Latin America Biometrics Market 2022-2027: Industry Overview, Growth Insight, Share, Size, and Forecast

According to the latest report by IMARC Group, titled "Latin America Biometrics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," 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. Biometrics represent the processes used to recognize, authenticate, and identify people based on their physical or behavioral characteristics. They match the identity of an individual to the information template already stored in the database. Biometrics identifiers can be categorized into two categories, such as physiological and behavioral characteristics. Physiological characteristics include palm veins, palm prints, face, DNA, iris, fingerprints, retina, and hand geometry, whereas behavioral characteristics consist of typing patterns and voice and signature recognition. As a result, biometrics find widespread applications across various industries, such as banking and finance, healthcare, consumer electronics, commercial safety and security, transport, logistics, etc.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Latin America Biometrics Market Trends:

The escalating security concerns, on account of the rising instances of cybercrimes, are among the primary factors fueling the Latin America biometrics market. Besides this, the elevating requirement for this technology across borders and airports for more accurate citizen identification is further augmenting the market growth. Moreover, the launch of several policies by the government bodies to extensively invest in the development of biometric national identity card (ID) systems to prevent theft and identity fraud is also catalyzing the market across Latin America. Apart from this, the inflating need for this technology in hotels, restaurants, and cafes for allowing individuals to register without an ID is acting as another significant growth-inducing factor. Additionally, the growing popularity of this system, as it provides a cost-effective solution for ensuring high-end security and assurance, is also stimulating the market growth. Furthermore, the increasing demand for remote, secure, and accurate access to medical records and treatment plans in the healthcare industry is anticipated to propel the Latin America biometrics market over the forecasted period.

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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.

Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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