris recognition
• AFIS
• Non-AFIS
• Others
   

Breakup by Functionality:

• Contact
• Non-contact
• Combined
   

Breakup by Component:

• Hardware
• Software
   

Breakup by Authentication:

• Single-Factor Authentication
• Multifactor Authentication
   

Breakup by End User:

• Government
• Defense Services
• Banking and Finance
• Consumer Electronics
• Healthcare
• Commercial Safety and Security
• Transport/Visa/Logistics
• Others
   

Breakup by Country:

• Brazil
• Mexico
• Argentina
• Colombia
• Chile
• Peru
• Others
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Key Questions Answered in This Report:

• How has the Latin America biometrics market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Latin America biometrics market?
• What are the key regional markets?
• What is the breakup of the market based on the technology?
• What is the breakup of the market based on the functionality?
• What is the breakup of the market based on the component?
• What is the breakup of the market based on the authentication?
• What is the breakup of the market based on the end user?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the Latin America biometrics market and who are the key players?
• What is the degree of competition in the industry?