Market research company Valuates has predicted that the face and biometrics market will grow at a CAGR of 10.5%, to reach $10.76bn by 2027.
Currently valued at $5.29bn, the face and voice biometrics market is experiencing rapid growth.
Face and voice biometrics solutions are being adopted around the world, in various sectors including banking, financial services and insurance, government and law enforcement, military and defence, healthcare, commercial, IT and telecom, and more.
Several factors are driving the growth of this market. In its recent report, Valuates explained that one such factor is the increased adoption of the technology in emerging economies.
Valuates also revealed that there is a rising demand for effective fraud detection and prevention systems, particularly in the BFSI businesses. Fraudulent activities have expanded significantly in recent years, face and voice biometrics present a unique solution to this.
By intelligently identifying a user based on his or her voiceprint, speech biometrics meets the needs of banks and financial institutions. This in turn is expected to drive the growth of the voice biometrics market. Moreover, a rising desire for improved customer experiences and building personalised interactions has boosted the demand for voice biometrics solutions, according to Valuates.
In addition to better customer experiences and fraud detection and prevention, Valuates said that lower operational costs, enhanced authentication procedures and operations, and improved real-time decision-making, are also key business and operational factors that are predicted to drive the growth of the voice identification market.
Valuates also predicted that the adoption of voice biometrics solutions in the Healthcare Sector will drive market growth.
Healthcare organisations are frequently overlooked when dealing with fraud concerns, and medical data breaches are more expensive, fatal, and becoming more common, Valuates said. Voice biometrics technologies protect patient confidentiality while complying with privacy requirements and can be used by patients to access insurance portals.
Based on region, Valuates reported that North America is expected to be the most lucrative. The US is anticipated to be the most attractive market in North America’s face and voice biometric market throughout the course of the forecast period in terms of value. However, Canada should also witness a high CAGR of 13% during the study period.
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