Biometrics research briefs: global growth, fraud detection and voice recognition
Some big numbers are being forecast for the biometrics market and related industries, with major growth in fraud detection, voice recognition, and biometrics industry as a whole. With the global biometrics market projected to grow at over 19 percent CAGR, revenue potential seems more certain than what modalities will be used for what applications, how the technology will be delivered, and where it will grow the fastest.
Global biometrics market to surpass $59B
The global market for biometric technology was worth $17.16 billion in 2018, and will grow to $59.43 billion by 2025, driven by safety concerns with legacy PIN-based access control, according to a new report from Zion Market Research.
The report breaks down the market by modality (which it calls “application”) and end-user, and examines trends across regions and the market as a whole, forecasting a 19.42 percent CAGR from 2019 to 2025. Applications are surging in both the government and commercial sectors, Zion says, with a wide range of verticals adopting biometrics for enhanced security. The high initial investment and ongoing cost associated with the technology could hinder market growth, however.
Increasing popularity of facial recognition for social media and smartphone applications is noted, along with growing acceptance of the technology in the retail sector. The use of biometrics in healthcare is also expected to increase around the world.
The Asia-Pacific region is expected to experience the fastest growth over the forecast period. Latin America is expected to see modest growth, though Mexico’s efforts in e-passports, e-drivers licenses, and other IDs are expected to grow the market in that country.
Grand View Research predicted very similar numbers earlier this year.
The use of biometrics, and DNA technology in particular, is also examined in BCC Research’s “Human Identification: Forensics, Genealogy and Security Applications” report.
The 145-page report considers forensic testing laboratories, along with the companies providing equipment and consumables to perform these tests.
Fraud detection and prevention
The global market for fraud detection and prevention will grow to $80 billion by 2025, increasing from $20 billion in 2018, a 23 percent CAGR, according to a report from Global Market Insights.
The report indicates increasing corporate theft and other financial crimes are driving the market, along with demand for technologies to track and secure real-time transactions. Advances in digital payment technologies and several government initiatives which seek to increase public awareness of the problem and impose regulations could help.
The growth in e-commerce is also providing opportunities for fraud attempts, and the report authors note that just in India, e-commerce is expected to be a $120 billion market by 2020.
The credit and debit cards fraud prevention market held only 20 percent market share last year, compared to a 30 percent share in fraud cases, according to the report.
Speech and voice recognition
Revenue from speech and voice recognition will grow from $6.9 billion in 2018 to $28.3 billion by 2026, according to Fortune Business Insights.
The increasing adoption of biometrics in general, and voice-controlled speakers in particular could drive market growth, along with emerging advancements in deep learning and neural networks. The market research firm says a lack of accuracy could hinder adoption.
Recently, adoption in several verticals other than healthcare has driven market growth, but by the end of the forecast period Fortune believes healthcare will hold the highest share of revenue generation by end-user. Cloud-based technologies are expected to dominate the field, an interesting prediction in light of recent investments in bringing voice technologies to the edge.
The firm also expects strategic mergers and partnerships among the industry’s key players over the forecast period.