A new report from Research and Markets examining the biometrics market in Latin America forecasts a CAGR of 23.7 percent between 2013 and 2018. Detailing the key drivers and challenges for the market, the report titled “Biometrics Market in Latin America 2014-2018” mentions a number companies the readers of findBIOMETRICS will no doubt be familiar with, including: 3M Cogent, Lumidigm, BIO-key, Safran SA, Cross Match, DigitalPersona, Aware, NEC, Cognitec and ZKTeco among many others.
The report identifies one of the market’s key drivers as the high adoption rate of biometric solutions by government for public safety. According to Research and Markets, governments are choosing to invest in biometric security upgrades to combat rising public safety risks like terror threats.
Cost is still identified as a challenge for the Latin American biometrics market. According to the report, large organizations are opting for lower cost non-biometric solutions to their security concerns.
“There has been consolidation among industry players in the market,” comments an analyst who worked on the new report. “Both new entrants and existing vendors take the acquisition route to either enter the market or broaden the portfolio of their offerings. The market is experiencing a transformation in its product application from government to commercial with tech companies such Apple, Microsoft, Google, and Facebook driving recent acquisitions and expected to propel further activity. Such applications targeted towards the Commercial sector will help expand the market among small and large businesses. Fragmentation of the industry continues to attract new entrants seeking to acquire platforms, scale upward, or enhance market share through acquisition of smaller firms.”
The Latin American biometrics market also comes up frequently in the discussion of strong authentication and commerce. findBIOMETRICS recently featured a deployment of Lumidigm’s multispectral fingerprint technology in Brazil as part of our month-long focus on next generation finance. In April, we also reported that DigitalPersona’s U.are.U fingerprint readers have been deployed in Mexico, Argentina and Brazil for fraud detection in banks and pension fund offices.
July 28, 2014 – by Peter B. Counter