November 12, 2013 -
India-based voice biometrics solutions company InCights is in the midst of raising angel capital to kick-start its marketing objectives.
According to a report in the Financial Chronicle, the company is raising roughly US$200,000 (Rs 1 crore) from a consortium of angel investors.
With initial pilot tests over, Incights says it’s now looking to target deployments at banks as it builds out its portfolio of clients.
BiometricUpdate.com recently took a look an extended look at voice biometrics as a modality, including some early examples, as well as an exploration of potential developments and innovations. Read the full feature here.
Also, based on a survey conducted by Nuance Communications, smartphone users have grown frustrated with current authentication methods and 90% of them are eager to use voice biometrics in place of existing methods.
The overall market for voice and face biometrics is expected to reach nearly $3 billion by the end of 2018. Currently, the United States accounts for the largest share of these markets, though according to a recently-published report, most of the anticipated growth in the market will come from emerging economies, with Asia-Pacific getting special mention in that regard.
In addition, the Biometrics Research Group has noted that mobile devices are expected to drive the bank adoption of voice biometrics, and has also pinpointed that Asia is expected to lead the growth in biometric banking applications.