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The Rise of Biometrics: Growth, Prospects, and Imports

biometría

The increase in the adoption of biometric systems in Latam and the role played by imports reveal China's dominant position and the need to diversify sources to strengthen the supply chain.

By Andrea Ochoa Restrepo

The fingerprint sensor market has seen remarkable growth in recent years, and this trend is anticipated to continue in the forecasted period.

This momentum is attributed to the significant increase in smartphone adoption, the growth of security-focused applications, and government initiatives geared towards the adoption of biometric technologies. Fingerprint has emerged as a prominent form of biometrics used in various devices and applications, generating a growing demand for fingerprint sensors globally.

According to a report by the Biometrics Institute, based on a survey of 360 participants globally in June 2021, 56% of respondents in Europe support strict legislation in the field of biometrics. This endorsement reflects a growing awareness and acceptance of the importance of robust regulations in the use of biometric technologies.

The proliferation of smartphones equipped with fingerprint sensors plays a critical role in driving these devices. In the first quarter of 2021, shipments of smartphones, such as those from Samsung and iPhone, totaled roughly 77 million and 57 million, respectively, according to data from Counterpoint.

According to a report by Acuity Market Intelligence, the global biometrics market saw a 28% increase in 2020 and is projected to reach US$65.3 billion by 2025. Against this backdrop, a study by MarketsandMarkets predicts that the biometric authentication market will grow from US$17.2 billion in 2020 to US$41.8 billion in 2026, with a compound annual growth rate of 16.2%.
The acceptance of biometric authentication among consumers is evident, according to a Kaspersky study, which reveals that 57% of respondents prefer biometric authentication to access their online accounts, while only 25% prefer the use of passwords. In line with this trend, a Visa report highlights that 68% of consumers globally are comfortable using biometrics to authenticate payments.

These figures clearly indicate that biometrics are gaining importance for both consumers and businesses. In addition to improving the customer experience by providing secure, fast, and personalized authentication, biometrics can also contribute to reducing customer support costs, increasing operational efficiency, and elevating customer satisfaction.

In this context, biometrics is presented as a key tool in the transformation of the customer experience, and its relevance is expected to continue to grow in the coming years. Companies that adopt biometrics will be positioned to deliver an improved and differentiated customer experience, while consumers will enjoy greater convenience and security, always accompanied by the necessary precautions, self-regulation, and legislative frameworks.

According to Statista, the market for biometric technologies is projected to grow steadily, reaching $55.42 billion by 2027. In addition, spending in the identity verification market is projected to reach $18 billion by that same year, with an estimated growth of $13 billion in the decade between 2017 and 2027. In contrast, MarketsandMarkets expects the global biometric device market to reach $82.9 billion by 2027, with an average annual growth rate of 14.1%.

Companies Talk About the Growth of Biometric Systems
Miguel Arrañaga, regional sales director of Hikvision Mexico, emphasizes the continuity of biometrics as an essential technology that provides various benefits in different sectors and processes. It especially highlights the importance of access control systems in sensitive areas, ensuring the authorization of people at specific times.

Arrañaga highlights the variety of configurations available, from simple card readers to facial recognition terminals activated by algorithms, adapting to different budgets and needs.

On the other hand, Veridas highlights the significant growth of facial biometrics, pointing out that traditional access control methods, such as keys, cards or PIN codes, have become less reliable in the face of growing security breaches.

The company stresses that facial biometrics not only improve security, but also offer a positive user experience, consolidating itself as a
An end-to-end solution for access control and compliance needs.

Eduardo Azanza, CEO of Veridas, highlights the progress of facial biometrics, especially in industries such as sports, where it guarantees security and enables user experiences that drive the return of fans. Azanza also spoke about the crucial importance of facial biometrics in sectors such as gaming, where increasingly stringent regulations demand secure and simple access control systems.

Imports of biometric equipment in Latam countries
Mexico

Source: Data collected from Datamyne, own calculations.
In the context of imports of biometric systems to Mexico, China leads significantly with 45%, evidencing its dominant position in the manufacture and supply of biometric technologies. Cost competitiveness and mass production capacity are factors that could explain its dominance in this sector. The United States accounts for 27.50%, indicating a substantial share possibly attributable to the quality, innovation, and specialization of U.S. biometric systems.

Mexico contributes 13%, which could be due to trade agreements, specialization in certain components or a competitive offer in this sector. Germany accounts for 9%, signaling a sizable presence backed by the country's reputation for manufacturing advanced technologies and the quality of its products.

Thailand contributes 5.6%, indicating a more modest share that could be related to its involvement in the global supply chain or its specialization in specific components.

It is crucial to note that the choice of suppliers can depend on factors such as specialization, quality, innovation, and established business agreements. This diverse landscape underscores the reliance on multiple sources to meet the demand for biometric systems globally.

Chile

Source: Data collected from Datamyne, own calculations.
The distribution of imports of biometric systems in Chile reveals a diverse picture with the influence of several nations in this sector. China leads imports with 32%, reflecting a strong presence in the supply of biometric systems globally, supported by the ability to offer cost-attractive products.

The U.S. contributes 28.60%, indicating a significant share attributable to the quality, innovation, and technological expertise of U.S. companies. Brazil accounts for 18%, highlighting its considerable contribution, possibly reflecting the growing adoption and demand within the country.

As for Argentina, it contributes 12%, suggesting a significant share of the biometric systems market, possibly influenced by the adoption of advanced technologies and their role in regional supply.

Colombia

Source: Data collected from Datamyne, own calculations.

In the case of Colombia, China also dominates the supply of biometric systems with an overwhelming share of 62%. The U.S. accounts for 23%, signaling a significant but substantially lower presence compared to China. The U.S. contribution may be linked to the quality and innovation of U.S. biometric products, as well as trust in trade relations between the two countries.

Thailand contributes 15%, indicating a moderate presence that could be due to specific Thai products or specific trade agreements.

- Publicidad -

Panama

Source: Data collected from Datamyne, own calculations.

In Panama, China leads imports of biometric systems with 37%. Although this Asian country has a significant presence, the percentage is not overwhelming, suggesting that Panama diversifies its sources of supply.

The U.S. contributes 23%, indicating a substantial share. Vietnam contributes 19% and Taiwan contributes 12%, indicating a considerable share of imports of biometric systems.

Peru

Source: Data collected from Datamyne, own calculations.

The distribution of imports of biometric systems in Peru reflects a strong dependence on China as the dominant supplier in this sector. China overwhelmingly leads imports with an impressive 80%. Vietnam contributes 15%, indicating a significant but considerably smaller share than China's.

Thailand contributes 5%, representing a more modest share. Although Vietnam and Thailand have significant stakes, China's overwhelming presence highlights the need to diversify supply sources to strengthen resilience in Peru's biometric supply chain.

Duván Chaverra Agudelo
Author: Duván Chaverra Agudelo
Jefe Editorial en Latin Press, Inc,.
Comunicador Social y Periodista con experiencia de más de 16 años en medios de comunicación. Apasionado por la tecnología y por esta industria. [email protected]

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