Rockville, Dec. 21, 2023 (GLOBE NEWSWIRE) — According to a recently released report by Fact.MR on the biometric identification technology industry, the global demand for face and voice recognition systems is likely to rise at 9.6% CAGR. By following this robust growth rate per year, the overall Face and Voice Biometrics Market valuation is forecasted to reach US$ 46,251.2 million by 2034, growing from US$ 18,560.2 million in 2024.
The total revenue generated by the use of face and voice biometrics systems worldwide in 2019 was figured to be around US$ 15,156.1 million. The importance of convenient and secure authentication methods across various industries fueled the commercialization of such advanced technologies in the last decade.
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Key Segments of Face and Voice Biometrics Industry Research Report
| By Type | By Technology | By End User | By Region |
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Banking biometric authentication platforms extensively use face and voice biometric technologies, which makes it the leading end-user segment for the overall market. However, in recent years, the market segment encompassing government organizations and law enforcement agencies is rising fast owing to the advantage of face and voice-detecting technology in national security.
Key Takeaways from the Global Face and Voice Biometrics Market Study Report
- The United States captures almost 72.2% of the North American face and voice biometrics industry, which is estimated to be valued at US$ 5,104.1 million in 2024.
- The demand for face and voice biometrics solutions only in the United States is predicted to rise at 10.2% per year till 2034.
- The report also surveys the face and biometrics industry scenario in East Asia, which is expected to garner a revenue of around US$ 6,774.5 million in 2024.
- China dominates the East Asia market with a 67.9% share of the regional market and is poised to progress further by registering a 10.3% CAGR through 2034.
Competitive Landscape for Face and Voice Biometrics Market Players
A more significant chunk of the global market is concentrated in the hands of a few face and voice biometrics industries or service providers. However, national governments’ recognition of the importance and sensitivity of face and voice biometrics data is anticipated to boost capital infusion for the emergence of more regional players.
Perfecting the accuracy and reliability of their face and voice biometric systems remains the key challenge for emerging market players to enter the global competitive landscape. Meanwhile, established market participants are allocating resources toward user education and awareness initiatives to improve their brand value and penetrate new markets, says a Fact.MR analyst.
Recent Developments by the Face and Voice Biometrics Market Players
In September 2021, Gnani.ai introduced its Christened armour365 biometric software with innovative features to address modern-day fraud prevention issues. The company claims the program can provide unmatched security as it includes capabilities like ‘replay attack detection,’ ‘anti-spoof layer,’ and ‘one enrollment.
In January 2021, Nuance Co. introduced its Omnichannel Patient Engagement Virtual Assistant Platform to enable the ‘Digital Front Door’ in the healthcare sector or hospitals. This new platform is a beneficial approach for providing patients with a higher caliber of digital services. It also symbolizes a new trend of integrating face and voice biometrics technology for facilitating digital front-door programs.
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| Report Attribute | Details |
| Value Projection (2034) | USD 46,251.2 Million |
| Growth Rate (2024-2034) | 9.6% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 40 Tables |
| No. of Figures | 200 Figures |
Preference for Voice Biometric Devices Driven by Cost-Effectiveness
In terms of type, the voice biometric segment is forecasted to generate approximately US$ 14,161.4 million in revenue by 2024. Surpassing the face biometric segment, this category is expected to witness steady growth at an annual rate of 8.3% between 2024 and 2034. In contrast, the face biometric segment, valued at US$ 4,398.8 million in 2024, is projected to experience a slightly higher growth rate of 8.5% during the same period.
The surge in popularity of IoT (Internet of Things) and smart home appliances, especially those operated through voice commands, has significantly contributed to the dominance of the voice biometrics market segment. Nevertheless, the increasing prevalence of smart home devices equipped with features like built-in cameras, such as personal assistants and locks, is expected to drive consumer adoption of the face recognition segment in the foreseeable future.
Checkout More Related Studies Published by Fact.MR Research:
Biometric Authentication Solution Market: The widespread deployment of biometric authentication solutions and technologies for information and physical access security is fuelling the growth of biometric authentication solution market.
Biometric Data Encryption Device Market: The widespread deployment of biometric data encryption device and technologies for information and physical access security is fuelling the growth of the biometric data encryption device market.
Biometric Payment Market: North American biometric payment market is expected to dominate the global market during the forecast period.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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