Robust Growth Projected for Voice and Facial Biometrics
The worldwide market for face and voice biometrics will reach $ 24 billion by 2025 growing at a compound annual rate of 18.1 percent, according to Persistence Market Research.
Governments, the firm said, will be the largest end-users of face and voice biometrics, while revenue from military and law enforcement agencies will register speedy growth at a 19.6 percent compound annual rate during the forecast period.
The report forecasts that biometric solutions developed on voice recognition technologies will create an incremental opportunity of $4.5 billion between 2017 and 2025. Meanwhile, revenue from the sale of face biometric solutions globally will rise from $4.6 billionin 2017 to an estimated $17.7 billion by 2025.The report also reveals higher demand for conventional face and voice biometrics as opposed to mobile.
According to the report, North America'sface and voice biometric market is expected to witness the highest growth over the forecast period. Along with Asia-Pacific, North America's face and voice biometric revenue is expected to account for more than 66 percent of the global market revenue by the end of this year.
The report also notes that financial services and customer service use cases will be among the key drivers for growth in face and voice biometrics. In Europe, for example, banking organizations have made facial biometrics mandatory for customers accessing databases and other digital platforms. While banking employees continue to use face or voice biometrics for work, now, customers are also expected to log into their accounts via such solutions. Voice biometrics that help customers reset their account passwords is also gaining traction in North America.