Brazil biometrics market is emerging as one of the fastest-growing biometrics markets in the world. According to a 6Wresearch, the country's biometrics market is projected to reach $1.3 billion by 2020.
Declining prices, hosting of international events such as FIFA World Cup'2014 and Olympics 2016, increasing private investments, increasing government security spending, growing IT/ITeS, BFSI, and hospitality segments are some of the main contributing factors and driving the growth of biometrics in the Brazilian market. For instance, during FIFA Worldcup 2014, facial recognition systems were deployed across various stadiums to enhance the level of security.
Among all biometrics technologies, fingerprint biometrics technology has captured the majority of the market share. Ease of usage, low cost, and benefits over smart card-based access control systems have fuelled the growth of fingerprint biometrics systems globally. Government projects such as national IDs, e-passports, and driving licenses are also playing a vital role in the growth of the biometrics market.
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Media Courtesy : Business Standard