Report : South & Central America Biometric Technologies Market Forecast to 2030 - Regional Analysis - by Component (Hardware, Software, and Services), Type (Contact, Contactless, and Hybrid), Authentication Type (Single Factor Authentication and Multi-factor Authentication), and End User (Government, BFSI, Healthcare, Defense & Security, and Others)
At 12.9% CAGR, South & Central America Biometric Technologies Market is Projected to be Worth US$ 4,104.55 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the South & Central America biometric technologies market was valued at US$ 1,555.64 million in 2022 and is expected to reach US$ 4,104.55 million by 2030, registering a CAGR of 12.9% from 2022 to 2030. Technological advancements reinforcing security levels, expanding application range in government sector, and increasing crime rates are among the critical factors attributed to drive the South & Central America biometric technologies market growth.
Technological advancements in biometric technologies are focused on enhancing their versatility, security, and reach to masses. Artificial Intelligence (AI) and Machine Learning (ML) further contributing to the improvement of accuracy and reliability of biometric systems, lowering the possibilities of false positives and negatives, which would have a positive impact on security and user confidence. The expansion of AI-driven biometrics, particularly facial and behavioral biometrics (gait, voice, and accent recognition), is likely to fuel the emergence of new forms of real-time biometric identity verification through on-premises cameras. Biometric authentication technology has become more prevalent in the industrial sector with the most recent AI advancements. According to IBM, 20% of breaches are the result of compromised credentials. Moreover, detecting and addressing a data breach can take an average of 287 days, which further worsens the impact. AI-based security solutions are likely to be instrumental for businesses to stay competitive in any sector. IBM mentions 25% of companies had fully implemented AI-based security in place as of 2021, while 40% had completed partial implementation. As of 2021, purchasing AI-powered security could help save a business up to US$ 3.81 million. Although secure biometric passwords are in use and more sophisticated biometric solutions are available in the market, newer technologies concentrate on extracting more sophisticated biometric markers from the human body, each of which adds another difficult-to-fake biometric trait into the secure authentication process. These can include reading DNA signatures, hand geometry, odor recognition, and cardiac pattern recognition. Therefore, technological advancements are creating exciting opportunities for the biometric technology market.
On the contrary, high capital requirements hampers the growth of South & Central America biometric technologies market.
Based on component, the South & Central America biometric technologies market is Segmented into hardware, software, and services. The hardware segment held 59.6% share of South & Central America biometric technologies market share in 2022, amassing US$ 0.93 billion. It is projected to garner US$ 2.57 billion by 2030 to register 13.6% CAGR during 2022-2030.
In terms of type, the South & Central America biometric technologies market is segmented into contact, contactless, and hybrid. The contact segment held 55.7% share of South & Central America biometric technologies market in 2022, amassing US$ 0.87 billion. It is anticipated to garner US$ 2.18 billion by 2030 to expand at 12.2% CAGR during 2022-2030.
By authentication type, the South & Central America biometric technologies market is bifurcated into single factor authentication and multi factor authentication. The single factor authentication segment held 79.3% share of South & Central America biometric technologies market in 2022, amassing US$ 1.23 billion. It is projected to garner US$ 3.16 billion by 2030 to expand at 12.5% CAGR from 2022 to 2030.
Based on end user, the South & Central America biometric technologies market is categorized into government, BFSI, healthcare, defense & security, and others. The government segment held 38.8% share of South & Central America biometric technologies market in 2022, amassing US$ 0.60 billion. It is predicted to garner US$ 1.74 billion by 2030 to expand at 14.2% CAGR between 2022 and 2030.
Based on country, the South & Central America biometric technologies market is categorized into Brazil, Argentina, and the Rest of South and Central America. Our regional analysis states that Brazil captured 55.2% share of South & Central America biometric technologies market in 2022. It was assessed at US$ 0.86 billion in 2022 and is likely to hit US$ 2.34 billion by 2030, registering a CAGR of 13.4% during 2022-2030.
Key players operating in the South & Central America biometric technologies market are Aware, Inc.; Thales SA; NEC Corp; IDEMIA France SAS; HID Global Corp; and Fujitsu Ltd, among others.
- In March-2024, Cognitec Systems has joined the SALTO Group, a global leader in access control and ticketing solutions. The acquisition aims to strengthen research, development, and market reach for Cognitec's existing product portfolio while working on new technologies for expanding biometric markets.
- In January-2023, Cognitec has introduced a new version of its FaceVACS-Entry technology, which now allows for comparison of biometric photos against facial images from ID documents or databases. The device also includes presentation attack detection to ensure a live person interacts with it. The product includes Cognitec's ISO compliance software and a robust matching algorithm for fast verification and identification.
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