Latin America Facial Recognition Market Size & Outlook
Latin America facial recognition market, 2017-2028 (US$M)
Related Markets
Latin America facial recognition market highlights
- The Latin America facial recognition market generated a revenue of USD 307.3 million in 2021.
- The market is expected to grow at a CAGR of 17.6% from 2022 to 2028.
- In terms of segment, 3d was the largest revenue generating technology in 2021.
- Facial Analytics is the most lucrative technology segment registering the fastest growth during the forecast period.
- Country-wise, Brazil is expected to register the highest CAGR from 2022 to 2028.
Latin America data book summary
| Market revenue in 2021 | USD 307.3 million |
| Market revenue in 2028 | USD 955.6 million |
| Growth rate | 17.6% (CAGR from 2021 to 2028) |
| Largest segment | 3d |
| Fastest growing segment | Facial Analytics |
| Historical data covered | 2017 - 2020 |
| Base year for estimation | 2021 |
| Forecast period covered | 2022 - 2028 |
| Quantitative units | Revenue in USD million |
| Market segmentation | 2D, 3D, Facial Analytics |
| Key market players worldwide | Aware Inc, Cognitec Systems, Thales, Fujitsu Ltd, NEC Corp, Entrust Inc. |
Other key industry trends
- In terms of revenue, Latin America region accounted for 6.9% of the global facial recognition market in 2021.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2028.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 3,863.9 million by 2028.
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Facial Recognition Market Scope
Facial Recognition Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Latin America facial recognition 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 facial recognition market will help companies and investors design strategic landscapes.
3d was the largest segment with a revenue share of 38.24% in 2021. Horizon Databook has segmented the Latin America facial recognition market based on 2d, 3d, facial analytics covering the revenue growth of each sub-segment from 2017 to 2028.
In March 2020, the Brazilian authorities installed 106 smart cameras across the states of Bahia and São Paulo to strengthen their security and surveillance and catch criminal offenses. The government of São Paulo has deployed an algorithm for real-time facial images analysis with the strategic placement of drones and smart cameras.
In February 2020, Brazil’s President has signed a pair of decrees that aim to develop a centralized and vast database of biometric and personal information on over 200 million citizens of Brazil. Latin American NGOs have launched advocacy campaigns against face recognition technology.
For instance, Derechos Digitales, a Chile-based non-profit organization, launched an advocacy campaign against biometric recognition proposals being considered in Latin America.
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Target buyers of Latin America facial recognition market databook
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Our clientele includes a mix of facial recognition market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America facial recognition market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America facial recognition market from 2017 to 2028, including revenue numbers, major trends, and company profiles.
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Latin America facial recognition market size, by country, 2017-2028 (US$M)
Latin America Facial Recognition Market Outlook Share, 2021 & 2028 (US$M)
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