Global Face and Voice Biometrics Market Research Report 2023

Face & Voice Biometrics Market 2029

The global Face and Voice Biometrics market was valued at US$ 5897.8 million in 2022 and is anticipated to reach US$ 10760 million by 2029, witnessing a CAGR of 10.5% during the forecast period 2023-2029. Key drivers of the market include the growing adoption of voice and face biometric systems in the BFSI sector for effective fraud detection and taking corrective measures. It leads to lower identification and authentication costs. The widespread application in government agencies, healthcare, and other industries for improved customer satisfaction, shorter handling time, and increased ROI will propel the growth of the face and voice biometrics market during the review period. Moreover, the option of providing choice, flexibility, touchless authentication, and gradual technological advancements will boost the market growth in the upcoming years.

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Face & Voice Biometrics Market Trends
Extensive use in the BFSI industry

Internet banking and the digital revolution have made banking services convenient and easier to reach many people across the globe. The user journey has become quick, fast, and efficient. However, fraudulent activities have increased significantly leading to more data thefts and bank account credentials getting hacked. The integration of voice and facial recognition biometric software offers multiple levels of authentication and security thereby promoting effective fraud detection and data privacy. These factors will propel the growth of the face and voice biometrics market during the review period.

Application in many end-user industries

Various industry verticals such as government agencies, healthcare, and the telecom industry are reaping benefits through the adoption of biometric systems. Patient data have become complex with multiple medical records, e- heath cards, and digital data. Moreover, the entry and exit of the hospital, clinic staff need to be measured for reducing employee inefficiencies. Government agencies require faster customer handling processes and cut through multiple levels of bureaucracy. On the other hand telecom industries are using facial, voice recognition for reducing consumer contract fraud and identity thefts. The technology aids in proper data security, storage, document, fingerprint, and facial recognition. This is expected to drive the growth of the face and voice biometrics market in the coming years.

Rapid advancements in technology by key players

Facial and voice recognition is gaining prominence as they are easy to deploy and do not require any interaction from the end-user. The delivery of services speeds up exponentially. Moreover, the rapid technological advancements such as voice scan, iris scan, digitization of veins in your palm, behavioral scanning, etc will positively impact the market trends. Furthermore, with the addition of AI and machine learning algorithms, the accuracy levels of the software will keep increasing as 2D and 3D real-life images are captured. This is expected to drive the growth of the face and voice biometrics market during the forecast period.

Face & Voice Biometrics Market Share Analysis
Based on application, the BFSI sector is expected to dominate in the face and voice biometrics market share during the forecast period.

Based on region, North America will provide huge scope for growth in the face and voice biometrics market share with the US as the most lucrative market. On the other hand, Canada will grow at the highest CAGR of 13% in the upcoming years.

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SIMILAR REPORT

https://reports.valuates.com/market-reports/QYRE-Auto-18H6089/global-behavioral-biometrics

https://reports.valuates.com/market-reports/QYRE-Auto-5Z6175/global-biometrics-in-government

https://reports.valuates.com/market-reports/QYRE-Auto-11B6259/global-healthcare-biometrics

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This release was published on openPR.