Face Voice Biometrics Market Set to Witness Significant Growth in the Coming Years

Revenue from the government end use industry segment in the global face and voice biometric market was valued at US$ 629.7 Mn in 2012 and US$ 1,152.0 Mn in 2016, representing a CAGR of 16.3% from 2012 to 2016. According to forecasts by Persistence Market Research, the government segment is slated to witness an increase in revenue from close to US$ 1.7 Bn in 2017 to more than US$ 6 Bn by the end of 2025, representing a CAGR of 18.3% from 2017 to 2025. The government segment is projected to create incremental opportunity of a little less than US$ 5 Bn between 2017 and 2025.

Foreign investors are indispensable in the growth of the face and voice biometric market. National governments – particularly in emerging economies – are offering opportunities to foreign direct investors to invest in improving the standards and infrastructure of face and voice biometrics. High technology products that need a high R&D such as computers, electrical machinery, scientific instruments, and pharmaceuticals will come to rely on the face and voice biometric market in the days ahead. Countries to look out for in this space include China, South Korea, Singapore, Germany, and the U.S.

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In April 2017, Innovatrics s.r.o., a biometrics solutions provider along with Veridos, Sertracen, and IECISA entered into an agreement with the Civil Registry of Panama. This contract was supervised by the Tribunal Electoral and is meant to register births, marriages, and deaths, and make a note of any changes in people’s personal information by relying on the face and voice biometrics market. In 2016, Vision-Box, S.A agreed to conduct a pilot program for the Mato Grosso State Court of Justice with a biometric solution for improving criminal hearing personal identifications. Vision-Box is expected to deploy vb e-pass, an integrated system that considers both biometric and biographic data in real time.

In January 2017, the EU research and investment supported TABULA RASA consortium that planned to study vulnerabilities and create countermeasures has unveiled a new project called Beat that seeks to gather multimodal biometrics data such as iris, vein, voice, face, and fingerprint scans from volunteers. This is then used for the purpose of testing. In 2016, the Malaysia and Singapore governments decided to enter into a strategic tie-up to share vital biometric information of known terrorists along with those convicted of terrorism charges. In short, governments have come to rely on the face and voice biometric market to a great extent in the 21st century.

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The U.S. is anticipated to be the most attractive market in the North America face and voice biometric market throughout the course of the forecast period in terms of value. However, Canada should witness a high CAGR of 15.8% during the study period. In 2016, the U.S. face and voice biometric market was already worth nearly US$ 1.7 Bn and this should show steady growth in revenue terms until the end of 2025. The government segment is predicted to be the most attractive segment by end use industry in the North America face and voice biometric market 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% in terms of value from 2017 to 2025.

The research methodology developed by Persistence Market Research is amongst the best in the industry. The analysts first conduct rigorous primary and secondary research to formulate a detailed discussion guide and a list of industry players. After conducting extensive interviews, the data is collected and then thoroughly validated using the triangulation method where primary and secondary data is merged with Persistence Market Research analysts’ expert opinion. This is then scrutinized using advanced tools to gain all the necessary insights into the face and voice biometric market.

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