Voice biometrics forecast to grow at 22.8 percent rate to $3.9B by 2026
The voice biometrics market will spike from $1.1 billion in 2020 to $3.9 billion in 2026, a robust compound annual growth rate of 22.8 percent, driven by demand from the banking, financial services and insurance (BFSI) industry, as well as the need to reduce authentication costs, according to a new report from MarketsandMarkets.
The 280-page report says the market appears to have experienced a minor slowdown in 2020 due to the chaos caused by the pandemic, but with supply lines and more workplaces coming online in 2021, demand for enhanced customer service and personalization is expected to return the voice biometrics market to robust growth.
Adoption of fraud detection and prevention systems by banks will play a large part in voice biometrics growth over the forecast period, though the potential for voice spoof attacks and related security and privacy concerns may constrain growth. The analyst suggests that governments are working on standardizing biometrics use across industries to address these risks.
The report also indicates that healthcare data security could present an opportunity for voice biometrics providers, but that authentication accuracy challenges with the technology remain.
The Asia-Pacific region is expected to have the highest growth rate for voice biometrics from 2020 to 2026.
Biometrics are also predicted to be buoyed by trends in several other markets.
The worldwide access control market was worth an estimated $7.65 billion in 2020, and will grow to $11.7 billion by 2026, with biometric readers taking a major market share, according to a new report from Mordor Intelligence.
Biometrics are expected to play a significant role in the growing penetration of smart home solutions, and are also being deployed to increase the security of access control system in healthcare, financial services, travel and hospitality and other industries.
Governments are deploying biometric readers for access control applications in a range of areas, including law enforcement, border controls, and employee identification, enterprises are using wearable biometrics and other employee identification technologies for both physical and logical access control.
The report also breaks down the market geographically and surveys the competitive landscape.
Image recognition and video analytics
The global image recognition market is expected to reach $80.29 billion by 2028, boosted by adoption of virtual and augmented reality systems, according to Emergen Research.
The 250-page report forecasts a 15.3 percent CAGR, as image recognition technologies open up opportunities in ecommerce and digital shopping, and facial recognition is increasingly added to access control systems as a second authentication factor.
The market is broken down by component, application, deployment mode, industry vertical and technique, the latter of which includes an outlook for facial recognition. The services segment in particular is expected to grow rapidly over the forecast period, and biometric patient identification is noted as a significant growth opportunity.
Increasing use of smartphones and tablets in developing countries is expected to make Asia-Pacific the fastest growing region for image recognition.
Similarly, the video analytics market is expected to grow on increased government investment in public safety and security, according to a report from BCC Research.
The ‘Video Analytics: Global Markets’ report breaks down the market by software and services components, server and edge-based implementation types, application type, vertical, and geographical region over 197 pages. It forecasts Asia-Pacific to be the fastest-growing market for video analytics from 2020 to 2025.
The biometrics middleware market is also growing, on demand for identity-based security technology from the banking, financial sector and insurance (BFSI), healthcare and government market segments, according to new research from Fact.MR.
Demand for touchless systems has mitigated the impact of the pandemic on the biometric middleware market, according to the report. The market is expected to continue growing through 2031, due in large part to the increasing adoption of multi-application integrations and modular interfaces to meet specific use case requirements.
The report also breaks down the market geographically, and notes the impact of expanding product portfolios, including under-display facial recognition in smartphones.