Latin America Facial Authentication Systems Market to reach $788 million by 2025– 6Wresearch
Over the past few years, Latin America facial authentication systems market is growing at a substantial rate. Although, presently, the Brazilian market contributes significantly in the overall facial authentication systems market but Brazilian General Data Protection Law (“Lei Geral de Protecao de Dados”) or “LGPD”, commencing in 2020 could affect the facial authentication systems market in the long run.
According to 6Wresearch, Latin America Facial Authentication Systems Market is expected to grow at a CAGR of 15.5% during 2019-25. In Brazil, NEC Corporation has recently provided facial recognition systems to 14 international airports all over the country, the systems were used in Rio’s Carnival 2019 and has also been installed in hotels where guests can register and check in using their face, it improves their customer service delivery.
Latin America has further seen a surge in facial authentication systems market due to technological development and projects in border control area. Also, several factors such as threats related to national security coupled with government support have further increased the demand for facial recognition market in Latin America region over the years to come.
According to Kanchan Negi, Senior Research Analyst, Research and Consulting, 6Wresearch," In Latin America, countries such as Brazil, Mexico, and Argentina are contributing m ajorly for the growth of the facial authentication systems market, where at present Brazil accounted for highest share in the overall Latin America’s market. Mexico is also expected to register substantial growth over the coming years.
According to Mansi Bisht, Research Associate, Research and Consulting, 6Wresearch, Mexico is one of the key countries for global biometrics market and the facial authentication market is likely to grow at the same pace. Mexican government is planning to introduce the technology in national ID project for all citizens and implementation of facial authentication systems in order to reduce identity frauds and criminal identification. Such initiatives would boost the market for facial authentication systems in the years to come.
Some of the key players in Latin America facial authentication systems market include: NEC Corporation, Idemia France SAS, Thales Group, Vision Box and Hikvision Digital Technology Co., Ltd.
"Latin America Facial Authentication Systems Market (2019-2025)" provides an in-depth analysis with 30 figures covered in more than 80 pages. The report estimates and forecast the overall Latin America facial authentication systems market by revenues, component types, applications, and countries that include Brazil and Mexico. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.