The Latin America, Middle East and Africa Facial Recognition Market would witness market growth of 16.6% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Facial Recognition Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $430.7 million by 2031. The Argentina market is showcasing a CAGR of 17.2% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 16.2% during (2024 - 2031).
Identity verification technology is used in various applications, spanning identity verification, access control, surveillance, marketing, and customer engagement. In the financial services industry, recognition is used for secure authentication and fraud prevention in online banking, mobile payments, and ATM transactions. The technology facilitates patient identification, medical record management, and access control in hospitals and clinics.
The adoption of 3D identity recognition technology, which captures depth information in addition to surface features, is gaining traction for its ability to improve accuracy, security, and resilience to spoofing attacks compared to traditional 2D recognition methods. One of the key advantages of 3D recognition technology is its resilience to spoofing attacks, where adversaries attempt to deceive the system using counterfeit or manipulated biometric data.
Brazil has experienced a rising demand for security solutions due to various factors such as high crime rates, urbanization, and the need to safeguard critical infrastructure and public spaces. Integrating systems into Brazil's security infrastructure is vital, as these systems offer sophisticated identification and surveillance functionalities. As per the data published in 2023 by the International Trade Administration, Brazil registered an average annual growth rate of 15-20% in the security sector for the last ten years, with annual sales of US$26b, including private security services. The sector for electronic security equipment alone accounts for US$2 billion and is expected to increase to US$2.5 billion by 2023. Moreover, in recent years, Saudi Arabia's defense sector has witnessed substantial expansion and financial commitments, propelled by the nation's strategic geopolitical positioning, security considerations, and endeavors toward modernization. As per the data from the International Trade Administration, according to the 2023 budget released by the Saudi Arabia Ministry of Finance in December 2022, the Kingdom will spend $69 billion in defense in 2023 – approximately 23% of its total budget, which increased by 50% from last year’s defense budget. Hence, the growing defense and security sectors in the LAMEA region can assist in the growth of the regional market.
Free Valuable Insights: The Worldwide Facial Recognition Market is Projected to reach USD 16.8 billion by 2031, at a CAGR of 14.5%
Based on Organization Size, the market is segmented into Large Enterprises, and Small & Medium Enterprises. Based on Deployment Mode, the market is segmented into On-premises, and Cloud. Based on Offering, the market is segmented into Software, Hardware, and Services. Based on Technology, the market is segmented into 3D, 2D, and Facial Analytics. Based on Application, the market is segmented into Access Control, Attendance Tracking & Monitoring, Security & Surveillance, Emotion Recognition, and Others. Based on Vertical, the market is segmented into Government, Media & Entertainment, Education, Healthcare & Lifesciences, Automobile & Transportation, Manufacturing, Retail & eCommerce, IT & Telecom, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Organization Size
By Deployment Mode
By Offering
By Technology
By Application
By Vertical
By Country
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