According to the latest report by IMARC Group, titled “Latin America Biometrics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the biometric market size in Latin America reached a strong growth in 2019. Biometrics refers to a security component that helps in authenticating the identity of individuals based on their physical or behavioral characteristics. It is commonly bifurcated into physiology- and behaviour-based biometrics. Physiological characteristics for biometrics majorly include fingerprints, palm prints, palm veins, face, iris, etc., whereas behavioral characteristics comprise of typing patterns, voice and signature recognition. In Latin America, biometrics is widely adopted across diverse sectors, such as corporate, IT, government and law enforcement, healthcare, defense and military, immigration, etc.
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The increasing cases of security breaches are primarily driving the need for biometrics to ensure secured access control and reinforce the authentication process across numerous sectors. Moreover, biometrics are widely adopted for attendance tracking and time monitoring in corporate and government organizations in Latin America. Several technological advancements have led to the rapid integration of biometric components with smartphones, wearables, and modern vehicles for security purposes in the region. Furthermore, the growing adoption of artificial intelligence (AI) for creating a personalized user experience and developing a reliable authentication process is further expected to propel the market for biometrics in Latin America. Looking forward by IMARC group, the market is expected to continue its robust growth during the forecast period (2020-2025).
Breakup by Technology:
- Face Recognition
- Hand Geometry
- Voice Recognition
- Signature Recognition
- Iris recognition
- AFIS
- Non-AFIS
- Others
- Contact
- Non-contact
- Combined
- Hardware
- Software
- Single-Factor Authentication
- Multifactor Authentication
- Government
- Defense Services
- Banking and Finance
- Consumer Electronics
- Healthcare
- Commercial Safety and Security
- Transport/Visa/Logistics
- Others
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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