LAMEA Mobile Biometrics Market Size, Share & Industry Trends Analysis Report By Industry, By Technology, By Authentication Mode (Single Factor and Multi Factor), By Component (Hardware, Software and Service), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Latin America, Middle East and Africa Mobile Biometrics Market would witness market growth of 25.7% CAGR during the forecast period (2022-2028).
The healthcare and biotechnology sectors were just a few of the major industries that were quickly introducing the application of biometrics devices to appropriately and hygienically safeguard healthcare and patient care facilities. The use of biometrics for recognition or authentication in the BIFS, healthcare, military, and automotive industries is likely to drive expansion outside its historical core market of law enforcement.
Investments have been made in voice and facial biometrics to promote digital transformation. New applications are also becoming available as a result of AI integrations, such as in the healthcare sector. In business process outsourcing—which in this context primarily refers to call centers—voice growth is significant. The market is also expected to grow as a result of continuous biometric security, particularly in the enterprise sector.
Overall demand for appropriate authentication techniques is driving the market's expansion for mobile biometrics. The industry for mobile biometrics is also expected to expand as a result of the rising amount of cyberattacks. Throughout the forecast period, improvements in IoT and cloud technologies are anticipated to present a lucrative potential for the growth of the mobile biometric market.
By many standards, Latin America is among the leaders in the world when it comes to the use of biometrics for commercial purposes, and financial services firms are a significant factor in this development. Biometrics—and facial recognition in particular—are playing a significant role in making mobile banking more accessible for banking users in the area by making it more practical and secure. To guarantee that the facial photos being collected can be trusted for a range of biometrics-based security checks, liveness detection is used.
The Brazil market dominated the LAMEA Mobile Biometrics Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,742.6 million by 2028.The Argentina market is experiencing a CAGR of 26.3% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 25.3% during (2022 - 2028).
Based on Industry, the market is segmented into Public Sector, BFSI, Healthcare, IT & Telecommunication and Others. Based on Technology, the market is segmented into Fingerprint Recognition, Face Recognition, Voice Recognition and Others. Based on Authentication Mode, the market is segmented into Single Factor and Multi Factor. Based on Component, the market is segmented into Hardware, Software and Service. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 3M Company, Apple Inc., NEC Corporation, BIO-key International, Inc., Fujitsu Limited, HID Global Corporation, Precise Biometrics AB, M2SYS Technology, Inc., and Aware, Inc.
Scope of the Study
Market Segments Covered in the Report:
- Public Sector
- IT & Telecommunication
- Fingerprint Recognition
- Face Recognition
- Voice Recognition
By Authentication Mode
- Single Factor
- Multi Factor
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- 3M Company
- Apple Inc.
- NEC Corporation
- BIO-key International, Inc.
- Fujitsu Limited
- HID Global Corporation
- Precise Biometrics AB
- M2SYS Technology, Inc.
- Aware, Inc.
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