Biometrics has emerged as a new wave in security market, which uses unique physical characteristics of individuals for access control and authorization. There are various technologies available in the market namely- fingerprint, iris, hand geometry, face recognition, voice, and signature. The market for biometrics technologies in Brazil is projected to reach $998.3 million in 2019, at CAGR of 30.8%, during 2014-19. Fingerprint technology accounted for largest share followed by face recognition, hand geometry, iris, voice, and signature.
These technologies have varied applications across different end user industries. Major applications of biometrics comprise time keeping, attendance, authorization, individual identification, and surveillance. Government sector is the largest end user segment followed by security travel & transport, banking and finance, healthcare, and consumer electronics.
Advancements in technology, online activities, growing use of personalized computers and gadgets, growing incidences of identity frauds, and alarming crime rates in Brazil are leading to increased usage of biometric equipment in the region. Additionally, tightening security norms, implementation of smart cards for driving license, money transactions, e-passports, e-visa, and other issues such as tourist safety, insurance claims authenticity, new and improved healthcare service standards, and upcoming FIFA and Olympics event are all the macro factors driving growth in the market. Inhibitors such as mutual competition among biometric technologies over precision and accuracy and their high cost have low impact on the growth of the market.
Brazil is among the major forerunners in economic and infrastructure development across the globe and thus presents a wide opportunity for all the players active across the value chain such as component manufacturers, system manufacturers, technology developers, software providers, integrators, distributors, retailers, and aftermarket service providers. Brazil biometric market being on early phase of industry cycle is less organized domestically and much of the market demand is supplied by foreign company products. However, in near future with growing awareness and increasing demand, new domestic players are likely to emerge and new product developments could be witnessed in the region.