Press release
Global Market for Face & Voice Biometrics Poised to Reach US$ 24 Bn Value by 2025-End
Going forward, government offices and public places will also be equipped with face & voice biometrics, making them the most sought-after tech solution for controlling a secured access to facilities. Persistence Market Research concurs that by the end of 2025, the global market for face & voice biometrics will have reached a value of US$ 24 Bn.
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Factors as such will continue to promote the use of face & voice biometrics across the globe. In 2016, over US$ 4.5 Bn worth of face & voice biometric solutions were sold in the world. Persistence Market Research's latest report, titled "Face & Voice Biometric Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025)," cites that by the end of 2025, the global face & voice biometrics market will have surged at a stellar 18.1% CAGR.
Key drivers for growth in adoption of face & voice biometrics include:
Implementation of biometrics in banking & payments: In Europe, 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.
Integrating voice biometrics with customer service management applications: A voice biometric solution that facilitates the customers to reset their account password at any point of time (quickly & securely over any telephone) is gaining traction in North America as employees can have historical knowledge of each customer, thereby leading to intelligent interactions.
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Implementation of biometrics in public administration: In densely-populated regions such as Asia-Pacific, face biometric solutions equipped with surveillance cameras, facial recognition software can improve public administration on light rails, buses, trains, docks and other public transit utilities. Face biometrics can assist authorities in monitoring train capacity, attending to medical emergencies and undertaking law enforcement vigilance such as capturing fare evaders or wanted criminals.
According to the report analysis, North America's face and voice biometric market is expected to witness highest growth over the forecast period. Along with Asia-Pacific, North America's face & voice biometric revenues are expected to account for over 66% of the global market revenues by 2017-end.
Europe, on the other hand, is expected to witness moderate growth in its face & voice biometric market, which will be primarily backed by steady demand for face and voice biometrics in government offices, law enforcement facilities, and military & defense sector.
The report also forecasts that revenue from sales of face biometric solutions in the global market will witness a rise from US$ 4.6 Bn in 2017 to an estimated US$ 17.7 Bn by 2025-end. Meanwhile, biometric solutions developed on voice recognition technologies are projected to create incremental opportunity of US$ 4.5 Bn between 2017 and 2025. The report also reveals higher demand for conventional type of face & voice biometrics, as opposed to mobile.
Governments will be the largest end-users of face & voice biometrics in the world, while revenues from military & defense and law enforcement agencies will register speedy growth at 19.6% CAGR during the forecast period. The report has also profiled leading developers of face & voice biometric solutions as key players in the global market, and they include 3M Cogent, Inc., Apple, Inc.., NEC Corporation, ImageWare System, Inc., Cognitec Systems GmbH, Atos SE, Morpho (Safran), Nuance Communications, Inc., FaceFirst, M2SYS Technologies.
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