Face and Voice Biometrics Market size is Projected To Reach USD 10760 Million By 2027 At A CAGR of 10.5% - Valuates Reports
BANGALORE, India, Nov. 19, 2021 /PRNewswire/ -- Face & Voice Biometrics Market is segmented by By Type - Face Biometrics, Voice Biometrics, By Application - Banking, Financial Services & Insurance (BFSI), Government & Law Enforcement, Military & Defense, Healthcare, Commercial, IT & Telecom, Others. Global Opportunity Analysis and Industry Forecast 2021 - 2027. It is published in Valuates Reports under the Public Safety Category.
The global Face and Voice Biometrics market size is projected to reach USD 10760 million by 2027, from USD 5294.1 million in 2020, at a CAGR of 10.5% during 2021-2027.
Major factors driving the growth of the face and voice biometrics market are:
Face & Voice biometrics solutions are being adopted around the world because of factors such as rising demand for effective fraud detection and prevention systems in the Banking, Financial Services, and Insurance (BFSI) business, as well as lower authentication and identification costs. This in turn is expected to drive the growth of the voice biometrics market.
The Face & voice biometrics market is growing because of the increasing adoption of the face and voice biometrics in emerging economies. Growing usage of voice biometrics solutions in various industries, such as pharmaceuticals and government agencies, is driving the market forward.
TRENDS INFLUENCING THE GROWTH OF THE FACE & VOICE BIOMETRICS MARKET
With the advent of digitalization in the financial business, fraudulent activities have expanded significantly. Fraudsters with access to banking credentials may get access to clients' bank accounts as a result of high-profile data thefts, necessitating the necessity for second- or third-level security across the entire financial authentication system. 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.
Because of the rising desire for improved customer experience and building personalized interaction with prospects, demand for voice biometrics solutions and services is likely to grow. Several industries are going to implement a wide range of voice biometrics products and services to support digital transformation programs that address mission-critical procedures, improve operations, and validate user identification. The major business and operational factors that are predicted to drive the adoption of the voice identification market are lower operational costs, better customer experiences, fraud detection and prevention, enhanced authentication procedures and operations, and improved real-time decision-making.
Healthcare organizations are frequently overlooked when dealing with fraud concerns, and medical data breaches are more expensive, fatal, and becoming more common. Regulatory demands and compliance rules, on the other hand, compel healthcare professionals to manage patient data with the utmost secrecy and care. Through a robust and convenient authentication experience for physicians, doctors, and patients, voice biometrics solutions prevent the theft of medical information and safeguard the privacy of healthcare data. These technologies protect patient confidentiality while complying with privacy requirements and can be used by patients to access insurance portals. Thus the adoption in the healthcare sector is expected to drive the voice biometrics market growth.
PIN numbers are expected to become outdated in the next several years, according to FinTech researchers. Because there is a larger demand for security than ever before, the finance sector stays at the forefront of embracing innovative kinds of digital security such as Voice Biometrics. Furthermore, financial institutions are likely to use voice recognition to combine voice reognition with their speech-recognition applications in the future.
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VOICE BIOMETRICS MARKET SHARE ANALYSIS
Based on region, North America is expected to be the most lucrative during the forecast period. The U.S. 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 witness a high CAGR of 13% during the study period.
Based on application, the BFSI segment is also one of the most lucrative segments during the forecasted period.
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Face & Voice Biometrics Market By Regions
Face & Voice Biometrics Market By Company
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SIMILAR REPORTS :
- The global Behavioral Biometrics market size is projected to reach USD 2075.6 million by 2027, from USD 841.6 million in 2020, at a CAGR of 13.6% during 2021-2027.
- The global Biometrics in Government market size is projected to reach USD 9768.3 million by 2027, from USD 5076.2 million in 2020, at a CAGR of 9.7% during 2021-2027.
- The global Mobile Biometrics market size is projected to reach USD 38130 million by 2027, from USD 8471.6 million in 2020, at a CAGR of 23.4% during 2021-2027.
- The global Healthcare Biometrics market size is projected to reach USD 2156.4 million by 2027, from USD 996.5 million in 2020, at a CAGR of 11.2% during 2021-2027.
- The global Palm Vein Biometrics market size is projected to reach USD 3658.8 million by 2027, from USD 1909.3 million in 2020, at a CAGR of 9.6% during 2021-2027.
- The global Voice Biometric Solutions market size is projected to reach USD 5832.6 million by 2027, from USD 3538.6 million in 2020, at a CAGR of 7.4% during 2021-2027.
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