Press release
Face & Voice Biometrics Market: Projected to Create Incremental Opportunity of US$ 24 Bn Value by 2025-End
Revenue from the government end use industry segment in the global face and voice biometric market was valued at US$ 629.7 Mn in 2012 and US$ 1,152.0 Mn in 2016, representing a CAGR of 16.3% from 2012 to 2016. According to forecasts by Persistence Market Research, the government segment is slated to witness an increase in revenue from close to US$ 1.7 Bn in 2017 to more than US$ 6 Bn by the end of 2025, representing a CAGR of 18.3% from 2017 to 2025. The government segment is projected to create incremental opportunity of a little less than US$ 5 Bn between 2017 and 2025.
Government incentives encouraging FDI in the face and voice biometric market
Foreign investors are indispensable in the growth of the face and voice biometric market. National governments – particularly in emerging economies – are offering opportunities to foreign direct investors to invest in improving the standards and infrastructure of face and voice biometrics. High technology products that need a high R&D such as computers, electrical machinery, scientific instruments, and pharmaceuticals will come to rely on the face and voice biometric market in the days ahead. Countries to look out for in this space include China, South Korea, Singapore, Germany, and the U.S.
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Increasing adoption of technology in homeland security continues to promote the need for face & voice biometrics at necessary checkpoints. Restricted access might be displeasing for investigations, but entry to only authorized personnel continues to be a great advantage for securing everything – from wealth to wisdom. Installing face & voice biometrics in corporate settings has been a common practice since its inception. 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.
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.
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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.
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.
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To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.
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