Brazil’s biometrics market is booming, according to a new report from prosaically-named market research firm Research and Markets. The report, “Brazil Biometrics Market (2014-2020)”, indicates that the market is expected to enjoy “tremendous growth” over the next several years, and is projected to reach a value of $1.3 billion by the year 2020.
It’s a surprisingly positive outlook for a country that has been struggling to emerge from its recession, and the report’s researchers point to a number of factors contributing to biometrics’ success, including government projects, large-scale sporting events, IT spending, and growing demand from the BFSI and hospitality sectors.
In many cases, security is the key concern. Brazil has long suffered from severe social inequality, but as its international profile has increased, particularly with high-profile events like this year’s FIFA World Cup and the forthcoming 2016 Olympics, the country has struggled to contain the instability and crime caused by stark inequality and poverty. Biometrics is proving to be a useful tool in such endeavours.
The report notes that so far Brazil’s biometrics market has been dominated by international players due to a lack of local producers, but with the industry’s current boom in that country, that situation is changing too as local outfits start stepping in to meet the demand.
October 17, 2014 – by Alex Perala