Biometrics research briefs: facial and voice, biometric systems, education
Facial and voice biometrics
Revenue from the government segment of the global facial and voice biometrics market was valued at US$629.7 million in 2012 and US$1.15 billion in 2016, representing a compound annual growth rate (CAGR) of 16.3 percent from 2012 to 2016.
According to forecasts by Persistence Market Research, the government segment is predicted to experience an increase in revenue from approximately US$1.7 billion in 2017 to more than US$6 billion by the end of 2025, representing a CAGR of 18.3 percent from 2017 to 2025. The government segment is projected to create incremental opportunity of approximately US$5 billion between 2017 and 2025 worldwide.
The government segment is predicted to be the most attractive component of the global facial and voice biometrics market by end use industry in North America and was valued at just under half a billion US dollars in 2016.
Market forecasts indicate a steady growth of the government segment over the assessment period in the North America region with a CAGR of 14.7 percent in terms of value from 2017 to 2025.
The U.S. is anticipated to be the most attractive market in the North America facial and voice biometrics market throughout the course of the forecast period in terms of value, however Canada will experience CAGR of 15.8 percent over the same period.
According to Markets & Markets, the biometrics system market was valued at US$13.9 billion in 2017 and is expected to reach US$41.8 billion by 2023, at a CAGR of 19.99 percent.
The biometrics system market’s largest potential lays in applications for government, in both the defense and travel/immigration segments. Major factors driving the growth of this market are the increasing number of government initiatives adopting biometrics, along with government’s growing investments in surveillance and security.
According to the research, North America is the fastest growing component of the biometrics system market. The research also notes that single-factor authentication will hold the largest share of the biometrics system market, while personal identification numbers (PINs) combined with biometrics will hold the largest share of biometrics systems utilizing multi-factor authentication by the end of 2018.
Technavio forecasts that the global biometrics market in the education sector will grow at a CAGR of 26.28 percent between 2017 and 2021.
The firm previously forecast that the U.S. education sector was set to become a US$70 million market by 2019, which represents a growth rate of close to 30 percent between 2015 and 2019.
The firm has reported that in the education sector in the U.S., biometrics is used during the enrollment process. Fingerprint identification is the most commonly used biometric technology in this sector; however, vein recognition and voice recognition are slowly gaining traction.
authentication | biometrics | education | facial recognition | market report | Persistence | TechNavio | voice recognition