Latin America Facial Recognition Market is expected to reach USD XX Billion by 2026 from USD XX Billion in 2016 at a CAGR of XX% (Detailed analysis of the market CAGR is provided in the report).
The facial recognition has the ability to recognize people by analyzing their facial appearances. In this system, the most advanced technology is usually based on an algorithm that is used for mapping the features of an individual’s face into a multi-dimensional face space. Computers are capable of conducting facial database searches that are used for either one-to-one or one-to-many verifications having an unprecedented accuracy along with split-second processing. Latin America Facial Recognition Market is segmented into a component, technology, use case, end-use, and geography. Based on a component, the market is divided into software tools, and services. The technology segment for the market includes middleware, facial recognition software, and sdk, databases, analytics solution, modeling, and restructuring. By use case, the facial recognition market is divided into access control, emotion recognition, law enforcement, attendance tracking and monitoring. Enterprises, Government, and Others have formed the various end-use areas for facial recognition market. Countries in Latin America are using the latest technological developments to incorporate facial recognition across different industry verticals.
The Brazilian Internal Revenue Service has started to use a special facial recognition system for identifying international travelers that are arriving at country airports. The main goal here is to accelerate customs service procedures using prior identification and selection for quicker inspection of passengers that may pose a potential risk related to customs indiscretions, without interfering in the course of other passengers. These system combines the facial biometric recognition technology with an innovative system of risk management for optimizing the work process, and subsequently getting superior safety for the Brazilian society. These systems will further help in protecting against imbalanced competition, international drug trafficking smuggling, and embezzlement among other crimes. The system used by the Brazilian Authority cross-references the passenger data in advance from the information that are sent by airlines having the data contained in the database comprising of personal information. Mexico is also working on incorporating facial recognition, as Mexico’s National Banking and Security Commission is also known as CNBV have issued a regulation that requires all banks present in the country to implement fingerprint scanners for clients.
The Mexican banks are required to scan the whole of a person’s fingerprints during the time of account creation and will also be required for loan and credit card applications. It will then be matched and compared against records maintained by the National Electoral Institute for confirming the individual’s identity. Banks are likely to use facial and speech recognition technologies for online transactions required for identity verification purposes. Latin America has further seen a huge surge across a number of different industry verticals due to technological development along with growth in foreign investments. Threats related to national security coupled with government support have further made the demand high for Facial Recognition market in Latin America.
Key Highlights:
• Latin America Facial Recognition market size analysis and forecast
• Comprehensive study and analysis of market drivers, restraints, and opportunities influencing the growth of the Latin America Facial Recognition market
• Latin America Facial Recognition Market segmentation on the basis of by component, technology, use case, end-use, and geography
• Latin America Facial Recognition Market strategic analysis with respect to individual growth trends, future prospects along with a contribution of various sub-market stakeholders have been considered under the scope of a study
• Latin America Facial Recognition Market analysis and forecast for major countries has been provided.
• Profiling of key industry players, their strategic perspective, and analysis of core competencies
• Competitive landscape of the key players operating in the Latin America Facial Recognition Market including competitive developments, investments, and strategic expansion
Years that have been considered for the study are as follows:
• Base Year – 2016
• Estimated Year – 2017
• Forecast Period – 2017 to 2026
For company profiles, 2016 has been considered as the base year. In cases, wherein information was unavailable for the base year, the years prior to it have been considered.
Research Methodology:
The market is estimated by triangulation of data points obtained from various sources and feeding them into a simulation model created individually for each market. The data points are obtained from paid and unpaid sources along with paid primary interviews with key opinion leaders (KOLs) in the market. KOLs from both, demand and supply side were considered while conducting interviews to get an unbiased idea of the market. This exercise was done at a country level to get a fair idea of the market in countries considered for this study. Later this country-specific data was accumulated to come up with regional numbers and then arrive at the market value for Latin America Facial Recognition Market
Some of the key players of the Latin America Facial Recognition market include:
• Morpho
• Cognitec
• NuBank
• FacePhi
• Safran
• ImageWare Systems Inc.
• Ayonix Corporation
• DeepVision
Key Target Audience:
• Facial Recognitions technology platform developers
• Raw material and material testing equipment suppliers
• Facial Recognitions original equipment manufacturers (OEMs)
• End-users/enterprise-users
• Research institutes and organizations
• Government bodies, venture capitalists, and private equity firms
• Market research and consulting firms
• Enterprise data center professionals
For more information visit @https://www.maximizemarketresearch.com/market-report/latin-america-facial-recognition-market/5973/
The scope of the Latin America Facial Recognition Market:
The research report segments Latin America Facial Recognition market based on component, technology, use case, end-use, and geography.
Latin America Facial Recognition Market, By Component:
• Software Tools
• Services
Latin America Facial Recognition Market, By Technology:
• Middleware
• Facial Recognition Software and Sdk
• Databases
• Analytics Solution
• Modeling and Restructuring
Latin America Facial Recognition Market, By Use Case:
• Access Control
• Emotion Recognition
• Law Enforcement
• Attendance Tracking and Monitoring
Latin America Facial Recognition Market, By End-Use:
• Enterprises
• Government
• Other
Latin America Facial Recognition Market, By Geography:
• Latin America
• Brazil
• Mexico
• Others
Geographic Analysis:
• Breakdown of Brazil Facial Recognition market
• Breakdown of Mexico Facial Recognition market
• Breakdown of Others Facial Recognition market
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