Latin America Emerging as one of the Key Growing Regions in Global Biometrics Market – 6Wresearch

6Wresearch announces the release of exhaustive and detailed “Global Biometrics Market (2014-2020)” report covering technologies, regions, countries and applications. The report estimates and forecast market by technologies such as Fingerprint, Face, IRIS, Hand/ Palm-Print, Voice, Vein, Keystroke Dynamics, DNA, GAIT and Multimodal biometrics. The report consist regions such as North America, Latin America, Europe, Asia-Pacific, Middle-East and Africa and further has been divided into countries including Canada, United States, Brazil, Mexico, Argentina, Colombia, Germany, United Kingdom, France, Italy, Spain, Russia, China, India, Japan, South Korea, Indonesia, Australia, Saudi Arabia, UAE, Turkey, Israel, Egypt, South Africa and Nigeria. The report also segregates market into time & attendance systems, access control systems and identity solutions based biometric systems by various technologies.

Latin America is one of the fastest growing regions in global biometrics market. Government projects, increasing security spending, IT spending, data theft, and cybercrimes are the key factors that are spurring the growth of biometrics technology in Latin America. Moreover, with upcoming Brazil Olympics 2016, demand for biometrics access control systems is anticipated to increase in the next two years.

According to 6Wresearch, Global Biometrics Market is projected to reach $21.9 billion by 2020. North America leads the overall biometrics market, where the U.S. is the major revenue generating country in this region. Increasing homeland security, government spending, research and development activities are driving the growth of the U.S. in North American biometrics market. Also, increasing cyber security market has led to the demand for fingerprint and finger-vein biometric devices especially in banking & financial application.

In Latin America, countries such as Brazil, Mexico, Argentina and Colombia are contributing majorly for the growth of the market, where Brazil accounted for major share of pie in the overall Latin America’s biometrics market. Although, Brazil has dominated the Latin American biometrics market, however, Mexico is expected to register higher growth in the coming year. Biometric projects such as national ID, voter ID, e-passports, e-driver’s license, and ID cards based on biometrics for children between the age group of 4-18 years is exhibiting higher demand for biometric devices in the country. Mexico is one of the key countries in global biometrics market, which is utilizing fingerprint, face and IRIS based biometric systems in its national ID project.

With increase in terrorist activities, deployment of face recognition scanners across borders and airports of countries such as US, UK, Australia and others is further fueling the market for biometrics, globally. Global face recognition biometrics market is forecast to reach $3.2 billion by 2020, at a CAGR of over 15% during 2014-20.

The key companies in global biometrics market include- Morpho Safran, 3M Cogent, NEC, Suprema, Nuance, Hitachi, Crossmatch Technologies, Iris ID, ZK Technologies and others.