Biometrics market in BRIC countries to grow at 23% CAGR from 2015 to 2019: report

The biometric market in BRIC countries (Brazil, Russia, India, and China) is predicted to grow at a compound annual growth rate of around 23 percent between 2015 and 2019, according to a recent report by Technavio.

According to the study, countries like China and India are seeing an increase in implementation of biometrics-based technologies in the government and banking sectors. The report predicts that voice recognition would witness an increase in adoption over the next two years specifically for mobile banking since it does not require any hardware investment. For instance, JPMorgan Chase uses voice recognition technology to identify fraudsters.

The market share of the government sector in Brazil is expected to see a decline during the forecast period due to market maturity, while the other sectors such as transportation, healthcare, BFSI, and retail are expected to grow during the forecast period, the report said.

The government sector of the biometrics market in Russia is predicted to reach US$233 million by the end of 2019, the numbers showed. The transportation sector would see a high growth during the forecast period. The rise in the number of thefts in transportation in Russia, especially at seaports, is expected to increase the demand for biometrics in this sector, according to the report.

Biometrics-based authentication is being considered as a reliable security solution for different industry verticals since it is difficult to forge. Sectors such as government, BFSI, transportation, healthcare, and retail are implementing biometrics-based technology to prevent scams in online banking, check illegal immigration, enable motor vehicle access, etc.

The report discusses BRIC biometrics implementations in the following sectors: government, transportation, healthcare, and retail, among others. Technologies discussed include fingerprint, facial, iris, voice, and vein, among others.