Report : South America Facial Recognition Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Software and Services), Application (Security & Surveillance, Access Control, and Others), and Vertical (BFSI, Retail and E-commerce, Government, Healthcare, Education, Automotive and Transportation, and Others)Â
Government Segment to Dominate South America Facial Recognition Market during 2019–2028
According to a new market research study on “South America Facial Recognition Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Application, and Vertical,” is expected to reach US$ 534.56 million by 2028 from US$ 286.03 million in 2021. The market is estimated to grow at a CAGR of 9.3% from 2021 to 2028. 3D face recognition systems is the major factor driving the growth of the South America facial recognition market. However, restricted adoption due to technical drawbacks may hinder the growth of South America facial recognition market. The report provides trends prevailing in the South America facial recognition market along with the drivers and restraints pertaining to the market growth.
The South America facial recognition market is segmented into component, application, vertical and country. Based on component, the South America facial recognition market is segmented into software and services. In 2020, the software segment held the largest share South America facial recognition market. Based on software, the market is segmented into 2D facial recognition, 3D facial recognition, and facial analytics. In 2020, the 3D facial recognition segment held the largest share South America facial recognition market. Based on services, the market is segmented into training & consulting, integration and implementation , and support & maintenance. In 2020, the integration and implementation segment held the largest share South America facial recognition market. Based on application, the South America facial recognition market is segmented into security & surveillance, access control, and others. In 2020, the security & surveillance segment held the largest share South America facial recognition market. Based on vertical, the South America facial recognition market is segmented into BFSI, retail and e-commerce, government, healthcare, education, automotive and transportation, and others. In 2020, the government segment held the largest share South America facial recognition market. Similarly, based on country, the South America facial recognition market is segmented into Brazil, Argentina, and the rest of South America. Brazil contributed a substantial share in 2020.
Aware Inc., Fujitsu Limited, IDEMIA, NEC Corporation, and Thales Group are among the leading companies in the South America facial recognition market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Aware Inc. announced that it has acquired Fortress Identity, a biometric multi-factor authentication platform provider.
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