Biometrics research briefs: voice recognition, cloud biometric services, intelligent and risk-based authentication
New biometrics market research indicates that both cloud biometric services and voice biometric technologies will be worth $2.7 billion in 2024, as both fields grow rapidly, along with risk-based and intelligent authentication methods.
The global market for Biometrics-as-a-Service will grow from $1.2 billion in 2019 to $2.7 billion by 2024, a CAGR of 17 percent, driven by government data-security initiatives, increasing mobile device usage, and growth in fraud detection and prevention systems, according to MarketsandMarkets.
The 68-page “Biometric-as-a-Service Market by Application Area (Government and Defense, Financial Services, Healthcare, Law Enforcement, and Human Resources), Modality (Unimodal and Multimodal), Offering (Solution and Services), and Region – Global Forecast to 2024″ also shows investment by the financial services segment in cloud biometrics leading to the largest market segment, and multimodal biometrics outpacing solutions utilizing individual modalities.
The report also shows North America continuing to lead global regions in adoption, and considers major vendors in the market.
A new market report from Garner Insights forecasts impressive growth in risk-based authentication services over the next five years.
The report “Global Risk-Based Authentication Services Market 2019 By Company, Regions, Type And Application, Forecast To 2024” examines market growth, key factors and challenges, and major companies providing risk-based authentication services. It considers regional markets, managed services and professional services coverage types, and application segments including banking, financial services, and insurance (BFSI), government, healthcare, manufacturing, retail, and telecommunications.
The BFSI, healthcare and life sciences, retail and ecommerce, and telecom and IT markets are all expected to grow by between 21.5 percent and 26.1 percent CAGR, as the total market reaches $2.7 billion by 2024, according to KBV Research.
The Global Voice Biometrics Market report forecasts a total growth of 22.7 percent CAGR, with access control and authentication the leading application type. Fraud detection and prevention and forensic voice analysis and criminal investigation technologies are also expected to grow by 23.4 percent and 24.2 percent CAGR, respectively.
Intelligent authentication and voice biometrics
As large banks, e-retailers, wireless carriers and other global companies encourage customers to engage through mobile apps, messaging platforms, and website chatbots, demand for zero-effort authentication is driving adoption of biometrics, and voice recognition in particular, according to a new report from Opus Research.
The “2019 Intelligent Authentication and Voice Biometrics Intelliview” report considers 13 firms offering voice biometrics, which have combined to enroll roughly 600 million voiceprints, used for more than 2 billion authentications annually for estimated fraud loss reductions of $300 billion.