Biometrics adoption in Latin America driving Innovatrics’ market numbers
Innovatrics has explained what it termed its success story, saying the adoption of its biometric technology in Latin American countries such as Brazil, Mexico and Chile has helped in expanding its market footprint and revenue.
The company said in a statement that the adoption of its solution in the region is specifically being fueled by government and security spending, cybercrime, and the deployment of facial recognition scanners across borders and airports, especially as the biometrics market growth rate there is expected to stay at 21.25 percent until 2027, as forecast by Triton Market Research.
Innovatrics has deployed its biometrics technology for pioneering projects for both the public and private sectors in the region, citing the deployment of its risk management solution for banks in Mexico and for eKYC and other biometric identification purposes in Brazil and Chile through partner CredDefense.
The company’s Head of Product Management Daniel Ferak spoke to Biometric Update late last year about the advances it has recently made in OCR and liveness detection technology.
Innovatrics has also expanded its optical character recognition (OCR) algorithm with support for documents printed with Bengali script, like the Bangladesh National ID Card. This upgrade is expected to enable seamless onboarding for people in the country, with identity data extracted from official documents.
Commenting on Innovatrics’ success story in Latin America, Americas and Spain Business Regional Director Oscar Flores said: “We have penetrated extremely complicated cultural business barriers and reached the trust of powerful system integrators such as Thomas Greg & Sons, Veridos, Diebold Nixdorf, Valid, and Certisign, which have been key to continuous access of new opportunities. Furthermore, the internationalization of our team and the foundation of local presence have already shown results that we expect to continue capitalizing in the near future.”
The company also pointed to the size of its market in Brazil where it said more than a dozen Automated Biometric Identification System (ABIS) projects have been completed. Many of the country’s states are using the ABIS for driver’s license issuance and for digital governance purposes.
“If there’s one thing the world can learn from Latin America, it is how the banking sector there architectured biometric safeguards to prevent fraud. Having implemented biometrics early on has set them many years ahead compared to other parts of the world,” Oscar added.
Innovatrics said it is expecting stronger growth this year for its Digital Onboarding Toolkit and SmartFace solutions especially as the use of facial recognition technology becomes more common in the region.
In order to expand its presence and meet the growing need for state-of-the-art biometric solutions, Innovatrics has brought on key figures to its Latin American team.