Facial and Voice Biometrics Market Size Expected to Reach $ 10,760 Million by 2027 at a CAGR of 10.5%

BANGALORE from India, November 19, 2021 / PRNewswire / – The Facial and Voice Biometrics market is segmented by Type – Facial Biometrics, Voice Biometrics, By Application – Banking, Financial Services & Insurance (BFSI), Government & Law Enforcement, Military & Defense, Healthcare, commerce, IT and Telecom, Others. Global Opportunity Analysis and Industry Forecast 2021 – 2027. It is published in Evaluate reports under the Public security Category.

The global facial and voice biometrics market size is expected to reach $ 10,760 million by 2027, from 5294.1 million USD in 2020, at a CAGR of 10.5% in 2021-2027.

The major factors driving the growth of the Facial and Voice Biometrics Market are:

Face & Voice biometrics solutions are adopted around the world due to factors such as the increasing demand for effective fraud detection and prevention systems in banking, finance and insurance (BFSI) businesses, as well as costs weaker authentication and identification. This in turn is expected to drive the growth of the voice biometrics market.

The facial and voice biometrics market is growing due to the increasing adoption of facial and voice biometrics in emerging economies. The increasing use of voice biometrics solutions in various industries, such as pharmaceuticals and government agencies, is driving the market forward.

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With the advent of digitalization in the financial sector, fraudulent activities have grown considerably. Fraudsters with access to bank credentials can gain access to customer bank accounts as a result of high profile data thefts, requiring the need for second or third level security across the entire system. financial authentication. By intelligently identifying a user based on their voiceprint, voice biometrics meets the needs of banks and financial institutions. This in turn is expected to drive the growth of the voice biometrics market.

Due to the growing desire to improve the customer experience and create a personalized interaction with prospects, the demand for voice biometrics solutions and services is likely to grow. Several industries will implement a wide range of voice biometrics products and services to support digital transformation programs that address critical procedures, improve operations and validate user identification. The major business and operational factors that are expected to drive the adoption of the voice identification market are lower operating costs, better customer experience, fraud detection and prevention, improved authentication procedures and operations. and better decision making in real time.

Healthcare organizations are often overlooked when dealing with fraud issues, and medical data breaches are more costly, deadly, and increasingly common. Regulatory requirements and compliance rules, on the other hand, require healthcare professionals to handle patient data with the utmost secrecy and with the utmost care. With a robust and convenient authentication experience for physicians, physicians and patients, voice biometrics solutions prevent the theft of medical information and protect the privacy of health data. These technologies protect patient privacy while respecting privacy requirements and can be used by patients to access insurance portals. Thus, adoption in healthcare industry is expected to drive the growth of voice biometrics market.

PIN codes are expected to become obsolete in the next few years, according to FinTech researchers. Because the demand for security is greater than ever, the financial industry remains at the forefront of adopting innovative types of digital security such as voice biometrics. In addition, financial institutions are likely to use speech recognition to combine speech recognition with their speech recognition applications in the future.

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Depending on the region, North America is expected to be the most lucrative during the forecast period. The United States is expected to be the most attractive market in North America facial and voice biometrics market throughout the forecast period in terms of value. However, Canada is expected to witness a high CAGR of 13% during the study period.

On the basis of applications, BFSI segment is also one of the most lucrative segments during the forecast period.

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Facial and Voice Biometrics Market by Regions

  • North America
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Russia
    • Nordic
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • South East Asia
    • India
    • Australia
    • Rest of Asia
  • Latin America
    • Mexico
    • Brazil
    • Rest of Latin America
  • Middle East & Africa
    • Turkey
    • Saudi Arabia
    • United Arab Emirates
    • Rest of the MEA

Facial and Voice Biometrics Market by Company

  • 3M convincing (United States)
  • NEC Corporation of America (United States)
  • AcSys Biometrics Corp. (Canada)
  • AGNITiO SL (Spain)
  • Cognitec Systems GmbH (Germany)
  • Nuance Communications (United States)
  • Eurotech SPA (Italy)
  • Ivrnet Inc. (Canada)
  • Kimaldi Electronics, SL (Spain)
  • National Security Resources (United States)
  • Neurotechnology (Lithuania)
  • PSP Security Co. Ltd (Hong Kong)
  • SAFRAN Group (France)
  • Sensitive vision (United States)
  • Sensory(United States)
  • Suprema (Korea)
  • VoiceTrust Electronic Services (Canada)
  • VoiceVault (United States).

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– The Global Behavioral Biometrics Market the size should reach $ 2,075.6 million by 2027, from $ 841.6 million in 2020, at a CAGR of 13.6% during 2021-2027.

– The Global Biometrics in the government market the size should reach $ 9,768.3 million by 2027, from $ 5,076.2 million in 2020, at a CAGR of 9.7% in 2021-2027.

– The Global Mobile biometrics market the size should reach $ 38,130 million by 2027, from $ 8,471.6 million in 2020, at a CAGR of 23.4% in 2021-2027.

– The Global Healthcare Biometrics Market the size should reach 2156.4 million USD by 2027, from $ 996.5 million in 2020, at a CAGR of 11.2% in 2021-2027.

– The Global Palm Veins Biometrics Market the size should reach $ 368.8 million by 2027, from $ 1,909.3 million in 2020, at a CAGR of 9.6% in 2021-2027.

– The Global Voice biometric solutions market the size should reach $ 5,832.6 million by 2027, from $ 3,538.6 million in 2020, at a CAGR of 7.4% in 2021-2027.

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