Face and Voice Biometrics Market Size, Share, Growth, Forecast 2032

Face and Voice Biometrics Market Insights

Zion Market Research has published a report on the global Face and Voice Biometrics Market, estimating its value at USD 19.21 Billion in 2023, with projections indicating that it will reach USD 43.82 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 9.6% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Face and Voice Biometrics Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Market Overview

Facial and voice biometrics systems are used to identify individuals without physical contact. Such systems provide a unique combination of face and voice recognition metrics that ensure maximum security while being quick and easy to use. There are various types of face and voice biometrics such as eyes-iris recognition, DNA matching, and voice identification, among others. Rising threat to security owing to activities such as physical attacks, campus violence, terroristic acts and burglary among others is driving the market growth. With the increase in internet-based businesses, extensive use of online banking and a greater need for security, the finance sector is emerging at the forefront of embracing ways of digital security through facial and voice biometrics. Significant advances have also been made in healthcare sector where biometrics are now being used to track patient history, detect genetic diseases, and study skin and scalp ailments.

particularly in contactless biometrics, as people are becoming wearier of touch. As businesses continue to function remotely, strong digital authentication and fraud prevention has become the need of the hour. At the same time, the use of masks is curtailing the precision of facial recognition biometrics. As a result, voice has emerged as a viable authentication tool. The many peculiarities of a person's voice, including the tempo, sound pattern, inflexion, cadence, and rhythm, are captured in the form of a 'Voiceprint' by voice biometric systems. The resulting voiceprint is encrypted and saved for potential voice verification. Voice biometric technology is emerging as a game-changer in these unprecedented times owing to lower execution costs, ease of use, and increased accuracy.

Growth Factors

The growth of e-commerce and online transactions has augmented the need for face and voice biometrics. Such biometric systems are considered more reliable and secure than PINS, passwords or smartcards. In the future, voice biometrics will be used to address user security problems, allowing one to safely communicate with the bank or digital assistants to pay utility bills. Voice-enabled interfaces such as ‘Blue’ are actively being implemented by Spanish banks such as BBVA to allow customers to communicate with their systems, use their services, and verify their identity.

Another factor contributing to high demand for face recognition is the increasing number of drone applications in various commercial sectors such as media and entertainment, surveying and others. For instance, in Israel, facial recognition technology is being incorporated in drones for military surveillance. Face recognition systems are being continuously improved to help prevent criminal activities by installing cameras in potential criminal spots in several parts of the world.

Face and Voice Biometrics Market: Report Scope

Type Segment Analysis Preview

Voice recognition segment held a share of around 20% in 2020. Voice recognition comprises of voice-speaker identification and voice speaker verification/authentication. Voice recognition offers higher security as compared to traditional authentication means such as PIN numbers and passwords and require a simple microphone instead of a camera or retina scanner

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End Use Industry Segment Analysis Preview

BFSI segment will grow at a CAGR of over 18% from 2021 to 2032. This is owing to increased online transactions and banking, and a corresponding increase of online frauds and threat to security from hackers, phishers and other fraudsters. Banks such as ICICI and SBI have started inculcating voice biometrics as an added security feature in their online apps. The use of facial recognition is also expected to grow significantly in this sector.

Key Market Players & Competitive Landscape

Some of key players in face and voice biometrics market are-

IrisGuard Inc., BIO-Key International Inc., 3M Cogent Inc., Cognitec Systems GmbH and IDTECK Apple, Suprema Inc., Accu-Time Systems Inc., NEC Corporation, Daon Inc., Lumidigm Inc., and Siemens AG, among others.

Regional Analysis Preview

The North America region held a share of around 35% in 2020. This is attributable to the presence of companies such as Apple and Facefirst LLC, among others. Facial recognition technology is being mainly developed by companies for identification and authentication, and by the US government for surveillance purposes at the airport and military bases. In Moscow, live facial recognition cameras are being employed to catch criminal suspects in real time.

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The Asia Pacific region is projected to grow at a CAGR of around 20% over the forecast period. Facial recognition is being increasingly accepted in Southeast Asia, especially by banks to authenticate identity. China combined facial recognition with infrared cameras to recognize infected individuals during the outbreak of the COVID-19 pandemic. The surge in use of biometric technology in various end use industries is expected to increase exponentially in the Asia- Pacific region over the next few years.

Face and Voice Biometrics Market: Competitive Analysis

The global Face and Voice Biometrics market is dominated by players like:

• IrisGuard Inc
• BIO-Key International Inc
• 3M Cogent Inc
• Cognitec Systems GmbH and IDTECK Apple
• Suprema Inc
• Accu-Time Systems Inc
• NEC Corporation
• Daon Inc
• Lumidigm Inc
• Siemens AG

The global face and voice biometrics market is segmented as follows:

By Type

• Eye Recognition
• Face Recognition
• Voice Recognition
• Others

By Technology

• Face Biometrics
• Voice Biometrics

By End Use Industry

• Manufacturing
• Healthcare
• Transport and Logistics
• Government
• BFSI
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa