Latin America Biometric Technology Market Size & Outlook
Latin America biometric technology market, 2018-2030 (US$M)
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Latin America biometric technology market highlights
- The Latin America biometric technology market generated a revenue of USD 4,559.2 million in 2023.
- The market is expected to grow at a CAGR of 21.4% from 2024 to 2030.
- In terms of segment, hardware was the largest revenue generating component in 2023.
- Service is the most lucrative component segment registering the fastest growth during the forecast period.
- Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 4,559.2 million |
| Market revenue in 2030 | USD 17,768.3 million |
| Growth rate | 21.4% (CAGR from 2023 to 2030) |
| Largest segment | Hardware |
| Fastest growing segment | Service |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Hardware, Software, Service |
| Key market players worldwide | Bio-K+ International, Fujitsu Ltd, Assa Abloy AB ADR, IDEMIA, LG Electronics Inc ADR, NEC Corp, Accu-Time Systems, AFIX Biometric Identification, DERMALOG, Gemalto |
Other key industry trends
- In terms of revenue, Latin America region accounted for 11.1% of the global biometric technology market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 39,451.6 million by 2030.
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Biometric Technology Market Scope
Biometric Technology Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Latin America biometric technology market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to biometric technology market will help companies and investors design strategic landscapes.
Hardware was the largest segment with a revenue share of 42.44% in 2023. Horizon Databook has segmented the Latin America biometric technology market based on hardware, software, service covering the revenue growth of each sub-segment from 2018 to 2030.
Financial institutions in Latin America are now adopting Biometric technology for seamless and secured transactions. For instance, Citigroup Inc. launched a biometric authentication solution named CitiDirect BE Mobile, which used facial recognition and fingerprint identification technologies and offered quick and convenient access to cash management and trade services for clients in Latin America.
One of the main factors driving the growth of the Biometric market in Latin America is the increased security concerns brought on by the increase in cybercrime. Additionally, using biometric technologies at airports and borders for more precise citizen identification promotes market expansion.
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Our clientele includes a mix of biometric technology market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America biometric technology market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America biometric technology market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America biometric technology market size, by country, 2018-2030 (US$M)
Latin America Biometric Technology Market Outlook Share, 2023 & 2030 (US$M)
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