The Latin America biometrics market size reached US$ 3,712.5 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 13,654.3 Million by 2032, exhibiting a growth rate (CAGR) of 15.1% during 2024-2032.
Report Attribute
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Key Statistics
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Base Year
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2023
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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US$ 3,712.5 Million |
Market Forecast in 2032
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US$ 13,654.3 Million |
Market Growth Rate (2024-2032) | 15.1% |
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.
IMARC Group provides an analysis of the key trends in each sub-segment of the Latin America biometrics market report, along with forecasts at the regional and country level from 2024-2032. Our report has categorized the market based on technology, functionality, component, authentication, and end user.
Breakup by Technology:
Breakup by Functionality:
Breakup by Component:
Breakup by Authentication:
Breakup by End User:
Breakup by Country:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Report Coverage:
Report Features | Details |
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Base Year of the Analysis | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Units | US$ Million |
Segment Coverage | Technology, Functionality, Component, Authentication, End User, Country |
Countries Covered | Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others |
Customization Scope | 10% Free Customization |
Report Price and Purchase Option | Single User License: US$ 3699 Five User License: US$ 4699 Corporate License: US$ 5699 |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The Latin America biometrics market was valued at US$ 3,712.5 Million in 2023.
We expect the Latin America biometrics market to exhibit a CAGR of 15.1% during 2024-2032.
The introduction of multimodal biometrics to provide improved recognition and security performance by using more than one physiological or behavioral characteristic for authentication is primarily driving the Latin America biometrics market.
In Latin America, the sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from touch-based biometrics towards contactless biometrics systems that are based on facial recognition, sensors, voice stimulation, etc., for mitigating the risk of the coronavirus infection upon human intervention.
Based on the technology, the Latin America biometrics market can be segmented into face recognition, hand geometry, voice recognition, signature recognition, iris recognition, AFIS, non-AFIS, and others. Currently, non-AFIS holds the largest market share.
Based on the functionality, the Latin America biometrics market has been divided into contact, non-contact, and combined. Among these, contact currently exhibits a clear dominance in the market.
Based on the component, the Latin America biometrics market can be categorized into hardware and software. Currently, hardware accounts for the majority of the total market share.
Based on the authentication, the Latin America biometrics market has been segregated into single-factor authentication and multifactor authentication, where single-factor authentication currently exhibits a clear dominance in the market.
Based on the end user, the Latin America biometrics market can be bifurcated into government, defense services, banking and finance, consumer electronics, healthcare, commercial safety and security, transport/visa/logistics, and others. Currently, government holds the largest market share.
On a regional level, the market has been classified into Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others.