While some companies are deveoling face and voice biometrics for ATMs and banking, governments will be the largest end-users of face & voice biometrics in the world, while revenues from military & defense and law enforcement agencies will register speedy growth at 19.6% CAGR through 2025.
According to forecasts by Persistence Market Research, the government segment is slated to witness an increase in revenue from close to US$1.7 billion in 2017 to more than US$6 billion 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 billion between 2017 and 2025.
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.
In April 2017, Innovatrics s.r.o., a biometrics solutions provider along with Veridos, Sertracen, and IECISA entered into an agreement with the Civil Registry of Panama. This contract was supervised by the Tribunal Electoral and is meant to register births, marriages, and deaths, and make a note of any changes in people’s personal information by relying on the face and voice biometrics market. In 2016, Vision-Box, S.A agreed to conduct a pilot program for the Mato Grosso State Court of Justice with a biometric solution for improving criminal hearing personal identifications. Vision-Box is expected to deploy vb e-pass, an integrated system that considers both biometric and biographic data in real time.
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 billion.
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.