Face and Voice Biometric Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the face and voice biometric market was valued at USD 1.9 billion in 2022, and a CAGR of 9.8% is expected during the forecast period. Increasing demand for robust fraud detection and prevention systems across the banking, financial services, and insurance industries and the need to reduce authentication and identification costs are driving the adoption of biometrics all over the world.

Increasing fraudulent activities have increased with the digitization of the banking industry. The rising demand for voice authentication in mobile banking systems is driving the growth of the market.

Impact of Covid-19

COVID-19 has had a significant impact on the market due to the need to minimize physical contact, which has surged the demand for touchless biometric authentication methods like face and voice recognition. With the shift towards remote work and increased digitization across industries, there has been a growing need for secure and convenient authentication solutions, further boosting the adoption of face and voice biometrics. However, the widespread use of face masks has posed challenges for facial recognition systems, leading to the development of more robust algorithms capable of recognizing individuals. The increased use of biometric technologies has raised concerns about privacy and data security.

Growth Drivers

With rising concern about data breaches and identity theft, organizations are turning to biometric solutions as a more secure method compared to traditional password-based systems. Advances in facial and voice recognition algorithms, coupled with improvements in hardware such as high-resolution cameras and microphones, are enhancing the accuracy and reliability of biometric systems. Increased use of smartphones and other mobile devices has fueled biometric authentication for unlocking devices, authorizing payments, and accessing applications, driving demand for face and voice recognition technologies.

The biggest advantage of biometric authentication is that it eliminates the need to remember passwords or carry physical tokens. This convenience factor is driving adoption in various industries, including banking, healthcare, and retail. Integration of biometric authentication with internet of things devices and artificial intelligence systems is opening up new applications and use cases such as smart homes, connected cars, and personalized health care. Increasing use of biometrics prevents fraud detection and prevention, improving operational efficiency.

Segmentation

Components

·         Solutions

·         Services

Type

·         Active Voice Biometrics

·         Passive Voice Biometrics

Authentication Process

·         Automated IVR

·         Agent-assisted

·         Mobile Applications

·         Employee Authentication

Deployment Mode

·         On-Premises

·         Cloud

Organization Size

·         Large Enterprises

·         Small and Medium Size Enterprises

Application

·         Authentication and Customer Verification

·         Transaction Processing

·         Access Control

·         Workforce Management

·         Risk and Emergency Management

·         Fraud Detection and Prevention

·         Forensic Voice Analysis, and criminal detection

·         Others Vocal Passphrase, and Personalized User Experience

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Face and Voice Biometric Market Type Segmentation

On the basis of the type, the face and voice biometric market are segmented into active voice biometric and passive voice biometric. Active voice biometrics involves capturing a person’s voice intentionally, such as when they speak into a microphone for identification or authentication purposes. Passive voice biometrics, on the other hand, involves the analysis of a person’s voice without their knowledge. It includes analyzing recordings of phone calls, videos, or other audio sources.

Increasing demand for passive voice biometrics in security applications is driving the demand for them in the market. Monitoring call center interaction for fraud detection and analyzing surveillance footage for identifying and catching the criminal in an efficient way. The increasing security threat is the driving force behind the market's significant growth.

Face and Voice Biometric Market Application Segmentation

On the basis of the applications, the face and voice biometric market is segmented into authentication and customer verification, transaction processing, access control, workforce management, risk and emergency management, fraud detection and prevention, forensic voice analysis, criminal detection, and others. Increasing security threats all over the world are driving the growth of the market significantly. Authentication and customer verification in various organizations are the leading segments and are expected to dominate during the forecast period.

The increasing need for criminal detection is driving the growth of the market significantly. Forensic voice analysis is another key segment that is used to identify individuals based on their unique vocal characteristics. It involves analyzing various aspects of a person’s voice, such as pitch, tone, rhythm, and pronunciation, to create a distinctive voiceprint. Criminal investigations and forensic voice analysis are driving the growth of the market. This technique is often used in criminal investigations, such as identifying suspects based on recorded audio evidence or verifying the authority of voice recordings. Forensic voice analysis does provide valuable clues and is driving the market towards a new height.

Regional Outlook

On the basis of the regions, the face and voice biometric market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America, due to the technological advancements and presence of the major key companies, is driving the growth in the market. Increasing demand for voice authentication in mobile banking is driving the growth of the market significantly. The advent of advanced technologies such as artificial intelligence and DNN is driving the growth of the market.

The United States is one of the most advanced regions in terms of biometric adoption and innovation. The region has a mature market with widespread deployment of biometric authentication solutions across various industries such as finance, healthcare, and government. High awareness of cyber security risks is the key factor driving the growth of the market. Europe has a well-established biometric market, and the need for data security and advanced authentication methods are key drivers of growth in Europe’s biometric market.

Due to increasing population size, urbanization, and industrialization, countries like China, Japan, India, and South Korea are emerging as key players in the market. Growing demand for security solutions in the Asia-Pacific region is driving the demand for voice and face biometrics significantly in the region.

Key Players

·         Element

·         Trust Stamp

·         Kaizen Secure

·         Any Vision

·         Pindrop

·         Lexis Nexis Risk solutions

·         Nuance

·         Aculab

·         Auraya

·         Uniphore

·         Sestek

·         Voicepin

·         Phonexia

·         HYPR

·         QSS Technosoft

·         Voxta

·         Other Players